Hudson County vs. New Jersey
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2016
Introduction
Hudson County:
2016 Earnings = $28,440,452K
2016 Percent of State = 7.8%
New Jersey:
2016 Earnings = $364,380,598K
2016 Percent of State = 3.2%
Industry earnings are incomes received by people who are directly involved with producing goods and services. Earnings, referred to also as "labor and proprietors income", include (1) wage and salary disbursements, (2) other labor income such as employer contributions to private retirement and medical insurance programs, and (3) the net incomes of proprietors (i.e., the owners of unincorporated enterprises).
In contrast to the more frequently cited employment data, earnings data more accurately reflect qualitative differences in labor's contributions toward the production of goods and services, namely the productivity differences reflected in variations in earnings per job. Earnings data, therefore, are better for comparing and tracking long-term trends and identifying short-run shifts in the level and composition of economic activity within and among counties.
Just like the employment data compiled by BEA, earnings data are reported on a place-of-work, or more accurately on a place-where-earned, basis.
Note: the BEA earnings data presented and discussed here in the context of comparing and assessing the economic growth and performance of county and regional economies are entirely separate and apart from--and should not be confused with--corporate earnings, which are compiled from the balance sheets of individual private corporations.
Hudson County Total Industry Earnings, 1969-2016
Current vs. Constant Dollars (Millions)
Hudson County Total Industry Earnings, 1969-2016
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Hudson County's annual total industry earnings over 1969-2016 in current and constant (2009) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of Hudson County over time.
When measured in current dollars, Hudson County's total industry earnings increased 1,110.8%, from $2,349M in 1969 to $28,440M in 2016. When measured in constant 2009 dollars to adjust for inflation, it advanced 132.9%, from $11,021M in 1969 to $25,671M in 2016.
Real Total Industry Earnings, 1969-2016 (Millions)
Real Total Industry Earnings, 1969-2016 (Millions)
Figure 2.
Figure 2 tracks Hudson County's and New Jersey's annual real total industry earnings for the period 1969-2016 to illustrate real total industry earnings patterns over time. During this 48-year period, Hudson County's real total industry earnings rose from $11,021M in 1969 to $25,671M in 2016, for a net gain of $14,650M, or 132.9%. In comparison, New Jersey's real total industry earnings advanced from $113,574M in 1969 to $328,896M in 2016, for a net advance of $215,322M, or 189.6%.
Real Total Industry Earnings Indices (1969=100): 1969-2016
Real Total Industry Earnings Indices (1969=100): 1969-2016
Figure 3.
Figure 3 shows Hudson County's real total industry earnings growth in a broader context by offering direct comparisons across time with New Jersey, the United States. The growth indices shown here express each region's real total industry earnings in 1969 as a base figure of 100, and the real total industry earningss in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total industry earnings growth between regions that may differ vastly in size.
Hudson County's overall real total industry earnings growth was 132.9% over 1969-2016 trailed New Jersey's increase of 189.6%, and fell below the United States' increase of 231.9%.
Total Industry Earnings as a Percent of the New Jersey Total: 1969-2016
Total Industry Earnings as a Percent of the New Jersey Total: 1969-2016
Figure 4.
Another interesting and insightful way of comparing the total industry earnings growth of Hudson County is to compare its individual percentage contributions to New Jersey's statewide total industry earnings over time, as shown in Figure 4. A rising share means a region's total industry earnings grew faster—or declined less—than New Jersey's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Hudson County's total industry earnings comprised 9.7% of New Jersey's total industry earnings, while in 2016 it comprised 7.8% thereby yielding a -1.9% share-shift.
   
 
Total Industry Earnings Share-Shift
2016 vs. 1969
 
Share-
Shift*
 
2016
vs.
1969
-1.90%
=
7.81%
-
9.70%
 
   
Hudson County Real Total Industry Earnings:
Annual Percent Change, 1970-2016
Hudson County Real Total Industry Earnings:
Annual Percent Change, 1970-2016
Figure 5.
Figure 5 highlights the short-run pattern of Hudson County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2016. The average annual percent change for the entire 47-year period is also illustrated on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.
On average, Hudson County's real total industry earnings grew at an annual rate of 1.87% over 1970-2016. The county posted its highest growth in 2000 (11.78%) and posted its lowest growth in 1975 (-5.37%). In 2016, Hudson County's real total industry earnings grew by 1.76%
Hudson County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2016
Hudson County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2016
Figure 6.
Over the past four decades some counties have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 again illustrates the annual percent change in Hudson County's real total industry earnings since 1970, but this time they are displayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, and 2010-2016.
During the 1970s, Hudson County's annual real total industry earnings growth rate averaged -0.32%. It averaged 2.27% in the 1980s, 2.74% in the 1990s, 2.67% during the 2000s, and 2.03% thus far this decade (2010 to 2016).
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Hudson County noted in the previous graph with the corresponding decade averages for New Jersey and the nation. As the chart reveals, Hudson County's average annual real total industry earnings growth trailed New Jersey's average during the 1970s (-0.32% vs. 2.35%), fell below New Jersey's average throughout the 1980s (2.27% vs. 3.72%), registered above New Jersey's average in the 1990s (2.74% vs. 2.60%), outgained New Jersey's average throughout the 2000s (2.67% vs. 1.39%), and outpaced New Jersey's average over the 7 year period of the last decade, 2010-2016 (2.03% vs. 1.21%).
Finally, relative to nationwide real total industry earnings growth trends, Hudson County fell under the nation in the 1970s (-0.32% vs. 3.12%), trailed the nation during the 1980s (2.27% vs. 2.61%), fell below the nation over the 1990s (2.74% vs. 3.46%), registered above the nation over the 2000s (2.67% vs. 1.53%), and lagged the nation over 2010-2016 (2.03% vs. 2.24%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
1.87
-0.32
2.27
2.74
2.67
2.03
1.76
 
2.32
2.35
3.72
2.60
1.39
1.21
1.06
 
2.62
3.12
2.61
3.46
1.53
2.24
1.36
 
   
   
 
Hudson County:
Total Industry Earnings, 1969-2016
 
1969
 
2,348,914
0.213
11,021,039
100.0
N
9.70
1970
 
2,485,469
0.223
11,140,106
101.1
1.08
9.51
1971
 
2,539,651
0.233
10,919,003
99.1
-1.98
9.09
1972
 
2,649,958
0.241
11,016,246
100.0
0.89
8.69
1973
 
2,853,376
0.254
11,255,033
102.1
2.17
8.49
1974
 
3,056,765
0.280
10,920,138
99.1
-2.98
8.48
1975
 
3,134,061
0.303
10,333,205
93.8
-5.37
8.29
1976
 
3,317,369
0.320
10,369,046
94.1
0.35
8.00
1977
 
3,547,416
0.341
10,410,306
94.5
0.40
7.78
1978
 
3,855,901
0.365
10,574,832
96.0
1.58
7.54
1979
 
4,224,496
0.397
10,642,120
96.6
0.64
7.46
1980
 
4,538,129
0.440
10,323,549
93.7
-2.99
7.32
1981
 
4,851,004
0.478
10,141,967
92.0
-1.76
7.15
1982
 
4,953,170
0.505
9,812,143
89.0
-3.25
6.84
1983
 
5,323,103
0.527
10,109,781
91.7
3.03
6.74
1984
 
5,887,268
0.546
10,773,663
97.8
6.57
6.69
1985
 
6,260,479
0.566
11,064,436
100.4
2.70
6.55
1986
 
6,697,691
0.578
11,586,498
105.1
4.72
6.48
1987
 
7,278,659
0.597
12,202,278
110.7
5.31
6.42
1988
 
7,973,242
0.620
12,865,463
116.7
5.43
6.35
1989
 
8,560,429
0.646
13,243,033
120.2
2.93
6.47
1990
 
8,957,047
0.674
13,281,505
120.5
0.29
6.48
1991
 
9,049,690
0.697
12,992,721
117.9
-2.17
6.47
1992
 
9,775,381
0.715
13,673,009
124.1
5.24
6.54
1993
 
10,260,668
0.733
14,002,194
127.0
2.41
6.59
1994
 
10,728,999
0.748
14,343,006
130.1
2.43
6.62
1995
 
11,355,432
0.764
14,871,696
134.9
3.69
6.68
1996
 
12,059,773
0.780
15,465,015
140.3
3.99
6.75
1997
 
12,334,128
0.793
15,548,461
141.1
0.54
6.52
1998
 
13,153,383
0.799
16,454,893
149.3
5.83
6.50
1999
 
14,034,910
0.811
17,303,551
157.0
5.16
6.55
2000
 
16,078,880
0.831
19,341,617
175.5
11.78
6.83
2001
 
16,597,714
0.847
19,587,559
177.7
1.27
6.82
2002
 
17,573,273
0.859
20,464,259
185.7
4.48
7.01
2003
 
17,306,723
0.876
19,762,850
179.3
-3.43
6.71
2004
 
18,141,952
0.897
20,224,465
183.5
2.34
6.75
2005
 
19,617,575
0.923
21,263,129
192.9
5.14
7.07
2006
 
20,920,216
0.947
22,084,278
200.4
3.86
7.20
2007
 
21,954,924
0.971
22,610,167
205.2
2.38
7.32
2008
 
23,055,707
1.001
23,040,731
209.1
1.90
7.49
2009
 
22,335,009
1.000
22,335,009
202.7
-3.06
7.38
2010
 
23,078,639
1.017
22,703,353
206.0
1.65
7.56
2011
 
23,139,737
1.041
22,217,916
201.6
-2.14
7.42
2012
 
23,854,997
1.061
22,479,054
204.0
1.18
7.36
2013
 
24,858,932
1.075
23,117,706
209.8
2.84
7.49
2014
 
26,109,365
1.092
23,919,094
217.0
3.47
7.62
2015
 
27,618,645
1.095
25,226,884
228.9
5.47
7.75
2016
 
28,440,452
1.108
25,670,827
232.9
1.76
7.81
Source: Calculations by the New Jersey Regional Economic Analysis Project (NJ-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2017
REAP_PI_CA1400_1200_PSN
 
   
   
 
New Jersey:
Total Industry Earnings, 1969-2016
 
1969
 
24,206,080
0.213
113,574,250
100.0
N
3.69
1970
 
26,138,479
0.223
117,155,121
103.2
3.15
3.76
1971
 
27,944,080
0.233
120,143,084
105.8
2.55
3.76
1972
 
30,497,025
0.241
126,780,399
111.6
5.52
3.71
1973
 
33,590,063
0.254
132,494,726
116.7
4.51
3.65
1974
 
36,066,494
0.280
128,845,720
113.4
-2.75
3.62
1975
 
37,810,763
0.303
124,664,566
109.8
-3.25
3.56
1976
 
41,445,656
0.320
129,546,013
114.1
3.92
3.52
1977
 
45,614,052
0.341
133,859,761
117.9
3.33
3.49
1978
 
51,144,799
0.365
140,264,923
123.5
4.78
3.46
1979
 
56,665,895
0.397
142,749,635
125.7
1.77
3.43
1980
 
61,987,535
0.440
141,012,159
124.2
-1.22
3.47
1981
 
67,831,106
0.478
141,814,108
124.9
0.57
3.45
1982
 
72,374,297
0.505
143,372,221
126.2
1.10
3.52
1983
 
79,014,564
0.527
150,066,595
132.1
4.67
3.61
1984
 
88,041,763
0.546
161,115,862
141.9
7.36
3.62
1985
 
95,525,420
0.566
168,826,517
148.6
4.79
3.65
1986
 
103,365,674
0.578
178,814,784
157.4
5.92
3.71
1987
 
113,331,015
0.597
189,993,319
167.3
6.25
3.78
1988
 
125,596,149
0.620
202,659,420
178.4
6.67
3.85
1989
 
132,390,955
0.646
204,809,571
180.3
1.06
3.81
1990
 
138,228,029
0.674
204,964,456
180.5
0.08
3.75
1991
 
139,780,185
0.697
200,683,663
176.7
-2.09
3.69
1992
 
149,557,852
0.715
209,189,375
184.2
4.24
3.68
1993
 
155,584,411
0.733
212,317,869
186.9
1.50
3.67
1994
 
162,176,911
0.748
216,805,357
190.9
2.11
3.63
1995
 
169,973,274
0.764
222,606,310
196.0
2.68
3.63
1996
 
178,597,141
0.780
229,026,482
201.7
2.88
3.60
1997
 
189,089,010
0.793
238,366,521
209.9
4.08
3.57
1998
 
202,374,021
0.799
253,170,062
222.9
6.21
3.54
1999
 
214,248,554
0.811
264,145,671
232.6
4.34
3.51
2000
 
235,375,597
0.831
283,138,176
249.3
7.19
3.56
2001
 
243,399,106
0.847
287,244,036
252.9
1.45
3.54
2002
 
250,713,076
0.859
291,957,980
257.1
1.64
3.58
2003
 
257,790,115
0.876
294,375,046
259.2
0.83
3.55
2004
 
268,633,800
0.897
299,470,252
263.7
1.73
3.49
2005
 
277,552,973
0.923
300,834,560
264.9
0.46
3.44
2006
 
290,690,885
0.947
306,865,780
270.2
2.00
3.40
2007
 
300,060,266
0.971
309,015,536
272.1
0.70
3.38
2008
 
307,912,230
1.001
307,712,217
270.9
-0.42
3.39
2009
 
302,609,047
1.000
302,609,047
266.4
-1.66
3.46
2010
 
305,338,615
1.017
300,373,442
264.5
-0.74
3.40
2011
 
311,896,121
1.041
299,471,066
263.7
-0.30
3.32
2012
 
323,911,299
1.061
305,228,276
268.7
1.92
3.29
2013
 
331,726,527
1.075
308,490,986
271.6
1.07
3.28
2014
 
342,841,746
1.092
314,081,320
276.5
1.81
3.25
2015
 
356,293,724
1.095
325,438,865
286.5
3.62
3.23
2016
 
364,380,598
1.108
328,896,008
289.6
1.06
3.22
Source: Calculations by the New Jersey Regional Economic Analysis Project (NJ-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2017
REAP_PI_CA1400_1200_PSN
 
   
   
 
United States:
Total Industry Earnings, 1969-2016
 
1969
 
655,222,000
0.213
3,074,283,301
100.0
N
1970
 
695,122,000
0.223
3,115,602,169
101.3
1.34
1971
 
744,129,000
0.233
3,199,316,394
104.1
2.69
1972
 
821,953,000
0.241
3,416,973,602
111.1
6.80
1973
 
921,321,000
0.254
3,634,115,652
118.2
6.35
1974
 
996,515,000
0.280
3,559,999,286
115.8
-2.04
1975
 
1,062,436,000
0.303
3,502,921,200
113.9
-1.60
1976
 
1,176,158,000
0.320
3,676,297,940
119.6
4.95
1977
 
1,306,927,000
0.341
3,835,329,851
124.8
4.33
1978
 
1,479,559,000
0.365
4,057,699,586
132.0
5.80
1979
 
1,652,190,000
0.397
4,162,107,013
135.4
2.57
1980
 
1,788,607,000
0.440
4,068,807,298
132.3
-2.24
1981
 
1,963,955,000
0.478
4,106,029,562
133.6
0.91
1982
 
2,055,057,000
0.505
4,071,032,092
132.4
-0.85
1983
 
2,189,442,000
0.527
4,158,247,393
135.3
2.14
1984
 
2,433,929,000
0.546
4,454,074,481
144.9
7.11
1985
 
2,617,433,000
0.566
4,625,911,067
150.5
3.86
1986
 
2,788,677,000
0.578
4,824,199,910
156.9
4.29
1987
 
2,997,904,000
0.597
5,025,823,973
163.5
4.18
1988
 
3,262,349,000
0.620
5,264,060,735
171.2
4.74
1989
 
3,470,801,000
0.646
5,369,349,175
174.7
2.00
1990
 
3,683,053,000
0.674
5,461,229,241
177.6
1.71
1991
 
3,792,707,000
0.697
5,445,223,396
177.1
-0.29
1992
 
4,064,120,000
0.715
5,684,560,942
184.9
4.40
1993
 
4,243,356,000
0.733
5,790,684,917
188.4
1.87
1994
 
4,463,755,000
0.748
5,967,347,566
194.1
3.05
1995
 
4,682,699,000
0.764
6,132,719,105
199.5
2.77
1996
 
4,964,951,000
0.780
6,366,872,700
207.1
3.82
1997
 
5,297,835,000
0.793
6,678,476,433
217.2
4.89
1998
 
5,717,821,000
0.799
7,152,998,649
232.7
7.11
1999
 
6,109,679,000
0.811
7,532,584,145
245.0
5.31
2000
 
6,611,246,000
0.831
7,952,804,610
258.7
5.58
2001
 
6,878,555,000
0.847
8,117,630,051
264.0
2.07
2002
 
7,008,956,000
0.859
8,162,002,026
265.5
0.55
2003
 
7,257,073,000
0.876
8,286,978,715
269.6
1.53
2004
 
7,695,924,000
0.897
8,579,338,484
279.1
3.53
2005
 
8,061,341,000
0.923
8,737,539,155
284.2
1.84
2006
 
8,542,791,000
0.947
9,018,137,001
293.3
3.21
2007
 
8,872,134,000
0.971
9,136,922,000
297.2
1.32
2008
 
9,094,454,000
1.001
9,088,546,445
295.6
-0.53
2009
 
8,743,722,000
1.000
8,743,722,000
284.4
-3.79
2010
 
8,975,826,000
1.017
8,829,868,277
287.2
0.99
2011
 
9,391,240,000
1.041
9,017,119,704
293.3
2.12
2012
 
9,840,233,000
1.061
9,272,653,857
301.6
2.83
2013
 
10,121,757,000
1.075
9,412,785,961
306.2
1.51
2014
 
10,565,119,000
1.092
9,678,828,660
314.8
2.83
2015
 
11,021,455,000
1.095
10,067,002,494
327.5
4.01
2016
 
11,304,772,000
1.108
10,203,875,836
331.9
1.36
Source: Calculations by the New Jersey Regional Economic Analysis Project (NJ-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2017
REAP_PI_CA1400_1200_PN
 
   
Copyright © 2017. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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