Mercer County vs. New Jersey
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Mercer County vs. New Jersey
Mercer County:
2022 Earnings = $29,180,765K
2022 Percent of State = 6.33%
New Jersey:
2022 Earnings = $460,796,732K
2022 Percent of U.S. = 3.03%
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.
Mercer County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Mercer County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Mercer County's annual total industry earnings over 1970-2022 in current and constant (2017) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of Mercer County over time.
When measured in current dollars, Mercer County's total industry earnings increased 2,218.24%, from $1,259M in 1970 to $29,181M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 294.87%, from $6,368M in 1970 to $25,147M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Mercer County's and New Jersey's annual real total industry earnings for the period 1969-2022 to illustrate real total industry earnings patterns over time. During this 54-year period, Mercer County's real total industry earnings rose from $6,203M in 1969 to $25,147M in 2022, for a net gain of $18,944M, or 305.41%. In comparison, New Jersey's real total industry earnings advanced from $128,022M in 1969 to $397,091M in 2022, for a net gain of $269,069M, or 210.17%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Mercer 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.
Mercer County's overall real total industry earnings growth was 305.41% over 1969-2022 outpaced New Jersey's increase of 210.17%, and topped the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the New Jersey Total: 1969-2022
Total Industry Earnings as a Percent of the New Jersey Total: 1969-2022
Figure 4.
Another interesting and insightful way of comparing the total industry earnings growth of Mercer 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, Mercer County's total industry earnings totaled 4.85% of New Jersey's total industry earnings, while in 2022 it equated to 6.33% thereby yielding a +1.49% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+1.49%
=
6.33%
-
4.85%
 
   
Mercer County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Mercer County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Mercer County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2022. The average annual percent change for the entire 53-year period is also traced 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, Mercer County's real total industry earnings grew at an annual rate of 2.72% over 1970-2022. The county posted its highest growth in 2001 (9.84%) and posted its lowest growth in 1975 (-4.34%). In 2022, Mercer County's real total industry earnings declined by -0.36%
Mercer County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Mercer County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Figure 6.
Over the past five 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 Mercer 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, 2010s, and 2020-2022.
During the 1970s, Mercer County's annual real total industry earnings growth rate averaged 2.82%. It averaged 4.09% during the 1980s, 2.38% during the 1990s, 2.44% throughout the 2000s, 2.43% throughout the 2010s, 0.94% thus far this decade (2020-2022).
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 Mercer County noted in the previous graph with the corresponding decade averages for New Jersey and the nation. As the chart reveals, Mercer County's average annual real total industry earnings growth topped New Jersey's average throughout the 1970s (2.82% vs. 2.36%), outperformed New Jersey's average during the 1980s (4.09% vs. 3.72%), trailed New Jersey's average throughout the 1990s (2.38% vs. 2.54%), exceeded New Jersey's average during the 2000s (2.44% vs. 1.36%), led New Jersey's average in the 2010s (2.43% vs. 1.57%), and led New Jersey's average over the 3 year period of the current decade, 2020-2022 (0.94% vs. 0.19%).
Finally, relative to nationwide real total industry earnings growth trends, Mercer County posted below the nation in the 1970s (2.82% vs. 3.13%), topped the nation during the 1980s (4.09% vs. 2.62%), lagged the nation over the 1990s (2.38% vs. 3.43%), exceeded the nation over the 2000s (2.44% vs. 1.47%), lagged the nation over the 2010s (2.43% vs. 2.53%), and recorded underneath the nation over 2020-2022 (0.94% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.72
2.82
4.09
2.38
2.44
2.43
0.94
-0.36
 
2.19
2.36
3.72
2.54
1.36
1.57
0.19
-0.84
 
2.57
3.13
2.62
3.43
1.47
2.53
1.48
0.05
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
Mercer County:
Total Industry Earnings, 1969-2022
 
1969
 
1,171,253
0.189
6,202,685
100.0
N
4.85
1970
 
1,258,749
0.198
6,368,254
102.7
2.67
4.82
1971
 
1,383,051
0.206
6,712,211
108.2
5.40
4.96
1972
 
1,560,887
0.213
7,325,357
118.1
9.13
5.13
1973
 
1,739,751
0.225
7,747,722
124.9
5.77
5.19
1974
 
1,885,220
0.248
7,603,840
122.6
-1.86
5.24
1975
 
1,953,821
0.269
7,274,092
117.3
-4.34
5.18
1976
 
2,143,595
0.283
7,565,718
122.0
4.01
5.18
1977
 
2,355,119
0.302
7,804,610
125.8
3.16
5.17
1978
 
2,615,379
0.323
8,103,170
130.6
3.83
5.12
1979
 
2,861,282
0.351
8,141,826
131.3
0.48
5.06
1980
 
3,119,141
0.389
8,012,590
129.2
-1.59
5.04
1981
 
3,404,205
0.424
8,025,946
129.4
0.17
5.02
1982
 
3,611,539
0.448
8,066,693
130.1
0.51
4.99
1983
 
3,950,956
0.467
8,464,641
136.5
4.93
5.00
1984
 
4,428,686
0.484
9,142,811
147.4
8.01
5.03
1985
 
4,838,734
0.501
9,652,757
155.6
5.58
5.07
1986
 
5,312,836
0.512
10,372,784
167.2
7.46
5.14
1987
 
5,838,693
0.528
11,057,712
178.3
6.60
5.15
1988
 
6,537,823
0.549
11,916,200
192.1
7.76
5.21
1989
 
6,921,356
0.573
12,087,382
194.9
1.44
5.23
1990
 
7,389,535
0.598
12,362,250
199.3
2.27
5.35
1991
 
7,670,052
0.618
12,416,311
200.2
0.44
5.49
1992
 
8,182,540
0.634
12,902,144
208.0
3.91
5.48
1993
 
8,406,406
0.650
12,932,932
208.5
0.24
5.41
1994
 
8,725,214
0.664
13,149,096
212.0
1.67
5.39
1995
 
8,992,104
0.678
13,271,695
214.0
0.93
5.30
1996
 
9,217,660
0.692
13,319,740
214.7
0.36
5.17
1997
 
9,971,717
0.704
14,162,962
228.3
6.33
5.28
1998
 
10,436,758
0.710
14,706,495
237.1
3.84
5.17
1999
 
10,987,823
0.720
15,260,653
246.0
3.77
5.15
2000
 
12,194,827
0.738
16,519,231
266.3
8.25
5.21
2001
 
13,663,787
0.753
18,145,318
292.5
9.84
5.64
2002
 
14,221,604
0.763
18,641,260
300.5
2.73
5.69
2003
 
14,720,528
0.779
18,898,154
304.7
1.38
5.72
2004
 
15,330,331
0.798
19,204,443
309.6
1.62
5.71
2005
 
15,603,125
0.821
18,998,776
306.3
-1.07
5.63
2006
 
16,419,299
0.844
19,444,930
313.5
2.35
5.66
2007
 
16,834,201
0.866
19,437,460
313.4
-0.04
5.60
2008
 
17,767,525
0.892
19,925,451
321.2
2.51
5.82
2009
 
17,148,398
0.889
19,284,981
310.9
-3.21
5.70
2010
 
17,678,952
0.905
19,531,732
314.9
1.28
5.76
2011
 
18,248,280
0.928
19,663,247
317.0
0.67
5.83
2012
 
18,974,817
0.945
20,071,950
323.6
2.08
5.87
2013
 
19,802,272
0.958
20,674,530
333.3
3.00
5.94
2014
 
20,393,506
0.971
20,998,040
338.5
1.56
5.93
2015
 
20,712,678
0.973
21,287,658
343.2
1.38
5.81
2016
 
21,498,519
0.983
21,873,875
352.7
2.75
5.91
2017
 
21,832,811
1.000
21,832,811
352.0
-0.19
5.80
2018
 
23,109,881
1.020
22,646,311
365.1
3.73
5.89
2019
 
25,318,156
1.035
24,458,914
394.3
8.00
6.19
2020
 
25,752,659
1.046
24,611,898
396.8
0.63
6.28
2021
 
27,508,460
1.090
25,236,888
406.9
2.54
6.30
2022
 
29,180,765
1.160
25,146,510
405.4
-0.36
6.33
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 2023
REAP_PI_CA1400_1200_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
New Jersey:
Total Industry Earnings, 1969-2022
 
1969
 
24,174,456
0.189
128,022,327
100.0
N
3.70
1970
 
26,102,139
0.198
132,055,747
103.2
3.15
3.76
1971
 
27,901,715
0.206
135,412,351
105.8
2.54
3.76
1972
 
30,447,671
0.213
142,893,143
111.6
5.52
3.71
1973
 
33,538,166
0.225
149,357,230
116.7
4.52
3.65
1974
 
36,008,650
0.248
145,237,164
113.4
-2.76
3.62
1975
 
37,745,885
0.269
140,528,239
109.8
-3.24
3.56
1976
 
41,379,924
0.283
146,048,509
114.1
3.93
3.53
1977
 
45,540,642
0.302
150,916,762
117.9
3.33
3.49
1978
 
51,062,212
0.323
158,204,895
123.6
4.83
3.46
1979
 
56,574,936
0.351
160,984,936
125.7
1.76
3.43
1980
 
61,889,637
0.389
158,984,887
124.2
-1.24
3.47
1981
 
67,762,531
0.424
159,760,771
124.8
0.49
3.46
1982
 
72,341,216
0.448
161,580,523
126.2
1.14
3.52
1983
 
78,978,762
0.467
169,206,363
132.2
4.72
3.61
1984
 
88,003,116
0.484
181,678,226
141.9
7.37
3.62
1985
 
95,483,970
0.501
190,480,310
148.8
4.84
3.65
1986
 
103,321,187
0.512
201,724,335
157.6
5.90
3.71
1987
 
113,281,477
0.528
214,540,125
167.6
6.35
3.78
1988
 
125,530,226
0.549
228,798,371
178.7
6.65
3.85
1989
 
132,290,164
0.573
231,030,132
180.5
0.98
3.82
1990
 
138,126,371
0.598
231,077,158
180.5
0.02
3.75
1991
 
139,677,857
0.618
226,111,077
176.6
-2.15
3.69
1992
 
149,410,971
0.634
235,589,674
184.0
4.19
3.68
1993
 
155,419,250
0.650
239,106,538
186.8
1.49
3.67
1994
 
161,986,059
0.664
244,116,672
190.7
2.10
3.63
1995
 
169,746,173
0.678
250,533,065
195.7
2.63
3.63
1996
 
178,344,003
0.692
257,711,375
201.3
2.87
3.60
1997
 
188,811,959
0.704
268,172,141
209.5
4.06
3.57
1998
 
201,798,426
0.710
284,355,300
222.1
6.03
3.54
1999
 
213,357,244
0.720
296,325,390
231.5
4.21
3.50
2000
 
234,153,627
0.738
317,186,783
247.8
7.04
3.55
2001
 
242,111,326
0.753
321,520,446
251.1
1.37
3.53
2002
 
249,745,024
0.763
327,358,435
255.7
1.82
3.57
2003
 
257,189,167
0.779
330,178,405
257.9
0.86
3.55
2004
 
268,252,234
0.798
336,041,983
262.5
1.78
3.50
2005
 
277,258,204
0.821
337,596,897
263.7
0.46
3.45
2006
 
290,105,609
0.844
343,564,198
268.4
1.77
3.41
2007
 
300,456,537
0.866
346,919,460
271.0
0.98
3.39
2008
 
305,474,324
0.892
342,575,220
267.6
-1.25
3.39
2009
 
300,798,411
0.889
338,276,010
264.2
-1.25
3.46
2010
 
306,832,261
0.905
338,988,732
264.8
0.21
3.40
2011
 
313,036,717
0.928
337,309,509
263.5
-0.50
3.31
2012
 
323,407,833
0.945
342,107,425
267.2
1.42
3.28
2013
 
333,216,505
0.958
347,894,160
271.7
1.69
3.27
2014
 
343,914,556
0.971
354,109,365
276.6
1.79
3.24
2015
 
356,643,697
0.973
366,544,052
286.3
3.51
3.23
2016
 
363,904,475
0.983
370,258,104
289.2
1.01
3.22
2017
 
376,496,539
1.000
376,496,539
294.1
1.68
3.18
2018
 
392,158,162
1.020
384,291,711
300.2
2.07
3.15
2019
 
408,762,905
1.035
394,890,405
308.5
2.76
3.15
2020
 
410,231,771
1.046
392,059,799
306.2
-0.72
3.12
2021
 
436,501,326
1.090
400,456,258
312.8
2.14
3.06
2022
 
460,796,732
1.160
397,091,364
310.2
-0.84
3.03
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 2023
REAP_PI_CA1400_1200_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
United States:
Total Industry Earnings, 1969-2022
 
1969
 
653,665,000
0.189
3,461,658,635
100.0
N
1970
 
693,352,000
0.198
3,507,801,275
101.3
1.33
1971
 
742,094,000
0.206
3,601,523,902
104.0
2.67
1972
 
819,646,000
0.213
3,846,658,532
111.1
6.81
1973
 
918,964,000
0.225
4,092,469,383
118.2
6.39
1974
 
993,909,000
0.248
4,008,829,105
115.8
-2.04
1975
 
1,059,492,000
0.269
3,944,497,394
113.9
-1.60
1976
 
1,173,271,000
0.283
4,141,005,188
119.6
4.98
1977
 
1,303,767,000
0.302
4,320,542,816
124.8
4.34
1978
 
1,476,080,000
0.323
4,573,305,242
132.1
5.85
1979
 
1,648,363,000
0.351
4,690,444,754
135.5
2.56
1980
 
1,784,597,000
0.389
4,584,353,165
132.4
-2.26
1981
 
1,961,173,000
0.424
4,623,772,250
133.6
0.86
1982
 
2,053,729,000
0.448
4,587,185,902
132.5
-0.79
1983
 
2,188,018,000
0.467
4,687,672,466
135.4
2.19
1984
 
2,432,402,000
0.484
5,021,577,654
145.1
7.12
1985
 
2,615,791,000
0.501
5,218,223,348
150.7
3.92
1986
 
2,786,901,000
0.512
5,441,146,840
157.2
4.27
1987
 
2,996,000,000
0.528
5,674,027,499
163.9
4.28
1988
 
3,259,979,000
0.549
5,941,819,010
171.6
4.72
1989
 
3,467,027,000
0.573
6,054,778,994
174.9
1.90
1990
 
3,679,460,000
0.598
6,155,516,520
177.8
1.66
1991
 
3,789,428,000
0.618
6,134,341,309
177.2
-0.34
1992
 
4,059,023,000
0.634
6,400,225,481
184.9
4.33
1993
 
4,237,437,000
0.650
6,519,133,846
188.3
1.86
1994
 
4,456,948,000
0.664
6,716,721,924
194.0
3.03
1995
 
4,674,849,000
0.678
6,899,738,761
199.3
2.72
1996
 
4,956,180,000
0.692
7,161,799,344
206.9
3.80
1997
 
5,288,047,000
0.704
7,510,683,597
217.0
4.87
1998
 
5,707,014,000
0.710
8,041,785,619
232.3
7.07
1999
 
6,098,042,000
0.720
8,469,385,147
244.7
5.32
2000
 
6,598,743,000
0.738
8,938,721,519
258.2
5.54
2001
 
6,865,291,000
0.753
9,117,010,172
263.4
1.99
2002
 
7,001,002,000
0.763
9,176,707,606
265.1
0.65
2003
 
7,243,377,000
0.779
9,299,017,896
268.6
1.33
2004
 
7,674,785,000
0.798
9,614,272,113
277.7
3.39
2005
 
8,039,238,000
0.821
9,788,788,097
282.8
1.82
2006
 
8,519,349,000
0.844
10,089,233,775
291.5
3.07
2007
 
8,866,261,000
0.866
10,237,349,175
295.7
1.47
2008
 
9,014,085,000
0.892
10,108,876,304
292.0
-1.25
2009
 
8,688,913,000
0.889
9,771,497,172
282.3
-3.34
2010
 
9,023,916,000
0.905
9,969,635,637
288.0
2.03
2011
 
9,444,387,000
0.928
10,176,702,513
294.0
2.08
2012
 
9,854,834,000
0.945
10,424,645,101
301.1
2.44
2013
 
10,180,570,000
0.958
10,629,007,841
307.0
1.96
2014
 
10,613,874,000
0.971
10,928,505,678
315.7
2.82
2015
 
11,039,821,000
0.973
11,346,284,134
327.8
3.82
2016
 
11,311,477,000
0.983
11,508,970,941
332.5
1.43
2017
 
11,848,205,000
1.000
11,848,205,000
342.3
2.95
2018
 
12,438,590,000
1.020
12,189,079,542
352.1
2.88
2019
 
12,989,097,000
1.035
12,548,276,062
362.5
2.95
2020
 
13,158,025,000
1.046
12,575,166,053
363.3
0.21
2021
 
14,278,043,000
1.090
13,099,001,844
378.4
4.17
2022
 
15,207,952,000
1.160
13,105,445,395
378.6
0.05
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 2023
REAP_PI_CA1400_1200_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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