Gloucester County vs. New Jersey | Total Personal Income Trends over 1969-2022

Introduction

Gloucester County:

2022 TPI = $19,133,365K

2022 Percent of State = 2.68%

New Jersey:

2022 TPI = $714,990,176K

2022 Percent of U.S. = 3.28%

The annual total personal incomes (TPI) estimates compiled by the Bureau of Economic Analysis, (BEA) are among the most comprehensive, consistent, comparable and timely measures of economic activity available statewide and at the national levels. Personal income estimates are also the best available local level indicator of general purchasing power, and are therefore central to tracking and comparing county patterns of economic growth and change.

The following graphs highlight trends in the pattern of growth and change in the total personal income of Gloucester County and New Jersey with comparison to the nation. The data used are those compiled by the Regional Income and Product Divisions of the Bureau of Economic Analysis, U.S. Department of Commerce. The 2017 constant dollar (real) estimates of total personal income reported in the tables and portrayed graphically below are determined using the Implicit Price Deflator for Personal Consumption.

Data Definition:

Personal income is the income received by persons from participation in production, plus transfer receipts from government and business, plus government interest (which is treated like a transfer receipt). It is defined as the sum of wages and salaries, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. Because the personal income of an area represents the income that is received by, or on behalf of, all the persons who live in that area, and because the estimates of some components of personal income (wages and salaries, supplements to wages and salaries, and contributions for government social insurance) are made on a place-of-work basis, state personal income includes an adjustment for residence. The residence adjustment represents the net flow of compensation (less contributions for government social insurance) of interstate commuters.

Gloucester County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)

Figure 1.

Figure 1 depicts Gloucester County's annual total personal income 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 Gloucester County over time.

When measured in current dollars, Gloucester County's total personal income increased 2,644.22%, from $697M in 1970 to $19,133M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 367.43%, from $3,527M in 1970 to $16,488M in 2022.

Real Total Personal Income, 1969-2022 (Millions)

Figure 2.

Figure 2 traces Gloucester County's and New Jersey's annual real total personal income for the period 1969-2022 to illustrate real total personal income patterns over time. During this 54-year period, Gloucester County's real total personal income rose from $3,471M in 1969 to $16,488M in 2022, for a net gain of $13,017M, or 374.97%. In comparison, New Jersey's real total personal income advanced from $172,135M in 1969 to $616,142M in 2022, for a net advance of $444,008M, or 257.94%.

Real Total Personal Income Indices (1969=100): 1969-2022

Figure 3.

Figure 3 portrays Gloucester County's real total personal income 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 personal income in 1969 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total personal income growth between regions that may differ vastly in size.

Gloucester County's overall real total personal income growth was 374.97% over 1969-2022 outpaced New Jersey's increase of 257.94%, and outpaced the United States' increase of 348.76%.

Total Personal Income as a Percent of the New Jersey Total: 1969-2022

Figure 4.

Another interesting and insightful way of highlighting the total personal income growth of Gloucester County is to compare its individual percentage contributions to New Jersey's statewide total personal income over time, as shown in Figure 4. A rising share means a region's total personal income grew faster, or declined less, than New Jersey's total personal income, while a declining share shows it grew more slowly.

In 1969, Gloucester County's total personal income comprised 2.02% of New Jersey's total personal income, while in 2022 it totaled 2.68% thereby yielding a +0.66% share-shift.

Total Personal Income Share-Shift

2022 vs. 1969

	Share- Shift*		2022	vs.	1969
Gloucester County	+0.66%	=	2.68%	-	2.02%

*Percent figures may not add due to rounding by a factor of ± 0.01%.

Gloucester County Real Total Personal Income:
Annual Percent Change, 1970-2022

Figure 5.

Figure 5 shows the short-run pattern of Gloucester County's real total personal income 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, Gloucester County's real total personal income grew at an annual rate of 3.00% over 1970-2022. The county posted its highest growth in 1997 (7.40%) and posted its lowest growth in 2022 (-5.36%). In 2022, Gloucester County's real total personal income declined by -5.36%

Gloucester County Real Total Personal Income:
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 Gloucester County's real total personal income since 1970, but this time they are overlayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2022.

During the 1970s, Gloucester County's annual real total personal income growth rate averaged 3.69%. It averaged 4.02% during the 1980s, 2.56% throughout the 1990s, 3.55% during the 2000s, 1.80% in the 2010s, 1.01% thus far this decade (2020-2022).

Real Total Personal Income Growth:
Average Annual Percent Change by Decade

Figure 7.

Figure 7 compares the decade average growth rates for Gloucester County noted in the previous graph with the corresponding decade averages for New Jersey and the nation. As the chart reveals, Gloucester County's average annual real total personal income growth led New Jersey's average during the 1970s (3.69% vs. 2.51%), surpassed New Jersey's average in the 1980s (4.02% vs. 3.80%), lagged New Jersey's average during the 1990s (2.56% vs. 2.71%), outgained New Jersey's average throughout the 2000s (3.55% vs. 1.69%), recorded under New Jersey's average in the 2010s (1.80% vs. 2.10%), and exceeded New Jersey's average over the 3 year period of the current decade, 2020-2022 (1.01% vs. 0.77%).

Finally, relative to nationwide real total personal income growth trends, Gloucester County led the nation throughout the 1970s (3.69% vs. 3.50%), exceeded the nation throughout the 1980s (4.02% vs. 3.16%), lagged the nation throughout the 1990s (2.56% vs. 3.27%), led the nation during the 2000s (3.55% vs. 2.06%), fell under the nation in the 2010s (1.80% vs. 2.72%), and fell under the nation over 2020-2022 (1.01% vs. 2.10%).

Real* Total Personal Income Growth:

Average Annual Percent Change

	1970-2022	1970-1979	1980-1989	1990-1999	2000-2009	2010-2019	2020-2022	2022
	%	%	%	%	%	%	%	%
Gloucester	3.00	3.69	4.02	2.56	3.55	1.80	1.01	-5.36
New Jersey	2.46	2.51	3.80	2.71	1.69	2.10	0.77	-4.75
United States	2.89	3.50	3.16	3.27	2.06	2.72	2.10	-4.19

*Real total personal income growth determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

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

Gloucester County:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	655,500	0.189	3,471,376	100.0	N	2.02
1970	697,223	0.198	3,527,385	101.6	1.61	1.98
1971	762,053	0.206	3,698,389	106.5	4.85	2.00
1972	839,356	0.213	3,939,159	113.5	6.51	2.03
1973	929,579	0.225	4,139,742	119.3	5.09	2.06
1974	1,034,180	0.248	4,171,258	120.2	0.76	2.11
1975	1,138,833	0.269	4,239,885	122.1	1.65	2.15
1976	1,256,379	0.283	4,434,331	127.7	4.59	2.19
1977	1,387,088	0.302	4,596,660	132.4	3.66	2.21
1978	1,559,990	0.323	4,833,282	139.2	5.15	2.24
1979	1,750,901	0.351	4,982,218	143.5	3.08	2.26
1980	1,981,955	0.389	5,091,335	146.7	2.19	2.28
1981	2,206,094	0.424	5,201,212	149.8	2.16	2.27
1982	2,396,927	0.448	5,353,749	154.2	2.93	2.28
1983	2,596,848	0.467	5,563,562	160.3	3.92	2.29
1984	2,856,831	0.484	5,897,791	169.9	6.01	2.28
1985	3,079,098	0.501	6,142,471	176.9	4.15	2.29
1986	3,292,699	0.512	6,428,667	185.2	4.66	2.29
1987	3,541,922	0.528	6,707,932	193.2	4.34	2.29
1988	3,918,053	0.549	7,141,261	205.7	6.46	2.30
1989	4,227,332	0.573	7,382,568	212.7	3.38	2.31
1990	4,457,452	0.598	7,457,051	214.8	1.01	2.32
1991	4,617,305	0.618	7,474,512	215.3	0.23	2.35
1992	4,887,520	0.634	7,706,591	222.0	3.10	2.32
1993	5,062,044	0.650	7,787,760	224.3	1.05	2.33
1994	5,292,273	0.664	7,975,576	229.8	2.41	2.35
1995	5,477,977	0.678	8,085,098	232.9	1.37	2.29
1996	5,732,748	0.692	8,283,959	238.6	2.46	2.27
1997	6,264,350	0.704	8,897,340	256.3	7.40	2.33
1998	6,539,934	0.710	9,215,458	265.5	3.58	2.28
1999	6,833,034	0.720	9,490,193	273.4	2.98	2.28
2000	7,334,014	0.738	9,934,727	286.2	4.68	2.23
2001	7,858,253	0.753	10,435,650	300.6	5.04	2.30
2002	8,282,312	0.763	10,856,211	312.7	4.03	2.39
2003	8,653,352	0.779	11,109,138	320.0	2.33	2.44
2004	9,345,595	0.798	11,707,311	337.3	5.38	2.53
2005	9,856,024	0.821	12,000,955	345.7	2.51	2.58
2006	10,595,003	0.844	12,547,374	361.5	4.55	2.58
2007	11,171,327	0.866	12,898,873	371.6	2.80	2.57
2008	11,899,530	0.892	13,344,768	384.4	3.46	2.65
2009	11,946,717	0.889	13,435,203	387.0	0.68	2.74
2010	12,208,158	0.905	13,487,591	388.5	0.39	2.72
2011	12,626,212	0.928	13,605,245	391.9	0.87	2.69
2012	13,018,661	0.945	13,771,406	396.7	1.22	2.69
2013	13,268,168	0.958	13,852,610	399.1	0.59	2.72
2014	13,704,940	0.971	14,111,201	406.5	1.87	2.69
2015	14,353,508	0.973	14,751,958	425.0	4.54	2.71
2016	14,675,877	0.983	14,932,112	430.1	1.22	2.69
2017	15,232,822	1.000	15,232,822	438.8	2.01	2.69
2018	15,877,715	1.020	15,559,218	448.2	2.14	2.68
2019	16,612,700	1.035	16,048,902	462.3	3.15	2.66
2020	17,684,552	1.046	16,901,182	486.9	5.31	2.69
2021	18,989,435	1.090	17,421,340	501.9	3.08	2.69
2022	19,133,365	1.160	16,488,168	475.0	-5.36	2.68

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PSN

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

New Jersey:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
1969	32,504,175	0.189	172,134,592	100.0	N	4.11
1970	35,294,519	0.198	178,561,768	103.7	3.73	4.13
1971	38,078,118	0.206	184,800,379	107.4	3.49	4.12
1972	41,394,930	0.213	194,269,429	112.9	5.12	4.07
1973	45,063,192	0.225	200,682,218	116.6	3.30	3.98
1974	48,945,152	0.248	197,415,206	114.7	-1.63	3.93
1975	52,877,698	0.269	196,864,103	114.4	-0.28	3.88
1976	57,408,891	0.283	202,621,999	117.7	2.92	3.84
1977	62,802,139	0.302	208,119,496	120.9	2.71	3.80
1978	69,699,071	0.323	215,947,054	125.5	3.76	3.76
1979	77,368,975	0.351	220,154,725	127.9	1.95	3.73
1980	87,084,508	0.389	223,706,607	130.0	1.61	3.76
1981	97,168,413	0.424	229,089,739	133.1	2.41	3.75
1982	104,980,977	0.448	234,484,325	136.2	2.35	3.78
1983	113,460,820	0.467	243,081,712	141.2	3.67	3.82
1984	125,385,448	0.484	258,852,264	150.4	6.49	3.83
1985	134,484,929	0.501	268,283,053	155.9	3.64	3.83
1986	143,990,664	0.512	281,127,441	163.3	4.79	3.87
1987	154,710,515	0.528	293,001,240	170.2	4.22	3.93
1988	170,480,905	0.549	310,727,978	180.5	6.05	4.00
1989	182,884,117	0.573	319,386,872	185.5	2.79	3.97
1990	192,170,879	0.598	321,490,387	186.8	0.66	3.92
1991	196,169,703	0.618	317,560,305	184.5	-1.22	3.87
1992	210,398,531	0.634	331,754,227	192.7	4.47	3.89
1993	217,404,095	0.650	334,467,838	194.3	0.82	3.85
1994	225,066,906	0.664	339,180,942	197.0	1.41	3.79
1995	238,901,876	0.678	352,601,877	204.8	3.96	3.81
1996	252,630,680	0.692	365,057,411	212.1	3.53	3.79
1997	268,793,397	0.704	381,770,842	221.8	4.58	3.80
1998	286,580,221	0.710	403,821,806	234.6	5.78	3.78
1999	299,723,847	0.720	416,277,339	241.8	3.08	3.76
2000	329,591,759	0.738	446,468,206	259.4	7.25	3.82
2001	341,308,913	0.753	453,253,450	263.3	1.52	3.80
2002	345,988,725	0.763	453,511,849	263.5	0.06	3.78
2003	354,097,719	0.779	454,589,210	264.1	0.24	3.74
2004	369,770,927	0.798	463,215,362	269.1	1.90	3.69
2005	382,749,265	0.821	466,045,594	270.7	0.61	3.63
2006	410,264,863	0.844	485,865,541	282.3	4.25	3.63
2007	435,048,745	0.866	502,325,153	291.8	3.39	3.65
2008	449,545,421	0.892	504,144,242	292.9	0.36	3.62
2009	436,271,441	0.889	490,628,132	285.0	-2.68	3.62
2010	448,931,100	0.905	495,979,738	288.1	1.09	3.58
2011	469,252,907	0.928	505,638,665	293.7	1.95	3.53
2012	484,600,001	0.945	512,619,799	297.8	1.38	3.48
2013	488,591,296	0.958	510,112,962	296.3	-0.49	3.47
2014	509,357,588	0.971	524,456,696	304.7	2.81	3.45
2015	530,303,097	0.973	545,024,201	316.6	3.92	3.43
2016	545,301,738	0.983	554,822,492	322.3	1.80	3.43
2017	566,237,088	1.000	566,237,088	329.0	2.06	3.40
2018	591,910,410	1.020	580,037,052	337.0	2.44	3.38
2019	624,819,804	1.035	603,614,816	350.7	4.06	3.41
2020	657,894,366	1.046	628,751,724	365.3	4.16	3.35
2021	705,095,171	1.090	646,870,369	375.8	2.88	3.30
2022	714,990,176	1.160	616,142,444	357.9	-4.75	3.28

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PSN

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

United States:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change
1969	791,229,000	0.189	4,190,165,758	100.0	N
1970	855,525,000	0.198	4,328,265,709	103.3	3.30
1971	924,613,000	0.206	4,487,323,465	107.1	3.67
1972	1,016,408,000	0.213	4,770,076,966	113.8	6.30
1973	1,133,468,000	0.225	5,047,731,018	120.5	5.82
1974	1,244,912,000	0.248	5,021,223,733	119.8	-0.53
1975	1,362,505,000	0.269	5,072,617,275	121.1	1.02
1976	1,495,704,000	0.283	5,279,017,400	126.0	4.07
1977	1,651,632,000	0.302	5,473,329,799	130.6	3.68
1978	1,855,849,000	0.323	5,749,934,936	137.2	5.05
1979	2,073,296,000	0.351	5,899,598,782	140.8	2.60
1980	2,313,972,000	0.389	5,944,235,512	141.9	0.76
1981	2,590,995,000	0.424	6,108,676,176	145.8	2.77
1982	2,777,640,000	0.448	6,204,105,336	148.1	1.56
1983	2,969,333,000	0.467	6,361,584,112	151.8	2.54
1984	3,275,415,000	0.484	6,761,937,695	161.4	6.29
1985	3,508,482,000	0.501	6,999,046,441	167.0	3.51
1986	3,717,756,000	0.512	7,258,548,586	173.2	3.71
1987	3,931,800,000	0.528	7,446,308,852	177.7	2.59
1988	4,264,433,000	0.549	7,772,592,728	185.5	4.38
1989	4,605,107,000	0.573	8,042,309,775	191.9	3.47
1990	4,897,332,000	0.598	8,192,943,538	195.5	1.87
1991	5,072,291,000	0.618	8,211,045,100	196.0	0.22
1992	5,406,546,000	0.634	8,524,985,809	203.5	3.82
1993	5,643,648,000	0.650	8,682,535,385	207.2	1.85
1994	5,933,938,000	0.664	8,942,579,420	213.4	3.00
1995	6,278,125,000	0.678	9,266,058,093	221.1	3.62
1996	6,660,854,000	0.692	9,625,094,288	229.7	3.87
1997	7,068,422,000	0.704	10,039,373,926	239.6	4.30
1998	7,584,003,000	0.710	10,686,661,406	255.0	6.45
1999	7,978,449,000	0.720	11,081,025,264	264.5	3.69
2000	8,620,234,000	0.738	11,677,052,911	278.7	5.38
2001	8,990,104,000	0.753	11,938,732,039	284.9	2.24
2002	9,146,700,000	0.763	11,989,225,466	286.1	0.42
2003	9,474,684,000	0.779	12,163,560,736	290.3	1.45
2004	10,008,929,000	0.798	12,538,275,270	299.2	3.08
2005	10,540,800,000	0.821	12,834,755,927	306.3	2.36
2006	11,291,446,000	0.844	13,372,153,008	319.1	4.19
2007	11,925,044,000	0.866	13,769,145,681	328.6	2.97
2008	12,423,410,000	0.892	13,932,275,429	332.5	1.18
2009	12,058,253,000	0.889	13,560,635,845	323.6	-2.67
2010	12,547,501,000	0.905	13,862,497,514	330.8	2.23
2011	13,299,818,000	0.928	14,331,082,712	342.0	3.38
2012	13,905,749,000	0.945	14,709,785,897	351.1	2.64
2013	14,063,283,000	0.958	14,682,748,144	350.4	-0.18
2014	14,778,160,000	0.971	15,216,235,418	363.1	3.63
2015	15,467,113,000	0.973	15,896,476,839	379.4	4.47
2016	15,884,741,000	0.983	16,162,082,333	385.7	1.67
2017	16,658,962,000	1.000	16,658,962,000	397.6	3.07
2018	17,514,402,000	1.020	17,163,073,878	409.6	3.03
2019	18,343,601,000	1.035	17,721,060,157	422.9	3.25
2020	19,609,985,000	1.046	18,741,324,605	447.3	5.76
2021	21,392,812,000	1.090	19,626,252,970	468.4	4.72
2022	21,820,248,000	1.160	18,803,588,325	448.8	-4.19

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PN

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