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

Introduction

Union County:

2022 TPI = $44,743,239K

2022 Percent of State = 6.21%

New Jersey:

2022 TPI = $719,973,519K

2022 Percent of U.S. = 3.26%

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 Union 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.

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

Figure 1.

Figure 1 depicts Union 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 Union County over time.

When measured in current dollars, Union County's total personal income increased 1,369.95%, from $3,044M in 1970 to $44,743M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 150.24%, from $15,399M in 1970 to $38,535M in 2022.

Real Total Personal Income, 1969-2022 (Millions)

Figure 2.

Figure 2 traces Union 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, Union County's real total personal income rose from $14,937M in 1969 to $38,535M in 2022, for a net gain of $23,598M, or 157.98%. In comparison, New Jersey's real total personal income increased from $172,135M in 1969 to $620,073M in 2022, for a net gain of $447,939M, or 260.23%.

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

Figure 3.

Figure 3 portrays Union 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.

Union County's overall real total personal income growth was 157.98% over 1969-2022 trailed New Jersey's increase of 260.23%, and fell below the United States' increase of 353.77%.

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

Figure 4.

Another interesting and insightful way of contrasting the total personal income growth of Union County is to trace 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, Union County's total personal income comprised 8.68% of New Jersey's total personal income, while in 2022 it comprised 6.21% thereby yielding a -2.46% share-shift.

Total Personal Income Share-Shift

2022 vs. 1969

	Share- Shift*		2022	vs.	1969
Union County	-2.46%	=	6.21%	-	8.68%

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

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

Figure 5.

Figure 5 displays the short-run pattern of Union 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 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, Union County's real total personal income grew at an annual rate of 1.83% over 1970-2022. The county recorded its highest growth in 2000 (8.92%) and posted its lowest growth in 2009 (-4.54%). In 2022, Union County's real total personal income declined by -2.82%

Union 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 traces the annual percent change in Union 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, Union County's annual real total personal income growth rate averaged 1.17%. It averaged 2.60% in the 1980s, 1.95% throughout the 1990s, 1.28% in the 2000s, 2.50% throughout the 2010s, 0.71% 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 Union County noted in the previous graph with the corresponding decade averages for New Jersey and the nation. As the chart reveals, Union County's average annual real total personal income growth trailed New Jersey's average throughout the 1970s (1.17% vs. 2.51%), lagged New Jersey's average throughout the 1980s (2.60% vs. 3.80%), amounted to less than New Jersey's average in the 1990s (1.95% vs. 2.71%), trailed New Jersey's average in the 2000s (1.28% vs. 1.69%), outpaced New Jersey's average during the 2010s (2.50% vs. 2.11%), and trailed New Jersey's average over the 3 year period of the current decade, 2020-2022 (0.71% vs. 0.95%).

Finally, relative to nationwide real total personal income growth trends, Union County fell under the nation over the 1970s (1.17% vs. 3.50%), fell under the nation during the 1980s (2.60% vs. 3.16%), trailed the nation throughout the 1990s (1.95% vs. 3.27%), recorded underneath the nation during the 2000s (1.28% vs. 2.06%), fell under the nation throughout the 2010s (2.50% vs. 2.72%), and recorded underneath the nation over 2020-2022 (0.71% vs. 2.44%).

Real* Total Personal Income Growth:

Average Annual Percent Change

	1970-2022	1970-1979	1980-1989	1990-1999	2000-2009	2010-2019	2020-2022	2022
	%	%	%	%	%	%	%	%
Union	1.83	1.17	2.60	1.95	1.28	2.50	0.71	-2.82
New Jersey	2.47	2.51	3.80	2.71	1.69	2.11	0.95	-4.15
United States	2.91	3.50	3.16	3.27	2.06	2.72	2.44	-3.20

*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.

Union County:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	2,820,590	0.189	14,937,192	100.0	N	8.68
1970	3,043,857	0.198	15,399,459	103.1	3.09	8.62
1971	3,229,691	0.206	15,674,307	104.9	1.78	8.48
1972	3,437,881	0.213	16,134,227	108.0	2.93	8.31
1973	3,646,874	0.225	16,240,811	108.7	0.66	8.09
1974	3,881,763	0.248	15,656,689	104.8	-3.60	7.93
1975	4,141,736	0.269	15,419,717	103.2	-1.51	7.83
1976	4,440,906	0.283	15,673,970	104.9	1.65	7.74
1977	4,831,143	0.302	16,009,885	107.2	2.14	7.69
1978	5,326,283	0.323	16,502,302	110.5	3.08	7.64
1979	5,884,085	0.351	16,743,263	112.1	1.46	7.61
1980	6,584,278	0.389	16,913,990	113.2	1.02	7.56
1981	7,354,774	0.424	17,340,031	116.1	2.52	7.57
1982	7,927,241	0.448	17,706,196	118.5	2.11	7.55
1983	8,424,463	0.467	18,048,811	120.8	1.94	7.42
1984	9,202,559	0.484	18,998,243	127.2	5.26	7.34
1985	9,676,489	0.501	19,303,561	129.2	1.61	7.20
1986	10,195,001	0.512	19,904,725	133.3	3.11	7.08
1987	10,750,447	0.528	20,359,924	136.3	2.29	6.95
1988	11,739,465	0.549	21,397,002	143.2	5.09	6.89
1989	12,377,958	0.573	21,616,734	144.7	1.03	6.77
1990	12,945,138	0.598	21,656,442	145.0	0.18	6.74
1991	12,984,741	0.618	21,019,751	140.7	-2.94	6.62
1992	13,990,095	0.634	22,059,437	147.7	4.95	6.65
1993	14,261,669	0.650	21,941,029	146.9	-0.54	6.56
1994	14,485,763	0.664	21,830,374	146.1	-0.50	6.44
1995	15,369,169	0.678	22,683,781	151.9	3.91	6.43
1996	16,281,394	0.692	23,527,006	157.5	3.72	6.44
1997	17,132,895	0.704	24,334,079	162.9	3.43	6.37
1998	18,379,055	0.710	25,898,030	173.4	6.43	6.41
1999	18,816,426	0.720	26,133,562	175.0	0.91	6.28
2000	21,013,871	0.738	28,465,594	190.6	8.92	6.38
2001	22,296,113	0.753	29,608,925	198.2	4.02	6.53
2002	22,359,125	0.763	29,307,684	196.2	-1.02	6.46
2003	22,789,492	0.779	29,257,057	195.9	-0.17	6.44
2004	22,998,379	0.798	28,810,276	192.9	-1.53	6.22
2005	23,654,510	0.821	28,802,355	192.8	-0.03	6.18
2006	25,365,086	0.844	30,039,183	201.1	4.29	6.18
2007	26,709,055	0.866	30,839,372	206.5	2.66	6.14
2008	27,558,455	0.892	30,905,523	206.9	0.21	6.13
2009	26,233,563	0.889	29,502,101	197.5	-4.54	6.01
2010	27,088,214	0.905	29,927,099	200.4	1.44	6.03
2011	28,350,790	0.928	30,549,103	204.5	2.08	6.04
2012	29,474,232	0.945	31,178,446	208.7	2.06	6.08
2013	30,117,465	0.958	31,444,091	210.5	0.85	6.16
2014	31,677,305	0.971	32,616,329	218.4	3.73	6.22
2015	32,826,487	0.973	33,737,743	225.9	3.44	6.19
2016	33,879,480	0.983	34,471,002	230.8	2.17	6.21
2017	35,232,244	1.000	35,232,244	235.9	2.21	6.22
2018	36,934,777	1.020	36,193,888	242.3	2.73	6.24
2019	39,088,660	1.035	37,763,537	252.8	4.34	6.25
2020	40,166,723	1.046	38,385,263	257.0	1.65	6.15
2021	43,209,749	1.090	39,652,157	265.5	3.30	6.13
2022	44,743,239	1.161	38,534,884	258.0	-2.82	6.21

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 2024

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	625,170,340	1.035	603,976,794	350.9	4.13	3.41
2020	653,079,748	1.046	624,114,590	362.6	3.33	3.33
2021	704,936,373	1.090	646,896,793	375.8	3.65	3.29
2022	719,973,519	1.161	620,073,481	360.2	-4.15	3.26

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 2024

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	18,349,584,000	1.035	17,727,525,143	423.1	3.29
2020	19,600,945,000	1.046	18,731,610,936	447.0	5.66
2021	21,403,979,000	1.090	19,641,723,562	468.8	4.86
2022	22,077,232,000	1.161	19,013,902,214	453.8	-3.20

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 2024

REAP_PI_CA1400_300_PN

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