Storey County vs. Nevada
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2020
Introduction
Storey County vs. Nevada
Storey County:
2020 PCI = $65,971
2020 Percent of State = 122.8%
Nevada:
2020 PCI = $53,720
Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives.
Data Definition:
This measure of income is calculated as the total personal income of the residents of an area divided by the population of the area. Per capita personal income is often used as an indicator of consumers' purchasing power and of the economic well-being of the residents of an area.
Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year.
For smaller counties in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant.
Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent counties may exhibit sharp fluctuations over time.
The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation.
Storey County Per Capita Personal Income, 1970-2020
Current vs. Constant Dollars
Storey County Per Capita Personal Income, 1970-2020
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Storey County's annual per capita personal income over 1970-2020 in current and constant (2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of Storey County over time.
When measured in current dollars, Storey County's per capita personal income increased 1,185.1%, from $5,134 in 1970 to $65,971 in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 141.6%, from $24,551 in 1970 to $59,313 in 2020.
Real Per Capita Personal Income, 1969-2020
Real Per Capita Personal Income, 1969-2020
Figure 2.
Figure 2 traces Storey County's and Nevada's annual real per capita personal income for the period 1969-2020 to illustrate real per capita personal income patterns over time. During this 52-year period, Storey County's real per capita personal income rose from $22,843 in 1969 to $59,313 in 2020, for a net gain of $36,470, or 159.7%. In comparison, Nevada's real per capita personal income advanced from $23,764 in 1969 to $48,298 in 2020, for a net advance of $24,534, or 103.2%.
Real Per Capita Personal Income Indices (1969=100): 1969-2020
Real Per Capita Personal Income Indices (1969=100): 1969-2020
Figure 3.
Figure 3 shows Storey County's real per capita personal income growth in a broader context by offering direct comparisons across time with Nevada, the United States. The growth indices shown here express each region's real per capita personal income in 1969 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size.
Storey County's overall real per capita personal income growth was 159.7% over 1969-2020 outpaced Nevada's increase of 103.2%, and fell below the United States' increase of 171.9%.
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2020
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2020
Figure 4.
Figure 4 displays the trends for per capita personal income relative to the national average by tracing Storey County and Nevada per capita personal income as a percent of the national average over 1969-2020.
In 1969, Storey County's per capita personal income amounted to 116.1% of the national average; in 2020, it approximated 110.9%. Similarly, in 1969, Nevada's per capita personal income totaled 120.8% of the national average; in 2020, it consisted of 90.3%.
Storey County Real Per Capita Personal Income:
Annual Percent Change, 1970-2020
Storey County Real Per Capita Personal Income:
Annual Percent Change, 1970-2020
Figure 5.
Figure 5 shows the short-run pattern of Storey County's real per capita personal income growth by tracking the year-to-year percent change over 1970-2020. The average annual percent change for the entire 51-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, Storey County's real per capita personal income grew at an annual rate of 2.07% over 1970-2020. The county recorded its highest growth in 2001 (19.65%) and recorded its lowest growth in 2008 (-14.70%). In 2020, Storey County's real per capita personal income grew by 11.69%
Storey County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2020
Storey County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2020
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 shows the annual percent change in Storey County's real per capita personal income since 1970, but this time they are overlayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, and 2010-2020.
During the 1970s, Storey County's annual real per capita personal income growth rate averaged 3.08%. It averaged -0.38% throughout the 1980s, 1.86% throughout the 1990s, 1.29% during the 2000s, and 3.53% thus far this decade (2010 to 2020).
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Storey County noted in the previous graph with the corresponding decade averages for Nevada and the nation. As the chart reveals, Storey County's average annual real per capita personal income growth registered above Nevada's average during the 1970s (3.08% vs. 2.20%), posted below Nevada's average throughout the 1980s (-0.38% vs. 1.00%), amounted to less than Nevada's average throughout the 1990s (1.86% vs. 2.11%), surpassed Nevada's average during the 2000s (1.29% vs. -0.29%), and surpassed Nevada's average over the 11 year period of the last decade, 2010-2020 (3.53% vs. 1.98%).
Finally, relative to nationwide real per capita personal income growth trends, Storey County outgained the nation in the 1970s (3.08% vs. 2.37%), posted below the nation in the 1980s (-0.38% vs. 2.20%), recorded underneath the nation over the 1990s (1.86% vs. 2.04%), led the nation during the 2000s (1.29% vs. 1.08%), and led the nation over 2010-2020 (3.53% vs. 2.00%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.07
3.08
-0.38
1.86
1.29
3.53
11.69
 
1.44
2.20
1.00
2.11
-0.29
1.98
3.25
 
2.00
2.37
2.20
2.04
1.08
2.00
4.93
 
   

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

   
 
Storey County:
Per Capita Personal Income, 1969-2020
 
1969
 
4,563
0.200
22,843
100.0
N
96.12
116.09
1970
 
5,134
0.209
24,551
107.5
7.48
98.89
122.29
1971
 
5,679
0.218
26,055
114.1
6.13
103.25
127.04
1972
 
5,751
0.225
25,514
111.7
-2.08
98.36
118.42
1973
 
6,050
0.238
25,468
111.5
-0.18
94.82
112.82
1974
 
6,458
0.262
24,621
107.8
-3.33
95.73
110.66
1975
 
7,030
0.284
24,739
108.3
0.48
95.89
111.16
1976
 
7,648
0.300
25,516
111.7
3.14
95.68
111.24
1977
 
9,031
0.319
28,290
123.8
10.87
102.45
120.16
1978
 
10,227
0.341
29,951
131.1
5.87
101.81
122.39
1979
 
11,408
0.372
30,684
134.3
2.45
104.22
123.56
1980
 
12,202
0.412
29,630
129.7
-3.44
102.10
119.86
1981
 
13,301
0.449
29,642
129.8
0.04
102.38
117.71
1982
 
12,043
0.474
25,426
111.3
-14.22
90.26
100.36
1983
 
12,979
0.494
26,285
115.1
3.38
93.43
102.22
1984
 
13,861
0.512
27,050
118.4
2.91
93.91
99.68
1985
 
13,330
0.530
25,137
110.0
-7.07
85.66
90.35
1986
 
13,412
0.542
24,752
108.4
-1.53
82.26
86.58
1987
 
15,163
0.559
27,148
118.8
9.68
88.81
93.09
1988
 
16,406
0.580
28,268
123.8
4.13
88.88
93.99
1989
 
17,520
0.606
28,924
126.6
2.32
89.15
93.81
1990
 
18,491
0.632
29,243
128.0
1.10
90.13
94.24
1991
 
19,688
0.653
30,130
131.9
3.03
92.75
98.29
1992
 
19,879
0.671
29,632
129.7
-1.65
88.14
94.26
1993
 
21,205
0.688
30,840
135.0
4.08
90.77
97.57
1994
 
22,794
0.702
32,473
142.2
5.29
93.67
100.97
1995
 
22,737
0.717
31,725
138.9
-2.30
89.59
96.31
1996
 
23,158
0.732
31,635
138.5
-0.28
86.84
93.49
1997
 
24,333
0.745
32,672
143.0
3.28
88.38
93.61
1998
 
25,139
0.751
33,488
146.6
2.50
85.76
91.23
1999
 
26,401
0.762
34,663
151.7
3.51
86.83
92.01
2000
 
28,664
0.781
36,707
160.7
5.90
89.61
93.45
2001
 
34,986
0.797
43,921
192.3
19.65
107.78
110.66
2002
 
35,974
0.807
44,576
195.1
1.49
111.96
112.99
2003
 
38,201
0.824
46,361
203.0
4.00
115.34
116.76
2004
 
39,794
0.844
47,125
206.3
1.65
112.95
116.09
2005
 
37,959
0.869
43,693
191.3
-7.28
99.61
105.83
2006
 
41,083
0.893
45,994
201.4
5.27
103.31
107.77
2007
 
43,509
0.916
47,491
207.9
3.26
108.20
109.09
2008
 
38,212
0.943
40,510
177.3
-14.70
98.39
93.14
2009
 
35,677
0.941
37,929
166.0
-6.37
98.47
90.65
2010
 
36,001
0.957
37,600
164.6
-0.87
96.04
88.48
2011
 
36,585
0.982
37,267
163.1
-0.88
94.44
85.51
2012
 
37,756
1.000
37,756
165.3
1.31
94.77
84.63
2013
 
38,147
1.014
37,637
164.8
-0.32
96.42
84.97
2014
 
40,776
1.029
39,631
173.5
5.30
97.93
86.73
2015
 
43,482
1.031
42,168
184.6
6.40
98.12
88.94
2016
 
45,379
1.041
43,572
190.7
3.33
100.32
91.10
2017
 
53,486
1.061
50,434
220.8
15.75
113.13
103.23
2018
 
57,763
1.083
53,327
233.5
5.74
116.87
106.78
2019
 
58,374
1.099
53,105
232.5
-0.42
113.53
104.15
2020
 
65,971
1.112
59,313
259.7
11.69
122.80
110.86
Source: Calculations by the Nevada Regional Economic Analysis Project (NV-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_700_PSN
 
   

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

   
 
Nevada:
Per Capita Personal Income, 1969-2020
 
1969
 
4,747
0.200
23,764
100.0
N
120.77
1970
 
5,191
0.209
24,826
104.5
4.47
123.66
1971
 
5,501
0.218
25,236
106.2
1.65
123.04
1972
 
5,847
0.225
25,938
109.1
2.78
120.39
1973
 
6,381
0.238
26,859
113.0
3.55
118.98
1974
 
6,746
0.262
25,718
108.2
-4.25
115.60
1975
 
7,331
0.284
25,799
108.6
0.31
115.92
1976
 
7,994
0.300
26,669
112.2
3.37
116.27
1977
 
8,815
0.319
27,614
116.2
3.55
117.29
1978
 
10,045
0.341
29,418
123.8
6.53
120.21
1979
 
10,945
0.372
29,441
123.9
0.08
118.56
1980
 
11,951
0.412
29,020
122.1
-1.43
117.40
1981
 
12,991
0.449
28,952
121.8
-0.23
114.97
1982
 
13,343
0.474
28,171
118.5
-2.70
111.20
1983
 
13,892
0.494
28,133
118.4
-0.13
109.40
1984
 
14,760
0.512
28,804
121.2
2.39
106.14
1985
 
15,561
0.530
29,344
123.5
1.87
105.47
1986
 
16,305
0.542
30,091
126.6
2.55
105.26
1987
 
17,075
0.559
30,570
128.6
1.59
104.82
1988
 
18,458
0.580
31,803
133.8
4.04
105.74
1989
 
19,653
0.606
32,445
136.5
2.02
105.23
1990
 
20,516
0.632
32,446
136.5
0.00
104.56
1991
 
21,228
0.653
32,486
136.7
0.13
105.98
1992
 
22,554
0.671
33,620
141.5
3.49
106.94
1993
 
23,360
0.688
33,974
143.0
1.05
107.49
1994
 
24,335
0.702
34,669
145.9
2.04
107.80
1995
 
25,379
0.717
35,410
149.0
2.14
107.50
1996
 
26,667
0.732
36,428
153.3
2.87
107.65
1997
 
27,534
0.745
36,969
155.6
1.49
105.93
1998
 
29,314
0.751
39,049
164.3
5.63
106.38
1999
 
30,405
0.762
39,920
168.0
2.23
105.97
2000
 
31,986
0.781
40,961
172.4
2.61
104.28
2001
 
32,461
0.797
40,752
171.5
-0.51
102.67
2002
 
32,130
0.807
39,813
167.5
-2.30
100.91
2003
 
33,121
0.824
40,196
169.1
0.96
101.23
2004
 
35,232
0.844
41,723
175.6
3.80
102.78
2005
 
38,109
0.869
43,866
184.6
5.14
106.25
2006
 
39,767
0.893
44,521
187.3
1.49
104.32
2007
 
40,212
0.916
43,893
184.7
-1.41
100.83
2008
 
38,836
0.943
41,172
173.3
-6.20
94.66
2009
 
36,231
0.941
38,518
162.1
-6.45
92.06
2010
 
37,487
0.957
39,152
164.8
1.65
92.13
2011
 
38,740
0.982
39,462
166.1
0.79
90.55
2012
 
39,840
1.000
39,840
167.6
0.96
89.30
2013
 
39,565
1.014
39,037
164.3
-2.02
88.13
2014
 
41,637
1.029
40,469
170.3
3.67
88.56
2015
 
44,314
1.031
42,975
180.8
6.19
90.64
2016
 
45,232
1.041
43,431
182.8
1.06
90.81
2017
 
47,279
1.061
44,581
187.6
2.65
91.25
2018
 
49,424
1.083
45,628
192.0
2.35
91.36
2019
 
51,419
1.099
46,778
196.8
2.52
91.74
2020
 
53,720
1.112
48,298
203.2
3.25
90.27
Source: Calculations by the Nevada Regional Economic Analysis Project (NV-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_700_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:
Per Capita Personal Income, 1969-2020
 
1969
 
3,931
0.200
19,677
100.0
N
1970
 
4,198
0.209
20,076
102.0
2.03
1971
 
4,471
0.218
20,510
104.2
2.16
1972
 
4,857
0.225
21,546
109.5
5.05
1973
 
5,363
0.238
22,575
114.7
4.78
1974
 
5,836
0.262
22,248
113.1
-1.45
1975
 
6,324
0.284
22,255
113.1
0.03
1976
 
6,875
0.300
22,937
116.6
3.06
1977
 
7,516
0.319
23,543
119.6
2.64
1978
 
8,356
0.341
24,472
124.4
3.95
1979
 
9,232
0.372
24,832
126.2
1.47
1980
 
10,180
0.412
24,720
125.6
-0.45
1981
 
11,300
0.449
25,183
128.0
1.87
1982
 
11,999
0.474
25,335
128.8
0.60
1983
 
12,698
0.494
25,716
130.7
1.50
1984
 
13,906
0.512
27,138
137.9
5.53
1985
 
14,755
0.530
27,823
141.4
2.52
1986
 
15,490
0.542
28,588
145.3
2.75
1987
 
16,289
0.559
29,163
148.2
2.01
1988
 
17,455
0.580
30,076
152.8
3.13
1989
 
18,676
0.606
30,833
156.7
2.52
1990
 
19,621
0.632
31,030
157.7
0.64
1991
 
20,030
0.653
30,653
155.8
-1.22
1992
 
21,090
0.671
31,437
159.8
2.56
1993
 
21,733
0.688
31,608
160.6
0.54
1994
 
22,575
0.702
32,162
163.4
1.75
1995
 
23,607
0.717
32,939
167.4
2.42
1996
 
24,771
0.732
33,838
172.0
2.73
1997
 
25,993
0.745
34,900
177.4
3.14
1998
 
27,557
0.751
36,708
186.6
5.18
1999
 
28,693
0.762
37,673
191.5
2.63
2000
 
30,672
0.781
39,278
199.6
4.26
2001
 
31,617
0.797
39,692
201.7
1.05
2002
 
31,839
0.807
39,452
200.5
-0.60
2003
 
32,717
0.824
39,706
201.8
0.64
2004
 
34,280
0.844
40,595
206.3
2.24
2005
 
35,868
0.869
41,286
209.8
1.70
2006
 
38,120
0.893
42,677
216.9
3.37
2007
 
39,883
0.916
43,534
221.2
2.01
2008
 
41,026
0.943
43,495
221.0
-0.09
2009
 
39,356
0.941
41,841
212.6
-3.80
2010
 
40,690
0.957
42,497
216.0
1.57
2011
 
42,783
0.982
43,580
221.5
2.55
2012
 
44,614
1.000
44,614
226.7
2.37
2013
 
44,894
1.014
44,294
225.1
-0.72
2014
 
47,017
1.029
45,698
232.2
3.17
2015
 
48,891
1.031
47,414
241.0
3.76
2016
 
49,812
1.041
47,828
243.1
0.87
2017
 
51,811
1.061
48,855
248.3
2.15
2018
 
54,098
1.083
49,943
253.8
2.23
2019
 
56,047
1.099
50,988
259.1
2.09
2020
 
59,510
1.112
53,504
271.9
4.93
Source: Calculations by the Nevada Regional Economic Analysis Project (NV-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_700_PN
 
   
Copyright © 2021. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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