Elko County vs. Nevada | Total Personal Income Trends over 1969-2022

Introduction

Elko County:

2022 TPI = $2,920,991K

2022 Percent of State = 1.48%

Nevada:

2022 TPI = $197,290,898K

2022 Percent of U.S. = 0.90%

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 Elko County and Nevada 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.

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

Figure 1.

Figure 1 depicts Elko 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 Elko County over time.

When measured in current dollars, Elko County's total personal income increased 4,387.96%, from $65M in 1970 to $2,921M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 664.45%, from $329M in 1970 to $2,517M in 2022.

Real Total Personal Income, 1969-2022 (Millions)

Figure 2.

Figure 2 traces Elko County's and Nevada'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, Elko County's real total personal income rose from $319M in 1969 to $2,517M in 2022, for a net gain of $2,198M, or 688.09%. In comparison, Nevada's real total personal income increased from $12,067M in 1969 to $170,015M in 2022, for a net gain of $157,948M, or 1,308.93%.

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

Figure 3.

Figure 3 shows Elko County's real total 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 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.

Elko County's overall real total personal income growth was 688.09% over 1969-2022 trailed Nevada's increase of 1,308.93%, and outpaced the United States' increase of 348.76%.

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

Figure 4.

Another interesting and insightful way of highlighting the total personal income growth of Elko County is to trace its individual percentage contributions to Nevada'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 Nevada's total personal income, while a declining share shows it grew more slowly.

In 1969, Elko County's total personal income comprised 2.65% of Nevada's total personal income, while in 2022 it comprised 1.48% thereby yielding a -1.17% share-shift.

Total Personal Income Share-Shift

2022 vs. 1969

	Share- Shift*		2022	vs.	1969
Elko County	-1.17%	=	1.48%	-	2.65%

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

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

Figure 5.

Figure 5 displays the short-run pattern of Elko 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, Elko County's real total personal income grew at an annual rate of 4.10% over 1970-2022. The county posted its highest growth in 1988 (27.76%) and recorded its lowest growth in 2001 (-8.82%). In 2022, Elko County's real total personal income declined by -4.66%

Elko 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 shows the annual percent change in Elko County's real total personal income 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, Elko County's annual real total personal income growth rate averaged 3.85%. It averaged 8.72% throughout the 1980s, 4.71% in the 1990s, 2.22% during the 2000s, 1.91% in the 2010s, 1.09% 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 Elko County noted in the previous graph with the corresponding decade averages for Nevada and the nation. As the chart reveals, Elko County's average annual real total personal income growth amounted to less than Nevada's average during the 1970s (3.85% vs. 7.08%), topped Nevada's average throughout the 1980s (8.72% vs. 5.08%), recorded under Nevada's average in the 1990s (4.71% vs. 7.65%), fell below Nevada's average throughout the 2000s (2.22% vs. 3.06%), recorded under Nevada's average in the 2010s (1.91% vs. 3.53%), and fell below Nevada's average over the 3 year period of the current decade, 2020-2022 (1.09% vs. 3.50%).

Finally, relative to nationwide real total personal income growth trends, Elko County registered above the nation in the 1970s (3.85% vs. 3.50%), surpassed the nation over the 1980s (8.72% vs. 3.16%), topped the nation throughout the 1990s (4.71% vs. 3.27%), outpaced the nation in the 2000s (2.22% vs. 2.06%), recorded underneath the nation over the 2010s (1.91% vs. 2.72%), and trailed the nation over 2020-2022 (1.09% 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
	%	%	%	%	%	%	%	%
Elko	4.10	3.85	8.72	4.71	2.22	1.91	1.09	-4.66
Nevada	5.18	7.08	5.08	7.65	3.06	3.53	3.50	-3.48
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.

Elko County:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	60,312	0.189	319,398	100.0	N	2.65
1970	65,085	0.198	329,278	103.1	3.09	2.54
1971	72,602	0.206	352,351	110.3	7.01	2.54
1972	83,995	0.213	394,195	123.4	11.88	2.63
1973	94,918	0.225	422,703	132.3	7.23	2.61
1974	96,967	0.248	391,106	122.5	-7.47	2.41
1975	104,715	0.269	389,855	122.1	-0.32	2.30
1976	114,726	0.283	404,920	126.8	3.86	2.22
1977	127,795	0.302	423,499	132.6	4.59	2.14
1978	143,893	0.323	445,820	139.6	5.27	1.99
1979	161,872	0.351	460,610	144.2	3.32	1.93
1980	198,692	0.389	510,409	159.8	10.81	2.05
1981	228,168	0.424	537,942	168.4	5.39	2.07
1982	247,923	0.448	553,758	173.4	2.94	2.11
1983	264,161	0.467	565,946	177.2	2.20	2.11
1984	293,878	0.484	606,697	189.9	7.20	2.16
1985	316,885	0.501	632,152	197.9	4.20	2.14
1986	334,522	0.512	653,121	204.5	3.32	2.09
1987	388,039	0.528	734,895	230.1	12.52	2.23
1988	515,141	0.549	938,925	294.0	27.76	2.60
1989	596,171	0.573	1,041,147	326.0	10.89	2.67
1990	643,081	0.598	1,075,836	336.8	3.33	2.57
1991	702,010	0.618	1,136,417	355.8	5.63	2.55
1992	773,882	0.634	1,220,249	382.0	7.38	2.54
1993	845,085	0.650	1,300,131	407.1	6.55	2.57
1994	918,431	0.664	1,384,096	433.3	6.46	2.52
1995	963,741	0.678	1,422,412	445.3	2.77	2.40
1996	1,063,729	0.692	1,537,114	481.3	8.06	2.40
1997	1,103,927	0.704	1,567,922	490.9	2.00	2.28
1998	1,150,613	0.710	1,621,335	507.6	3.41	2.12
1999	1,185,580	0.720	1,646,616	515.5	1.56	2.02
2000	1,231,383	0.738	1,668,043	522.2	1.30	1.91
2001	1,145,338	0.753	1,520,993	476.2	-8.82	1.68
2002	1,148,277	0.763	1,505,128	471.2	-1.04	1.64
2003	1,199,844	0.779	1,540,355	482.3	2.34	1.61
2004	1,320,145	0.798	1,653,758	517.8	7.36	1.60
2005	1,396,316	0.821	1,700,191	532.3	2.81	1.51
2006	1,536,904	0.844	1,820,114	569.9	7.05	1.54
2007	1,707,596	0.866	1,971,660	617.3	8.33	1.65
2008	1,811,951	0.892	2,032,019	636.2	3.06	1.77
2009	1,803,999	0.889	2,028,766	635.2	-0.16	1.86
2010	1,977,040	0.905	2,184,237	683.9	7.66	1.96
2011	2,109,219	0.928	2,272,767	711.6	4.05	2.02
2012	2,166,419	0.945	2,291,682	717.5	0.83	1.99
2013	2,182,375	0.958	2,278,505	713.4	-0.58	2.00
2014	2,187,352	0.971	2,252,193	705.1	-1.15	1.89
2015	2,170,078	0.973	2,230,319	698.3	-0.97	1.73
2016	2,198,372	0.983	2,236,755	700.3	0.29	1.69
2017	2,308,347	1.000	2,308,347	722.7	3.20	1.66
2018	2,432,170	1.020	2,383,382	746.2	3.25	1.64
2019	2,528,805	1.035	2,442,983	764.9	2.50	1.59
2020	2,698,820	1.046	2,579,271	807.5	5.58	1.59
2021	2,877,927	1.090	2,640,276	826.6	2.37	1.50
2022	2,920,991	1.160	2,517,163	788.1	-4.66	1.48

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 Nevada Regional Economic Analysis Project (NV-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.

Nevada:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
1969	2,278,607	0.189	12,066,976	100.0	N	0.29
1970	2,560,413	0.198	12,953,622	107.3	7.35	0.30
1971	2,860,381	0.206	13,881,975	115.0	7.17	0.31
1972	3,196,764	0.213	15,002,647	124.3	8.07	0.31
1973	3,630,058	0.225	16,165,923	134.0	7.75	0.32
1974	4,025,238	0.248	16,235,381	134.5	0.43	0.32
1975	4,543,971	0.269	16,917,241	140.2	4.20	0.33
1976	5,170,461	0.283	18,248,901	151.2	7.87	0.35
1977	5,977,935	0.302	19,810,230	164.2	8.56	0.36
1978	7,225,731	0.323	22,387,319	185.5	13.01	0.39
1979	8,372,017	0.351	23,822,716	197.4	6.41	0.40
1980	9,681,438	0.389	24,870,114	206.1	4.40	0.42
1981	10,998,173	0.424	25,929,914	214.9	4.26	0.42
1982	11,752,694	0.448	26,250,685	217.5	1.24	0.42
1983	12,530,750	0.467	26,846,238	222.5	2.27	0.42
1984	13,634,293	0.484	28,147,346	233.3	4.85	0.42
1985	14,791,280	0.501	29,507,022	244.5	4.83	0.42
1986	15,979,144	0.512	31,197,688	258.5	5.73	0.43
1987	17,406,994	0.528	32,966,543	273.2	5.67	0.44
1988	19,826,291	0.549	36,136,501	299.5	9.62	0.46
1989	22,328,914	0.573	38,994,977	323.2	7.91	0.48
1990	25,039,231	0.598	41,889,136	347.1	7.42	0.51
1991	27,543,572	0.618	44,587,645	369.5	6.44	0.54
1992	30,459,859	0.634	48,028,791	398.0	7.72	0.56
1993	32,932,912	0.650	50,666,018	419.9	5.49	0.58
1994	36,442,306	0.664	54,919,383	455.1	8.39	0.61
1995	40,075,451	0.678	59,148,465	490.2	7.70	0.64
1996	44,336,734	0.692	64,067,647	530.9	8.32	0.67
1997	48,450,166	0.704	68,814,416	570.3	7.41	0.69
1998	54,217,238	0.710	76,397,816	633.1	11.02	0.71
1999	58,623,619	0.720	81,420,562	674.7	6.57	0.73
2000	64,312,598	0.738	87,118,471	722.0	7.00	0.75
2001	68,026,741	0.753	90,338,558	748.6	3.70	0.76
2002	69,952,742	0.763	91,691,998	759.9	1.50	0.76
2003	74,518,428	0.779	95,666,454	792.8	4.33	0.79
2004	82,524,683	0.798	103,379,412	856.7	8.06	0.82
2005	92,194,143	0.821	112,258,019	930.3	8.59	0.87
2006	99,485,129	0.844	117,817,538	976.4	4.95	0.88
2007	103,705,970	0.866	119,743,173	992.3	1.63	0.87
2008	102,535,875	0.892	114,989,206	952.9	-3.97	0.83
2009	96,982,751	0.889	109,066,195	903.8	-5.15	0.80
2010	100,750,401	0.905	111,309,191	922.4	2.06	0.80
2011	104,596,400	0.928	112,706,780	934.0	1.26	0.79
2012	108,696,140	0.945	114,981,002	952.9	2.02	0.78
2013	108,914,362	0.958	113,711,866	942.3	-1.10	0.77
2014	115,514,106	0.971	118,938,341	985.7	4.60	0.78
2015	125,088,591	0.973	128,561,024	1,065.4	8.09	0.81
2016	129,879,146	0.983	132,146,785	1,095.1	2.79	0.82
2017	138,846,976	1.000	138,846,976	1,150.6	5.07	0.83
2018	148,408,130	1.020	145,431,154	1,205.2	4.74	0.85
2019	159,292,887	1.035	153,886,842	1,275.3	5.81	0.87
2020	170,269,224	1.046	162,726,835	1,348.5	5.74	0.87
2021	192,006,059	1.090	176,150,732	1,459.8	8.25	0.90
2022	197,290,898	1.160	170,015,337	1,408.9	-3.48	0.90

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 Nevada Regional Economic Analysis Project (NV-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 Nevada Regional Economic Analysis Project (NV-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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