Palm Bay-Melbourne-Titusville MSA vs. Florida
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Palm Bay-Melbourne-Titusville MSA vs. Florida
Palm Bay-Melbourne-Titusville MSA:
2022 Earnings = $21,252,250K
2022 Percent of State = 0.15%
Florida:
2022 Earnings = $844,048,879K
2022 Percent of U.S. = 5.55%
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.
Palm Bay-Melbourne-Titusville MSA Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Palm Bay-Melbourne-Titusville MSA Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts the Palm Bay-Melbourne-Titusville MSA'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 the Palm Bay-Melbourne-Titusville MSA over time.
When measured in current dollars, the Palm Bay-Melbourne-Titusville MSA's total industry earnings increased 2,466.19%, from $828M in 1970 to $21,252M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 337.11%, from $4,190M in 1970 to $18,314M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces the Palm Bay-Melbourne-Titusville MSA's and Florida'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, the Palm Bay-Melbourne-Titusville MSA's real total industry earnings rose from $4,767M in 1969 to $18,314M in 2022, for a net gain of $13,547M, or 284.19%. In comparison, Florida's real total industry earnings increased from $98,038M in 1969 to $727,359M in 2022, for a net advance of $629,320M, or 641.91%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows the Palm Bay-Melbourne-Titusville MSA's real total industry earnings growth in a broader context by offering direct comparisons across time with Florida, 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.
The Palm Bay-Melbourne-Titusville MSA's overall real total industry earnings growth was 284.19% over 1969-2022 trailed Florida's increase of 641.91%, and topped the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the Florida Total: 1969-2022
Total Industry Earnings as a Percent of the Florida Total: 1969-2022
Figure 4.
Another interesting and insightful way of comparing the total industry earnings growth of the Palm Bay-Melbourne-Titusville MSA is to trace its individual percentage contributions to Florida'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 Florida's total industry earnings, while a declining share shows it grew more slowly.
In 1969, the Palm Bay-Melbourne-Titusville MSA's total industry earnings comprised 4.86% of Florida's total industry earnings, while in 2022 it totaled 2.52% thereby yielding a -2.34% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-2.34%
=
2.52%
-
4.86%
 
   
Palm Bay-Melbourne-Titusville MSA Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Palm Bay-Melbourne-Titusville MSA Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of the Palm Bay-Melbourne-Titusville MSA'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 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, the Palm Bay-Melbourne-Titusville MSA's real total industry earnings grew at an annual rate of 2.66% over 1970-2022. The Palm Bay-Melbourne-Titusville MSA posted its highest growth in 1984 (10.60%) and recorded its lowest growth in 1970 (-12.11%). In 2022, the Palm Bay-Melbourne-Titusville MSA's real total industry earnings grew by 1.95%
Palm Bay-Melbourne-Titusville MSA Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Palm Bay-Melbourne-Titusville MSA Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Figure 6.
Over the past five decades some msas 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 the Palm Bay-Melbourne-Titusville MSA's real total industry earnings 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, the Palm Bay-Melbourne-Titusville MSA's annual real total industry earnings growth rate averaged 0.57%. It averaged 5.75% in the 1980s, 2.30% in the 1990s, 2.46% in the 2000s, 2.01% in the 2010s, 3.38% 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 the Palm Bay-Melbourne-Titusville MSA noted in the previous graph with the corresponding decade averages for Florida and the nation. As the chart reveals, the Palm Bay-Melbourne-Titusville MSA's average annual real total industry earnings growth posted below Florida's average in the 1970s (0.57% vs. 5.28%), registered above Florida's average throughout the 1980s (5.75% vs. 5.01%), trailed Florida's average during the 1990s (2.30% vs. 4.13%), outgained Florida's average throughout the 2000s (2.46% vs. 1.88%), trailed Florida's average in the 2010s (2.01% vs. 3.22%), and fell below Florida's average over the 3 year period of the current decade, 2020-2022 (3.38% vs. 3.96%).
Finally, relative to nationwide real total industry earnings growth trends, the Palm Bay-Melbourne-Titusville MSA trailed the nation in the 1970s (0.57% vs. 3.13%), surpassed the nation during the 1980s (5.75% vs. 2.62%), recorded underneath the nation during the 1990s (2.30% vs. 3.43%), surpassed the nation throughout the 2000s (2.46% vs. 1.47%), fell under the nation throughout the 2010s (2.01% vs. 2.53%), and outperformed the nation over 2020-2022 (3.38% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.66
0.57
5.75
2.30
2.46
2.01
3.38
1.95
 
3.91
5.28
5.01
4.13
1.88
3.22
3.96
3.18
 
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.

   
 
Palm Bay-Melbourne-Titusville MSA:
Total Industry Earnings, 1969-2022
 
1969
 
900,150
0.189
4,766,986
100.0
N
0.16
1970
 
828,164
0.198
4,189,841
87.9
-12.11
0.14
1971
 
822,067
0.206
3,989,648
83.7
-4.78
0.13
1972
 
889,893
0.213
4,176,333
87.6
4.68
0.12
1973
 
967,063
0.225
4,306,671
90.3
3.12
0.12
1974
 
982,419
0.248
3,962,485
83.1
-7.99
0.11
1975
 
1,054,714
0.269
3,926,709
82.4
-0.90
0.11
1976
 
1,126,788
0.283
3,976,946
83.4
1.28
0.11
1977
 
1,256,623
0.302
4,164,313
87.4
4.71
0.11
1978
 
1,466,523
0.323
4,543,695
95.3
9.11
0.11
1979
 
1,734,556
0.351
4,935,708
103.5
8.63
0.12
1980
 
2,028,127
0.389
5,209,944
109.3
5.56
0.13
1981
 
2,282,533
0.424
5,381,429
112.9
3.29
0.13
1982
 
2,491,651
0.448
5,565,324
116.7
3.42
0.14
1983
 
2,786,338
0.467
5,969,530
125.2
7.26
0.14
1984
 
3,198,219
0.484
6,602,570
138.5
10.60
0.15
1985
 
3,555,373
0.501
7,092,589
148.8
7.42
0.15
1986
 
3,743,825
0.512
7,309,446
153.3
3.06
0.15
1987
 
4,058,547
0.528
7,686,351
161.2
5.16
0.15
1988
 
4,517,428
0.549
8,233,715
172.7
7.12
0.16
1989
 
4,930,352
0.573
8,610,314
180.6
4.57
0.16
1990
 
5,250,732
0.598
8,784,161
184.3
2.02
0.16
1991
 
5,549,685
0.618
8,983,852
188.5
2.27
0.16
1992
 
5,933,955
0.634
9,356,599
196.3
4.15
0.16
1993
 
6,122,804
0.650
9,419,698
197.6
0.67
0.16
1994
 
6,264,809
0.664
9,441,210
198.1
0.23
0.16
1995
 
6,418,905
0.678
9,473,839
198.7
0.35
0.15
1996
 
6,560,451
0.692
9,480,010
198.9
0.07
0.15
1997
 
6,992,862
0.704
9,932,055
208.4
4.77
0.15
1998
 
7,407,663
0.710
10,438,180
219.0
5.10
0.14
1999
 
7,769,001
0.720
10,790,129
226.4
3.37
0.14
2000
 
8,649,511
0.738
11,716,712
245.8
8.59
0.15
2001
 
9,006,408
0.753
11,960,384
250.9
2.08
0.15
2002
 
9,369,580
0.763
12,281,370
257.6
2.68
0.15
2003
 
10,000,295
0.779
12,838,338
269.3
4.54
0.15
2004
 
10,980,649
0.798
13,755,558
288.6
7.14
0.16
2005
 
11,916,778
0.821
14,510,183
304.4
5.49
0.16
2006
 
12,559,920
0.844
14,874,372
312.0
2.51
0.16
2007
 
12,606,137
0.866
14,555,564
305.3
-2.14
0.16
2008
 
12,588,448
0.892
14,117,358
296.1
-3.01
0.15
2009
 
12,140,105
0.889
13,652,686
286.4
-3.29
0.15
2010
 
12,506,032
0.905
13,816,683
289.8
1.20
0.15
2011
 
12,562,161
0.928
13,536,228
284.0
-2.03
0.15
2012
 
12,475,025
0.945
13,196,337
276.8
-2.51
0.14
2013
 
12,446,791
0.958
12,995,052
272.6
-1.53
0.14
2014
 
12,616,802
0.971
12,990,807
272.5
-0.03
0.13
2015
 
13,339,684
0.973
13,709,991
287.6
5.54
0.13
2016
 
13,941,756
0.983
14,185,174
297.6
3.47
0.14
2017
 
14,905,373
1.000
14,905,373
312.7
5.08
0.14
2018
 
15,919,856
1.020
15,600,513
327.3
4.66
0.14
2019
 
17,162,368
1.035
16,579,916
347.8
6.28
0.14
2020
 
17,845,424
1.046
17,054,928
357.8
2.86
0.15
2021
 
19,580,023
1.090
17,963,159
376.8
5.33
0.15
2022
 
21,252,250
1.160
18,314,116
384.2
1.95
0.15
Source: Calculations by the Florida Regional Economic Analysis Project (FL-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.

   
 
Florida:
Total Industry Earnings, 1969-2022
 
1969
 
18,512,591
0.189
98,038,400
100.0
N
2.83
1970
 
20,482,394
0.198
103,624,375
105.7
5.70
2.95
1971
 
22,759,450
0.206
110,455,957
112.7
6.59
3.07
1972
 
26,383,815
0.213
123,821,170
126.3
12.10
3.22
1973
 
30,858,942
0.225
137,425,705
140.2
10.99
3.36
1974
 
33,902,229
0.248
136,741,133
139.5
-0.50
3.41
1975
 
35,448,104
0.269
131,973,582
134.6
-3.49
3.35
1976
 
38,566,185
0.283
136,117,548
138.8
3.14
3.29
1977
 
43,112,474
0.302
142,870,076
145.7
4.96
3.31
1978
 
49,952,283
0.323
154,766,027
157.9
8.33
3.38
1979
 
57,081,858
0.351
162,427,391
165.7
4.95
3.46
1980
 
65,582,791
0.389
168,472,028
171.8
3.72
3.67
1981
 
73,613,200
0.424
173,554,639
177.0
3.02
3.75
1982
 
78,862,333
0.448
176,146,016
179.7
1.49
3.84
1983
 
87,798,013
0.467
188,100,979
191.9
6.79
4.01
1984
 
97,794,239
0.484
201,891,532
205.9
7.33
4.02
1985
 
107,306,156
0.501
214,064,307
218.3
6.03
4.10
1986
 
116,853,195
0.512
228,144,234
232.7
6.58
4.19
1987
 
128,573,183
0.528
243,500,593
248.4
6.73
4.29
1988
 
141,675,440
0.549
258,225,535
263.4
6.05
4.35
1989
 
151,397,294
0.573
264,398,620
269.7
2.39
4.37
1990
 
161,135,722
0.598
269,570,426
275.0
1.96
4.38
1991
 
168,103,932
0.618
272,127,322
277.6
0.95
4.44
1992
 
180,110,993
0.634
283,997,151
289.7
4.36
4.44
1993
 
192,405,715
0.650
296,008,792
301.9
4.23
4.54
1994
 
203,141,223
0.664
306,138,440
312.3
3.42
4.56
1995
 
216,287,300
0.678
319,224,400
325.6
4.27
4.63
1996
 
230,495,530
0.692
333,071,586
339.7
4.34
4.65
1997
 
244,384,467
0.704
347,102,514
354.0
4.21
4.62
1998
 
265,915,440
0.710
374,702,946
382.2
7.95
4.66
1999
 
284,906,081
0.720
395,697,394
403.6
5.60
4.67
2000
 
308,751,767
0.738
418,238,150
426.6
5.70
4.68
2001
 
327,004,403
0.753
434,257,261
442.9
3.83
4.76
2002
 
343,120,998
0.763
449,752,917
458.8
3.57
4.90
2003
 
362,066,843
0.779
464,819,939
474.1
3.35
5.00
2004
 
392,048,419
0.798
491,122,576
500.9
5.66
5.11
2005
 
425,216,523
0.821
517,754,847
528.1
5.42
5.29
2006
 
452,524,071
0.844
535,911,974
546.6
3.51
5.31
2007
 
459,621,008
0.866
530,697,297
541.3
-0.97
5.18
2008
 
445,440,987
0.892
499,541,311
509.5
-5.87
4.94
2009
 
420,434,356
0.889
472,817,845
482.3
-5.35
4.84
2010
 
439,036,383
0.905
485,048,040
494.8
2.59
4.87
2011
 
450,698,110
0.928
485,645,134
495.4
0.12
4.77
2012
 
466,203,394
0.945
493,159,492
503.0
1.55
4.73
2013
 
480,823,846
0.958
502,003,368
512.0
1.79
4.72
2014
 
509,424,654
0.971
524,525,750
535.0
4.49
4.80
2015
 
541,177,714
0.973
556,200,695
567.3
6.04
4.90
2016
 
566,761,257
0.983
576,656,686
588.2
3.68
5.01
2017
 
600,647,659
1.000
600,647,659
612.7
4.16
5.07
2018
 
636,356,650
1.020
623,591,727
636.1
3.82
5.12
2019
 
670,879,830
1.035
648,111,667
661.1
3.93
5.16
2020
 
683,698,267
1.046
653,412,593
666.5
0.82
5.20
2021
 
768,399,192
1.090
704,946,920
719.1
7.89
5.38
2022
 
844,048,879
1.160
727,358,720
741.9
3.18
5.55
Source: Calculations by the Florida Regional Economic Analysis Project (FL-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 Florida Regional Economic Analysis Project (FL-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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