Polk County vs. Florida
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1969-2022
Introduction
Polk County vs. Florida
Polk County:
2022 TPI = $34,033,970K
2022 Percent of State = 2.36%
Florida:
2022 TPI = $1,441,598,918K
2022 Percent of U.S. = 6.61%
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 Polk County and Florida 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.
Polk County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Polk County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Polk 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 Polk County over time.
When measured in current dollars, Polk County's total personal income increased 4,130.92%, from $804M in 1970 to $34,034M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 620.67%, from $4,070M in 1970 to $29,329M in 2022.
Real Total Personal Income, 1969-2022 (Millions)
Real Total Personal Income, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks Polk County's and Florida'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, Polk County's real total personal income rose from $3,910M in 1969 to $29,329M in 2022, for a net gain of $25,418M, or 650.04%. In comparison, Florida's real total personal income increased from $132,420M in 1969 to $1,242,297M in 2022, for a net advance of $1,109,877M, or 838.15%.
Real Total Personal Income Indices (1969=100): 1969-2022
Real Total Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Polk County's real total personal income 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 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.
Polk County's overall real total personal income growth was 650.04% over 1969-2022 trailed Florida's increase of 838.15%, and topped the United States' increase of 348.76%.
Total Personal Income as a Percent of the Florida Total: 1969-2022
Total Personal Income as a Percent of the Florida Total: 1969-2022
Figure 4.
Another interesting and insightful way of contrasting the total personal income growth of Polk County is to compare its individual percentage contributions to Florida'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 Florida's total personal income, while a declining share shows it grew more slowly.
In 1969, Polk County's total personal income comprised 2.95% of Florida's total personal income, while in 2022 it comprised 2.36% thereby yielding a -0.59% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.59%
=
2.36%
-
2.95%
 
   
Polk County Real Total Personal Income:
Annual Percent Change, 1970-2022
Polk County Real Total Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Polk 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, Polk County's real total personal income grew at an annual rate of 3.92% over 1970-2022. The county posted its highest growth in 1972 (11.15%) and posted its lowest growth in 2022 (-3.60%). In 2022, Polk County's real total personal income declined by -3.60%
Polk County Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Polk 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 Polk 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, Polk County's annual real total personal income growth rate averaged 6.25%. It averaged 4.34% during the 1980s, 3.64% throughout the 1990s, 2.38% throughout the 2000s, 2.87% throughout the 2010s, 4.29% thus far this decade (2020-2022).
Real Total Personal Income Growth:
Average Annual Percent Change by Decade
Real Total Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Polk County noted in the previous graph with the corresponding decade averages for Florida and the nation. As the chart reveals, Polk County's average annual real total personal income growth led Florida's average in the 1970s (6.25% vs. 6.22%), amounted to less than Florida's average during the 1980s (4.34% vs. 5.74%), fell below Florida's average during the 1990s (3.64% vs. 3.72%), amounted to less than Florida's average during the 2000s (2.38% vs. 2.51%), amounted to less than Florida's average during the 2010s (2.87% vs. 3.70%), and recorded above Florida's average over the 3 year period of the current decade, 2020-2022 (4.29% vs. 4.02%).
Finally, relative to nationwide real total personal income growth trends, Polk County exceeded the nation throughout the 1970s (6.25% vs. 3.50%), outpaced the nation over the 1980s (4.34% vs. 3.16%), topped the nation over the 1990s (3.64% vs. 3.27%), outpaced the nation in the 2000s (2.38% vs. 2.06%), recorded above the nation throughout the 2010s (2.87% vs. 2.72%), and topped the nation over 2020-2022 (4.29% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
3.92
6.25
4.34
3.64
2.38
2.87
4.29
-3.60
 
4.36
6.22
5.74
3.72
2.51
3.70
4.02
-1.65
 
2.89
3.50
3.16
3.27
2.06
2.72
2.10
-4.19
 
   

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

   
 
Polk County:
Total Personal Income, 1969-2022
 
1969
 
738,381
0.189
3,910,295
100.0
N
2.95
1970
 
804,411
0.198
4,069,670
104.1
4.08
2.84
1971
 
895,766
0.206
4,347,323
111.2
6.82
2.82
1972
 
1,029,634
0.213
4,832,148
123.6
11.15
2.82
1973
 
1,199,202
0.225
5,340,468
136.6
10.52
2.82
1974
 
1,383,145
0.248
5,578,772
142.7
4.46
2.89
1975
 
1,564,674
0.269
5,825,294
149.0
4.42
3.00
1976
 
1,690,740
0.283
5,967,388
152.6
2.44
2.97
1977
 
1,904,825
0.302
6,312,384
161.4
5.78
2.98
1978
 
2,198,857
0.323
6,812,669
174.2
7.93
2.99
1979
 
2,512,240
0.351
7,148,621
182.8
4.93
2.97
1980
 
2,987,387
0.389
7,674,134
196.3
7.35
2.99
1981
 
3,305,852
0.424
7,794,063
199.3
1.56
2.86
1982
 
3,449,438
0.448
7,704,626
197.0
-1.15
2.76
1983
 
3,753,755
0.467
8,042,152
205.7
4.38
2.72
1984
 
4,104,910
0.484
8,474,390
216.7
5.37
2.67
1985
 
4,438,915
0.501
8,855,161
226.5
4.49
2.64
1986
 
4,741,082
0.512
9,256,491
236.7
4.53
2.61
1987
 
5,119,746
0.528
9,696,121
248.0
4.75
2.61
1988
 
5,683,411
0.549
10,358,901
264.9
6.84
2.63
1989
 
6,246,147
0.573
10,908,205
279.0
5.30
2.59
1990
 
6,557,135
0.598
10,969,695
280.5
0.56
2.55
1991
 
6,824,475
0.618
11,047,488
282.5
0.71
2.54
1992
 
7,200,589
0.634
11,353,814
290.4
2.77
2.53
1993
 
7,594,186
0.650
11,683,363
298.8
2.90
2.52
1994
 
8,216,209
0.664
12,382,014
316.7
5.98
2.59
1995
 
8,845,079
0.678
13,054,696
333.9
5.43
2.59
1996
 
9,381,943
0.692
13,557,133
346.7
3.85
2.58
1997
 
9,719,838
0.704
13,805,215
353.0
1.83
2.52
1998
 
10,678,217
0.710
15,046,736
384.8
8.99
2.56
1999
 
11,198,085
0.720
15,552,680
397.7
3.36
2.57
2000
 
11,713,269
0.738
15,866,908
405.8
2.02
2.48
2001
 
12,679,253
0.753
16,837,870
430.6
6.12
2.55
2002
 
12,952,374
0.763
16,977,591
434.2
0.83
2.52
2003
 
13,651,479
0.779
17,525,713
448.2
3.23
2.53
2004
 
14,721,796
0.798
18,442,126
471.6
5.23
2.51
2005
 
16,004,826
0.821
19,487,898
498.4
5.67
2.51
2006
 
16,733,970
0.844
19,817,586
506.8
1.69
2.42
2007
 
17,514,273
0.866
20,222,699
517.2
2.04
2.43
2008
 
18,102,452
0.892
20,301,056
519.2
0.39
2.49
2009
 
17,443,242
0.889
19,616,561
501.7
-3.37
2.54
2010
 
18,610,582
0.905
20,560,998
525.8
4.81
2.55
2011
 
19,611,331
0.928
21,131,989
540.4
2.78
2.55
2012
 
19,660,903
0.945
20,797,706
531.9
-1.58
2.48
2013
 
19,768,545
0.958
20,639,318
527.8
-0.76
2.49
2014
 
20,676,962
0.971
21,289,898
544.5
3.15
2.44
2015
 
21,680,805
0.973
22,282,660
569.8
4.66
2.39
2016
 
22,176,518
0.983
22,563,711
577.0
1.26
2.36
2017
 
23,852,470
1.000
23,852,470
610.0
5.71
2.36
2018
 
25,178,791
1.020
24,673,720
631.0
3.44
2.34
2019
 
26,883,856
1.035
25,971,478
664.2
5.26
2.35
2020
 
29,793,992
1.046
28,474,212
728.2
9.64
2.44
2021
 
33,163,312
1.090
30,424,778
778.1
6.85
2.41
2022
 
34,033,970
1.160
29,328,757
750.0
-3.60
2.36
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_300_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 Personal Income, 1969-2022
 
1969
 
25,004,933
0.189
132,420,341
100.0
N
3.16
1970
 
28,276,202
0.198
143,054,751
108.0
8.03
3.31
1971
 
31,756,352
0.206
154,119,641
116.4
7.73
3.43
1972
 
36,549,964
0.213
171,531,650
129.5
11.30
3.60
1973
 
42,578,343
0.225
189,616,313
143.2
10.54
3.76
1974
 
47,883,133
0.248
193,131,662
145.8
1.85
3.85
1975
 
52,167,930
0.269
194,221,631
146.7
0.56
3.83
1976
 
57,012,352
0.283
201,222,433
152.0
3.60
3.81
1977
 
63,844,262
0.302
211,572,979
159.8
5.14
3.87
1978
 
73,633,283
0.323
228,136,334
172.3
7.83
3.97
1979
 
84,679,438
0.351
240,956,771
182.0
5.62
4.08
1980
 
99,906,516
0.389
256,644,359
193.8
6.51
4.32
1981
 
115,554,486
0.424
272,437,784
205.7
6.15
4.46
1982
 
124,862,111
0.448
278,890,601
210.6
2.37
4.50
1983
 
138,140,276
0.467
295,955,686
223.5
6.12
4.65
1984
 
153,545,389
0.484
316,987,116
239.4
7.11
4.69
1985
 
168,155,204
0.501
335,451,652
253.3
5.83
4.79
1986
 
181,983,464
0.512
355,304,602
268.3
5.92
4.89
1987
 
195,918,080
0.528
371,042,915
280.2
4.43
4.98
1988
 
216,350,658
0.549
394,332,740
297.8
6.28
5.07
1989
 
240,834,946
0.573
420,591,582
317.6
6.66
5.23
1990
 
257,601,057
0.598
430,951,162
325.4
2.46
5.26
1991
 
268,849,056
0.618
435,213,935
328.7
0.99
5.30
1992
 
284,090,313
0.634
447,950,667
338.3
2.93
5.25
1993
 
301,152,003
0.650
463,310,774
349.9
3.43
5.34
1994
 
317,382,636
0.664
478,302,845
361.2
3.24
5.35
1995
 
341,123,138
0.678
503,473,061
380.2
5.26
5.43
1996
 
363,064,761
0.692
524,637,315
396.2
4.20
5.45
1997
 
385,679,172
0.704
547,785,266
413.7
4.41
5.46
1998
 
416,721,537
0.710
587,204,668
443.4
7.20
5.49
1999
 
435,930,396
0.720
605,450,474
457.2
3.11
5.46
2000
 
471,588,082
0.738
638,817,808
482.4
5.51
5.47
2001
 
497,335,404
0.753
660,454,442
498.8
3.39
5.53
2002
 
514,288,810
0.763
674,114,653
509.1
2.07
5.62
2003
 
540,366,333
0.779
693,720,098
523.9
2.91
5.70
2004
 
587,003,015
0.798
735,343,950
555.3
6.00
5.86
2005
 
637,602,753
0.821
776,361,919
586.3
5.58
6.05
2006
 
690,506,134
0.844
817,747,672
617.5
5.33
6.12
2007
 
719,734,158
0.866
831,034,625
627.6
1.62
6.04
2008
 
725,995,008
0.892
814,169,573
614.8
-2.03
5.84
2009
 
685,982,844
0.889
771,452,012
582.6
-5.25
5.69
2010
 
730,690,145
0.905
807,267,544
609.6
4.64
5.82
2011
 
769,798,435
0.928
829,488,422
626.4
2.75
5.79
2012
 
794,071,056
0.945
839,984,615
634.3
1.27
5.71
2013
 
794,604,073
0.958
829,605,113
626.5
-1.24
5.65
2014
 
848,535,336
0.971
873,688,838
659.8
5.31
5.74
2015
 
905,450,458
0.973
930,585,574
702.8
6.51
5.85
2016
 
938,985,637
0.983
955,379,957
721.5
2.66
5.91
2017
 
1,011,002,173
1.000
1,011,002,173
763.5
5.82
6.07
2018
 
1,078,010,586
1.020
1,056,386,357
797.8
4.49
6.15
2019
 
1,145,460,767
1.035
1,106,586,387
835.7
4.75
6.24
2020
 
1,221,121,559
1.046
1,167,029,731
881.3
5.46
6.23
2021
 
1,376,879,460
1.090
1,263,180,576
953.9
8.24
6.44
2022
 
1,441,598,918
1.160
1,242,297,181
938.1
-1.65
6.61
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_300_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 Personal Income, 1969-2022
 
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
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_300_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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