Metropolitan Florida vs. Florida | Total Personal Income Trends over 1969-2022

Introduction

Metropolitan Florida:

2022 TPI = $1,408,176,881K

2022 Percent of State = 97.68%

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 Metropolitan Florida 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.

Metropolitan Florida Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)

Figure 1.

Figure 1 depicts Metropolitan Florida'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 Metropolitan Florida over time.

When measured in current dollars, Metropolitan Florida's total personal income increased 5,066.42%, from $27,256M in 1970 to $1,408,177M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 780.01%, from $137,895M in 1970 to $1,213,496M in 2022.

Real Total Personal Income, 1969-2022 (Billions)

Figure 2.

Figure 2 traces Metropolitan Florida'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, Metropolitan Florida's real total personal income rose from $128B in 1969 to $1,213B in 2022, for a net gain of $1,086B, or 851.73%. In comparison, Florida's real total personal income advanced from $132B in 1969 to $1,242B in 2022, for a net gain of $1,110B, or 838.15%.

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

Figure 3.

Figure 3 portrays Metropolitan Florida'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.

Metropolitan Florida's overall real total personal income growth was 851.73% over 1969-2022 outpaced 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

Figure 4.

Another interesting and insightful way of comparing the total personal income growth of Metropolitan Florida 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, Metropolitan Florida's total personal income totaled 96.29% of Florida's total personal income, while in 2022 it totaled 97.68% thereby yielding a +1.39% share-shift.

Total Personal Income Share-Shift

2022 vs. 1969

	Share- Shift*		2022	vs.	1969
Metropolitan Florida	+1.39%	=	97.68%	-	96.29%

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

Metropolitan Florida Real Total Personal Income:
Annual Percent Change, 1970-2022

Figure 5.

Figure 5 highlights the short-run pattern of Metropolitan Florida'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, Metropolitan Florida's real total personal income grew at an annual rate of 4.39% over 1970-2022. Metropolitan Florida recorded its highest growth in 1972 (11.40%) and recorded its lowest growth in 2009 (-5.30%). In 2022, Metropolitan Florida's real total personal income declined by -1.61%

Metropolitan Florida Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022

Figure 6.

Over the past five decades some metropolitan regions 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 Metropolitan Florida'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, Metropolitan Florida's annual real total personal income growth rate averaged 6.27%. It averaged 5.77% during the 1980s, 3.74% throughout the 1990s, 2.53% during the 2000s, 3.74% in the 2010s, 4.04% 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 Metropolitan Florida noted in the previous graph with the corresponding decade averages for Florida and the nation. As the chart reveals, Metropolitan Florida's average annual real total personal income growth recorded above Florida's average in the 1970s (6.27% vs. 6.22%), led Florida's average in the 1980s (5.77% vs. 5.74%), outperformed Florida's average in the 1990s (3.74% vs. 3.72%), outpaced Florida's average during the 2000s (2.53% vs. 2.51%), outgained Florida's average during the 2010s (3.74% vs. 3.70%), and outpaced Florida's average over the 3 year period of the current decade, 2020-2022 (4.04% vs. 4.02%).

Finally, relative to nationwide real total personal income growth trends, Metropolitan Florida outperformed the nation in the 1970s (6.27% vs. 3.50%), outperformed the nation throughout the 1980s (5.77% vs. 3.16%), exceeded the nation during the 1990s (3.74% vs. 3.27%), led the nation during the 2000s (2.53% vs. 2.06%), outperformed the nation in the 2010s (3.74% vs. 2.72%), and recorded above the nation over 2020-2022 (4.04% 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
	%	%	%	%	%	%	%	%
Metropolitan	4.39	6.27	5.77	3.74	2.53	3.74	4.04	-1.61
Florida	4.36	6.22	5.74	3.72	2.51	3.70	4.02	-1.65
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.

Metropolitan Florida:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	24,076,678	0.189	127,504,517	100.0	N	96.29
1970	27,256,314	0.198	137,894,941	108.1	8.15	96.39
1971	30,610,572	0.206	148,558,952	116.5	7.73	96.39
1972	35,263,267	0.213	165,493,087	129.8	11.40	96.48
1973	41,070,310	0.225	182,900,512	143.4	10.52	96.46
1974	46,197,501	0.248	186,332,840	146.1	1.88	96.48
1975	50,313,956	0.269	187,319,270	146.9	0.53	96.45
1976	54,985,527	0.283	194,068,849	152.2	3.60	96.44
1977	61,655,035	0.302	204,318,117	160.2	5.28	96.57
1978	71,134,320	0.323	220,393,853	172.9	7.87	96.61
1979	81,876,655	0.351	232,981,405	182.7	5.71	96.69
1980	96,700,151	0.389	248,407,704	194.8	6.62	96.79
1981	111,920,234	0.424	263,869,466	206.9	6.22	96.85
1982	120,885,888	0.448	270,009,354	211.8	2.33	96.82
1983	133,780,377	0.467	286,614,913	224.8	6.15	96.84
1984	148,792,624	0.484	307,175,260	240.9	7.17	96.90
1985	163,013,245	0.501	325,193,993	255.0	5.87	96.94
1986	176,409,273	0.512	344,421,549	270.1	5.91	96.94
1987	189,979,945	0.528	359,796,873	282.2	4.46	96.97
1988	209,713,040	0.549	382,234,649	299.8	6.24	96.93
1989	233,565,881	0.573	407,896,965	319.9	6.71	96.98
1990	249,821,345	0.598	417,936,169	327.8	2.46	96.98
1991	260,647,101	0.618	421,936,577	330.9	0.96	96.95
1992	275,416,387	0.634	434,273,710	340.6	2.92	96.95
1993	291,937,426	0.650	449,134,502	352.2	3.42	96.94
1994	307,775,148	0.664	463,824,143	363.8	3.27	96.97
1995	330,811,153	0.678	488,253,318	382.9	5.27	96.98
1996	352,235,084	0.692	508,988,171	399.2	4.25	97.02
1997	374,323,395	0.704	531,656,504	417.0	4.45	97.06
1998	404,574,433	0.710	570,088,116	447.1	7.23	97.09
1999	423,448,274	0.720	588,114,435	461.2	3.16	97.14
2000	458,375,756	0.738	620,920,262	487.0	5.58	97.20
2001	483,309,606	0.753	641,828,379	503.4	3.37	97.18
2002	499,960,437	0.763	655,333,443	514.0	2.10	97.21
2003	525,434,316	0.779	674,550,435	529.0	2.93	97.24
2004	570,977,080	0.798	715,268,117	561.0	6.04	97.27
2005	620,345,435	0.821	755,348,953	592.4	5.60	97.29
2006	672,148,720	0.844	796,007,485	624.3	5.38	97.34
2007	700,457,632	0.866	808,777,157	634.3	1.60	97.32
2008	706,440,921	0.892	792,240,575	621.3	-2.04	97.31
2009	667,103,691	0.889	750,220,635	588.4	-5.30	97.25
2010	710,636,633	0.905	785,112,395	615.8	4.65	97.26
2011	749,164,399	0.928	807,254,428	633.1	2.82	97.32
2012	773,014,689	0.945	817,710,759	641.3	1.30	97.35
2013	773,954,545	0.958	808,046,006	633.7	-1.18	97.40
2014	826,769,820	0.971	851,278,117	667.6	5.35	97.43
2015	882,761,550	0.973	907,266,827	711.6	6.58	97.49
2016	915,686,780	0.983	931,674,311	730.7	2.69	97.52
2017	986,162,784	1.000	986,162,784	773.4	5.85	97.54
2018	1,051,780,786	1.020	1,030,682,711	808.3	4.51	97.57
2019	1,118,065,111	1.035	1,080,120,479	847.1	4.80	97.61
2020	1,191,724,005	1.046	1,138,934,396	893.3	5.45	97.59
2021	1,344,434,316	1.090	1,233,414,662	967.3	8.30	97.64
2022	1,408,176,881	1.160	1,213,495,757	951.7	-1.61	97.68

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 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 Table Tip: 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


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
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

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 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 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 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

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