Lyon County vs. Minnesota
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2019
Introduction
Lyon County vs. Minnesota
Lyon County:
2019 GDP = $1,733,822K
2019 Percent of State = 0.5%
Minnesota:
2019 GDP = $383,777,035K
2019 Percent of U.S. = 1.8%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of Lyon County is the most comprehensive measure of output of all goods and services produced by labor and property located within Lyon County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

Lyon County Gross Domestic Product, 2002-2019
Current vs. Chained 2012 Dollars (Millions)
Lyon County Gross Domestic Product, 2002-2019
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Lyon County's annual gross domestic product over 2002-2019 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of Lyon County over time.
When measured in current dollars, Lyon County's GDP increased 75.2%, from $989M in 2002 to $1,734M in 2019. When measured in constant 2012 dollars to adjust for inflation, it advanced 22.9%, from $1,290M in 2002 to $1,585M in 2019.
Real Gross Domestic Product, 2001-2019 (Millions)
Real Gross Domestic Product, 2001-2019 (Millions)
Figure 2.
Figure 2 tracks Lyon County's and Minnesota's annual real gross domestic product for the period 2001-2019 to illustrate real gross domestic product patterns over time. During this 19-year period, Lyon County's real gross domestic product rose from $1,301M in 2001 to $1,585M in 2019, for a net gain of $284M, or 21.8%. In comparison, Minnesota's real GDP increased from $247,002M in 2001 to $341,041M in 2019, for a net gain of $94,040M, or 38.1%.
Real Gross Domestic Product Indices (2001=100): 2001-2019
Real Gross Domestic Product Indices (2001=100): 2001-2019
Figure 3.
Figure 3 shows Lyon County's real gross domestic product growth in a broader context by offering direct comparisons across time with Minnesota, the United States. The growth indices shown here express each region's real gross domestic product in 2001 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 2001 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
Lyon County's overall real GDP growth was 21.8% over 2001-2019 trailed Minnesota's increase of 38.1%, and fell below the United States' increase of 44.0%.
Gross Domestic Product as a Percent of the Minnesota Total: 2001-2019
Gross Domestic Product as a Percent of the Minnesota Total: 2001-2019
Figure 4.
Another interesting and insightful way of highlighting the gross domestic product growth of Lyon County is to compare its individual percentage contributions to Minnesota's statewide gross domestic product over time, as shown in Figure 4. A rising share means a region's gross domestic product grew faster, or declined less, than Minnesota's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Lyon County's GDP comprised 0.50% of Minnesota's GDP, while in 2019 it comprised 0.45% thereby yielding a -0.04% share-shift.
   
 
Gross Domestic Product Share-Shift
2019 vs. 2001
 
Share-
Shift*
 
2019
vs.
2001
-0.04%
=
0.45%
-
0.50%
 
   
Lyon County Real Gross Domestic Product:
Annual Percent Change, 2002-2019
Lyon County Real Gross Domestic Product:
Annual Percent Change, 2002-2019
Figure 5.
Figure 5 displays the short-run pattern of Lyon County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2019. The average annual percent change for the entire 18-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, Lyon County's real GDP grew at an annual rate of 1.16% over 2002-2019. The county recorded its highest growth in 2015 (9.25%) and posted its lowest growth in 2003 (-6.32%). In 2019, Lyon County's real GDP grew by 1.21%
Lyon County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2019
Lyon County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2019
Figure 6.
Figure 6 again traces the annual percent change in Lyon County's real gross domestic product since 2002, but this time they are displayed with average growth rates for 2002-2009, and 2010-2019.
During 2002-2009, Lyon County's annual real GDP growth rate averaged 0.88%. It averaged and 1.38% thus far this decade (2010 to 2019).
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Lyon County noted in the previous graph with the corresponding decade averages for Minnesota and the nation. As the chart reveals, Lyon County's average annual real gross domestic product growth trailed Minnesota's average in the 2000s (0.88% vs. 1.43%), and recorded under Minnesota's average over the 10 year period of the last decade, 2010-2019 (1.38% vs. 2.14%).
Finally, relative to nationwide real gross domestic product growth trends, Lyon County fell under the nation in the 2000s (0.88% vs. 1.75%), and trailed the nation over 2010-2019 (1.38% vs. 2.30%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
1.16
0.88
1.38
1.21
 
1.82
1.43
2.14
1.13
 
2.05
1.75
2.30
2.16
 
   

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

   
 
Lyon County:
Gross Domestic Product, 2001-2019
 
2001
 
967,895
0.971
1,301,336
100.0
N
0.50
2002
 
989,406
0.963
1,289,937
99.1
-0.88
0.49
2003
 
942,573
0.902
1,208,362
92.9
-6.32
0.44
2004
 
1,030,157
0.949
1,270,994
97.7
5.18
0.45
2005
 
1,088,038
0.986
1,321,350
101.5
3.96
0.45
2006
 
1,128,395
1.000
1,339,445
102.9
1.37
0.45
2007
 
1,168,116
0.984
1,317,558
101.2
-1.63
0.45
2008
 
1,248,269
1.027
1,375,820
105.7
4.42
0.47
2009
 
1,274,276
1.037
1,388,798
106.7
0.94
0.49
2010
 
1,289,559
1.028
1,377,245
105.8
-0.83
0.47
2011
 
1,332,385
1.028
1,377,639
105.9
0.03
0.47
2012
 
1,339,571
1.000
1,339,571
102.9
-2.76
0.45
2013
 
1,430,434
1.041
1,394,772
107.2
4.12
0.46
2014
 
1,480,581
1.063
1,424,074
109.4
2.10
0.46
2015
 
1,621,285
1.161
1,555,835
119.6
9.25
0.49
2016
 
1,655,537
1.189
1,593,298
122.4
2.41
0.48
2017
 
1,665,061
1.172
1,569,418
120.6
-1.50
0.47
2018
 
1,680,866
1.169
1,566,200
120.4
-0.21
0.45
2019
 
1,733,822
1.183
1,585,216
121.8
1.21
0.45
Source: Calculations by the Minnesota Regional Economic Analysis Project (MN-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2020
REAP_PI_CA1400_2000_PSN
 
   

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

   
 
Minnesota:
Gross Domestic Product, 2001-2019
 
2001
 
195,282,250
0.834
247,001,572
100.0
N
1.85
2002
 
202,853,897
0.853
252,674,815
102.3
2.30
1.85
2003
 
214,847,207
0.890
263,658,307
106.7
4.35
1.88
2004
 
230,245,213
0.928
274,834,144
111.3
4.24
1.89
2005
 
243,069,920
0.953
282,487,531
114.4
2.78
1.86
2006
 
250,156,580
0.954
282,580,804
114.4
0.03
1.81
2007
 
259,296,198
0.958
283,857,785
114.9
0.45
1.79
2008
 
264,866,409
0.966
286,093,254
115.8
0.79
1.80
2009
 
260,513,093
0.932
276,033,176
111.8
-3.52
1.80
2010
 
272,636,033
0.964
285,746,296
115.7
3.52
1.82
2011
 
285,408,090
0.987
292,275,129
118.3
2.28
1.84
2012
 
296,272,485
1.000
296,272,485
119.9
1.37
1.83
2013
 
308,784,544
1.023
303,222,489
122.8
2.35
1.84
2014
 
322,690,244
1.053
312,083,956
126.3
2.92
1.84
2015
 
333,065,800
1.069
316,863,314
128.3
1.53
1.83
2016
 
341,696,346
1.087
321,979,991
130.4
1.61
1.82
2017
 
353,416,386
1.106
327,667,517
132.7
1.77
1.81
2018
 
371,929,668
1.138
337,215,900
136.5
2.91
1.80
2019
 
383,777,035
1.151
341,041,426
138.1
1.13
1.79
Source: Calculations by the Minnesota Regional Economic Analysis Project (MN-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2020
REAP_PI_CA1400_2000_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:
Gross Domestic Product, 2001-2019
 
2001
 
10,581,822,000
0.819
13,262,079,000
100.0
N
2002
 
10,936,418,000
0.833
13,493,064,000
101.7
1.74
2003
 
11,458,246,000
0.857
13,879,129,000
104.7
2.86
2004
 
12,213,730,000
0.889
14,406,382,000
108.6
3.80
2005
 
13,036,637,000
0.921
14,912,509,000
112.4
3.51
2006
 
13,814,609,000
0.947
15,338,257,000
115.7
2.85
2007
 
14,451,860,000
0.965
15,626,029,000
117.8
1.88
2008
 
14,712,845,000
0.963
15,604,687,000
117.7
-0.14
2009
 
14,448,932,000
0.939
15,208,834,000
114.7
-2.54
2010
 
14,992,052,000
0.963
15,598,753,000
117.6
2.56
2011
 
15,542,582,000
0.978
15,840,664,000
119.4
1.55
2012
 
16,197,007,000
1.000
16,197,007,000
122.1
2.25
2013
 
16,784,851,000
1.018
16,495,369,000
124.4
1.84
2014
 
17,527,258,000
1.044
16,912,038,000
127.5
2.53
2015
 
18,238,301,000
1.076
17,432,170,000
131.4
3.08
2016
 
18,745,075,000
1.095
17,730,509,000
133.7
1.71
2017
 
19,542,980,000
1.120
18,144,105,000
136.8
2.33
2018
 
20,611,861,000
1.154
18,687,786,000
140.9
3.00
2019
 
21,433,226,000
1.179
19,091,662,000
144.0
2.16
Source: Calculations by the Minnesota Regional Economic Analysis Project (MN-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2020
REAP_PI_CA1400_2000_PN
 
   
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