Marshall County vs. Minnesota
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1969-2022
Introduction
Marshall County vs. Minnesota
Marshall County:
2022 TPI = $672,805K
2022 Percent of State = 0.17%
Minnesota:
2022 TPI = $393,569,020K
2022 Percent of U.S. = 1.80%
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 Marshall County and Minnesota 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.
Marshall County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Marshall County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Marshall 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 Marshall County over time.
When measured in current dollars, Marshall County's total personal income increased 1,588.51%, from $40M in 1970 to $673M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 187.61%, from $202M in 1970 to $580M in 2022.
Real Total Personal Income, 1969-2022 (Millions)
Real Total Personal Income, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Marshall County's and Minnesota'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, Marshall County's real total personal income rose from $175M in 1969 to $580M in 2022, for a net gain of $404M, or 230.51%. In comparison, Minnesota's real total personal income advanced from $76,196M in 1969 to $339,158M in 2022, for a net advance of $262,962M, or 345.11%.
Real Total Personal Income Indices (1969=100): 1969-2022
Real Total Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Marshall County's real total personal income 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 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.
Marshall County's overall real total personal income growth was 230.51% over 1969-2022 trailed Minnesota's increase of 345.11%, and fell below the United States' increase of 348.76%.
Total Personal Income as a Percent of the Minnesota Total: 1969-2022
Total Personal Income as a Percent of the Minnesota Total: 1969-2022
Figure 4.
Another interesting and insightful way of highlighting the total personal income growth of Marshall County is to trace its individual percentage contributions to Minnesota'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 Minnesota's total personal income, while a declining share shows it grew more slowly.
In 1969, Marshall County's total personal income comprised 0.23% of Minnesota's total personal income, while in 2022 it comprised 0.17% thereby yielding a -0.06% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.06%
=
0.17%
-
0.23%
 
   
Marshall County Real Total Personal Income:
Annual Percent Change, 1970-2022
Marshall County Real Total Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of Marshall 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 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, Marshall County's real total personal income grew at an annual rate of 3.73% over 1970-2022. The county recorded its highest growth in 1973 (67.06%) and posted its lowest growth in 1993 (-25.40%). In 2022, Marshall County's real total personal income declined by -2.99%
Marshall County Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Marshall 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 traces the annual percent change in Marshall 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, Marshall County's annual real total personal income growth rate averaged 7.27%. It averaged 1.21% during the 1980s, 2.78% during the 1990s, 3.29% during the 2000s, 2.71% throughout the 2010s, 8.35% 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 Marshall County noted in the previous graph with the corresponding decade averages for Minnesota and the nation. As the chart reveals, Marshall County's average annual real total personal income growth outperformed Minnesota's average throughout the 1970s (7.27% vs. 3.56%), lagged Minnesota's average during the 1980s (1.21% vs. 2.97%), recorded under Minnesota's average during the 1990s (2.78% vs. 3.62%), led Minnesota's average during the 2000s (3.29% vs. 1.77%), amounted to less than Minnesota's average during the 2010s (2.71% vs. 2.72%), and exceeded Minnesota's average over the 3 year period of the current decade, 2020-2022 (8.35% vs. 2.25%).
Finally, relative to nationwide real total personal income growth trends, Marshall County outpaced the nation over the 1970s (7.27% vs. 3.50%), trailed the nation over the 1980s (1.21% vs. 3.16%), fell below the nation over the 1990s (2.78% vs. 3.27%), topped the nation throughout the 2000s (3.29% vs. 2.06%), fell under the nation during the 2010s (2.71% vs. 2.72%), and outgained the nation over 2020-2022 (8.35% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
3.73
7.27
1.21
2.78
3.29
2.71
8.35
-2.99
 
2.89
3.56
2.97
3.62
1.77
2.72
2.25
-3.17
 
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.

   
 
Marshall County:
Total Personal Income, 1969-2022
 
1969
 
33,125
0.189
175,422
100.0
N
0.23
1970
 
39,846
0.198
201,589
114.9
14.92
0.25
1971
 
44,848
0.206
217,656
124.1
7.97
0.27
1972
 
52,717
0.213
247,405
141.0
13.67
0.29
1973
 
92,810
0.225
413,316
235.6
67.06
0.43
1974
 
84,643
0.248
341,399
194.6
-17.40
0.37
1975
 
78,997
0.269
294,106
167.7
-13.85
0.32
1976
 
84,452
0.283
298,069
169.9
1.35
0.31
1977
 
68,034
0.302
225,457
128.5
-24.36
0.22
1978
 
102,024
0.323
316,099
180.2
40.20
0.30
1979
 
92,328
0.351
262,721
149.8
-16.89
0.24
1980
 
104,104
0.389
267,427
152.4
1.79
0.25
1981
 
103,254
0.424
243,437
138.8
-8.97
0.22
1982
 
112,360
0.448
250,966
143.1
3.09
0.23
1983
 
118,460
0.467
253,792
144.7
1.13
0.23
1984
 
181,091
0.484
373,854
213.1
47.31
0.30
1985
 
140,883
0.501
281,047
160.2
-24.82
0.22
1986
 
161,992
0.512
316,273
180.3
12.53
0.24
1987
 
143,301
0.528
271,393
154.7
-14.19
0.20
1988
 
135,921
0.549
247,737
141.2
-8.72
0.18
1989
 
146,069
0.573
255,093
145.4
2.97
0.18
1990
 
165,971
0.598
277,660
158.3
8.85
0.19
1991
 
143,944
0.618
233,017
132.8
-16.08
0.16
1992
 
189,624
0.634
298,997
170.4
28.32
0.20
1993
 
144,982
0.650
223,049
127.1
-25.40
0.15
1994
 
160,030
0.664
241,169
137.5
8.12
0.15
1995
 
181,580
0.678
267,999
152.8
11.13
0.16
1996
 
226,582
0.692
327,416
186.6
22.17
0.19
1997
 
200,405
0.704
284,638
162.3
-13.07
0.16
1998
 
217,123
0.710
305,949
174.4
7.49
0.15
1999
 
212,174
0.720
294,682
168.0
-3.68
0.14
2000
 
266,770
0.738
361,369
206.0
22.63
0.17
2001
 
236,322
0.753
313,832
178.9
-13.15
0.14
2002
 
251,412
0.763
329,543
187.9
5.01
0.15
2003
 
310,034
0.779
398,020
226.9
20.78
0.17
2004
 
261,045
0.798
327,013
186.4
-17.84
0.14
2005
 
272,498
0.821
331,801
189.1
1.46
0.14
2006
 
285,982
0.844
338,681
193.1
2.07
0.14
2007
 
319,380
0.866
368,769
210.2
8.88
0.15
2008
 
407,445
0.892
456,931
260.5
23.91
0.18
2009
 
321,650
0.889
361,726
206.2
-20.84
0.15
2010
 
362,811
0.905
400,834
228.5
10.81
0.16
2011
 
405,669
0.928
437,124
249.2
9.05
0.17
2012
 
476,782
0.945
504,350
287.5
15.38
0.19
2013
 
472,254
0.958
493,056
281.1
-2.24
0.18
2014
 
439,144
0.971
452,162
257.8
-8.29
0.16
2015
 
447,802
0.973
460,233
262.4
1.79
0.16
2016
 
453,315
0.983
461,230
262.9
0.22
0.16
2017
 
451,759
1.000
451,759
257.5
-2.05
0.15
2018
 
486,518
1.020
476,759
271.8
5.53
0.15
2019
 
478,077
1.035
461,852
263.3
-3.13
0.15
2020
 
588,006
1.046
561,959
320.3
21.68
0.17
2021
 
651,452
1.090
597,657
340.7
6.35
0.17
2022
 
672,805
1.160
579,789
330.5
-2.99
0.17
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 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.

   
 
Minnesota:
Total Personal Income, 1969-2022
 
1969
 
14,388,047
0.189
76,195,769
100.0
N
1.82
1970
 
15,708,849
0.198
79,474,092
104.3
4.30
1.84
1971
 
16,766,023
0.206
81,368,711
106.8
2.38
1.81
1972
 
18,229,257
0.213
85,551,234
112.3
5.14
1.79
1973
 
21,370,238
0.225
95,169,174
124.9
11.24
1.89
1974
 
23,011,795
0.248
92,815,694
121.8
-2.47
1.85
1975
 
24,891,102
0.269
92,669,777
121.6
-0.16
1.83
1976
 
26,907,121
0.283
94,967,427
124.6
2.48
1.80
1977
 
30,292,726
0.302
100,386,817
131.7
5.71
1.83
1978
 
33,988,927
0.323
105,307,123
138.2
4.90
1.83
1979
 
37,791,833
0.351
107,537,299
141.1
2.12
1.82
1980
 
42,010,462
0.389
107,918,367
141.6
0.35
1.82
1981
 
46,515,652
0.424
109,667,929
143.9
1.62
1.80
1982
 
49,837,561
0.448
111,316,613
146.1
1.50
1.79
1983
 
52,590,261
0.467
112,670,882
147.9
1.22
1.77
1984
 
59,598,876
0.484
123,039,031
161.5
9.20
1.82
1985
 
63,324,040
0.501
126,324,689
165.8
2.67
1.80
1986
 
66,976,178
0.512
130,764,322
171.6
3.51
1.80
1987
 
71,215,906
0.528
134,873,501
177.0
3.14
1.81
1988
 
75,348,529
0.549
137,334,419
180.2
1.82
1.77
1989
 
82,290,313
0.573
143,710,925
188.6
4.64
1.79
1990
 
87,486,978
0.598
146,360,482
192.1
1.84
1.79
1991
 
90,311,671
0.618
146,196,897
191.9
-0.11
1.78
1992
 
96,932,703
0.634
152,842,483
200.6
4.55
1.79
1993
 
99,872,645
0.650
153,650,223
201.7
0.53
1.77
1994
 
107,011,913
0.664
161,269,385
211.7
4.96
1.80
1995
 
113,162,912
0.678
167,020,267
219.2
3.57
1.80
1996
 
121,958,540
0.692
176,233,025
231.3
5.52
1.83
1997
 
128,932,791
0.704
183,124,961
240.3
3.91
1.82
1998
 
140,269,135
0.710
197,654,029
259.4
7.93
1.85
1999
 
147,376,230
0.720
204,686,365
268.6
3.56
1.85
2000
 
159,595,422
0.738
216,189,513
283.7
5.62
1.85
2001
 
166,509,015
0.753
221,121,637
290.2
2.28
1.85
2002
 
170,085,165
0.763
222,942,634
292.6
0.82
1.86
2003
 
177,862,252
0.779
228,338,835
299.7
2.42
1.88
2004
 
188,674,909
0.798
236,354,753
310.2
3.51
1.89
2005
 
193,583,814
0.821
235,712,755
309.4
-0.27
1.84
2006
 
203,249,483
0.844
240,702,846
315.9
2.12
1.80
2007
 
215,185,417
0.866
248,461,922
326.1
3.22
1.80
2008
 
225,533,454
0.892
252,925,260
331.9
1.80
1.82
2009
 
216,335,432
0.889
243,289,473
319.3
-3.81
1.79
2010
 
225,971,601
0.905
249,653,756
327.6
2.62
1.80
2011
 
241,599,513
0.928
260,333,082
341.7
4.28
1.82
2012
 
255,427,731
0.945
270,196,682
354.6
3.79
1.84
2013
 
257,507,779
0.958
268,850,585
352.8
-0.50
1.83
2014
 
270,190,205
0.971
278,199,571
365.1
3.48
1.83
2015
 
282,988,049
0.973
290,843,738
381.7
4.54
1.83
2016
 
288,866,631
0.983
293,910,129
385.7
1.05
1.82
2017
 
301,748,990
1.000
301,748,990
396.0
2.67
1.81
2018
 
317,564,784
1.020
311,194,630
408.4
3.13
1.81
2019
 
329,115,631
1.035
317,946,182
417.3
2.17
1.79
2020
 
349,887,419
1.046
334,388,511
438.9
5.17
1.78
2021
 
381,789,127
1.090
350,262,041
459.7
4.75
1.78
2022
 
393,569,020
1.160
339,157,916
445.1
-3.17
1.80
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 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 Minnesota Regional Economic Analysis Project (MN-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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