Eddy County vs. New Mexico
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2022
Introduction
Eddy County vs. New Mexico
Eddy County:
2022 PCI = $67,457
2022 Percent of State = 129.24%
New Mexico:
2022 PCI = $52,194
Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives.
Data Definition:
This measure of income is calculated as the total personal income of the residents of an area divided by the population of the area. Per capita personal income is often used as an indicator of consumers' purchasing power and of the economic well-being of the residents of an area.
Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year.
For smaller counties in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant.
Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent counties may exhibit sharp fluctuations over time.
The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation.
Eddy County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Eddy County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Eddy County's annual per capita 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 Eddy County over time.
When measured in current dollars, Eddy County's per capita personal income increased 1,925.76%, from $3,330 in 1970 to $67,457 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 245.05%, from $16,847 in 1970 to $58,131 in 2022.
Real Per Capita Personal Income, 1969-2022
Real Per Capita Personal Income, 1969-2022
Figure 2.
Figure 2 traces Eddy County's and New Mexico's annual real per capita personal income for the period 1969-2022 to illustrate real per capita personal income patterns over time. During this 54-year period, Eddy County's real per capita personal income rose from $16,553 in 1969 to $58,131 in 2022, for a net gain of $41,578, or 251.18%. In comparison, New Mexico's real per capita personal income increased from $16,467 in 1969 to $44,978 in 2022, for a net gain of $28,511, or 173.14%.
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Eddy County's real per capita personal income growth in a broader context by offering direct comparisons across time with New Mexico, the United States. The growth indices shown here express each region's real per capita personal income in 1969 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size.
Eddy County's overall real per capita personal income growth was 251.18% over 1969-2022 outpaced New Mexico's increase of 173.14%, and outpaced the United States' increase of 171.04%.
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2022
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2022
Figure 4.
Figure 4 displays the trends for per capita personal income relative to the national average by tracing Eddy County and New Mexico per capita personal income as a percent of the national average over 1969-2022.
In 1969, Eddy County's per capita personal income amounted to 79.52% of the national average; in 2022, it approximated 103.03%. Similarly, in 1969, New Mexico's per capita personal income totaled 79.11% of the national average; in 2022, it consisted of 79.72%.
Eddy County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Eddy County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of Eddy County's real per capita 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, Eddy County's real per capita personal income grew at an annual rate of 2.51% over 1970-2022. The county recorded its highest growth in 2001 (14.74%) and recorded its lowest growth in 2016 (-8.24%). In 2022, Eddy County's real per capita personal income declined by -2.32%
Eddy County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Eddy County Real Per Capita 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 depicts the annual percent change in Eddy County's real per capita 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, Eddy County's annual real per capita personal income growth rate averaged 2.66%. It averaged 1.50% throughout the 1980s, 1.54% in the 1990s, 4.38% during the 2000s, 2.72% in the 2010s, 1.67% thus far this decade (2020-2022).
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Eddy County noted in the previous graph with the corresponding decade averages for New Mexico and the nation. As the chart reveals, Eddy County's average annual real per capita personal income growth recorded under New Mexico's average in the 1970s (2.66% vs. 3.15%), recorded above New Mexico's average during the 1980s (1.50% vs. 1.25%), lagged New Mexico's average throughout the 1990s (1.54% vs. 1.67%), led New Mexico's average in the 2000s (4.38% vs. 2.17%), led New Mexico's average throughout the 2010s (2.72% vs. 1.23%), and trailed New Mexico's average over the 3 year period of the current decade, 2020-2022 (1.67% vs. 2.65%).
Finally, relative to nationwide real per capita personal income growth trends, Eddy County outpaced the nation in the 1970s (2.66% vs. 2.37%), lagged the nation in the 1980s (1.50% vs. 2.19%), fell below the nation in the 1990s (1.54% vs. 2.01%), outpaced the nation throughout the 2000s (4.38% vs. 1.10%), surpassed the nation throughout the 2010s (2.72% vs. 1.97%), and recorded underneath the nation over 2020-2022 (1.67% vs. 1.78%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.51
2.66
1.50
1.54
4.38
2.72
1.67
-2.32
 
1.94
3.15
1.25
1.67
2.17
1.23
2.65
-4.13
 
1.92
2.37
2.19
2.01
1.10
1.97
1.78
-4.55
 
   

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

   
 
Eddy County:
Per Capita Personal Income, 1969-2022
 
1969
 
3,126
0.189
16,553
100.0
N
100.52
79.52
1970
 
3,330
0.198
16,847
101.8
1.78
97.36
79.32
1971
 
3,587
0.206
17,408
105.2
3.33
97.56
80.23
1972
 
3,772
0.213
17,702
106.9
1.69
93.38
77.66
1973
 
4,200
0.225
18,703
113.0
5.66
94.99
78.31
1974
 
4,716
0.248
19,023
114.9
1.71
97.09
80.82
1975
 
5,517
0.269
20,541
124.1
7.98
102.34
87.25
1976
 
5,782
0.283
20,407
123.3
-0.65
98.90
84.10
1977
 
6,428
0.302
21,300
128.7
4.38
100.71
85.52
1978
 
6,881
0.323
21,318
128.8
0.08
96.26
82.34
1979
 
7,538
0.351
21,450
129.6
0.62
95.69
81.65
1980
 
8,639
0.389
22,193
134.1
3.46
99.89
84.83
1981
 
9,935
0.424
23,423
141.5
5.54
103.53
87.99
1982
 
10,668
0.448
23,827
143.9
1.72
103.84
88.97
1983
 
10,608
0.467
22,727
137.3
-4.61
98.04
83.52
1984
 
11,338
0.484
23,408
141.4
2.99
97.64
81.64
1985
 
11,888
0.501
23,715
143.3
1.31
96.00
80.61
1986
 
11,383
0.512
22,224
134.3
-6.28
89.94
73.52
1987
 
11,556
0.528
21,886
132.2
-1.52
88.83
71.21
1988
 
12,395
0.549
22,592
136.5
3.22
90.64
71.07
1989
 
14,123
0.573
24,664
149.0
9.17
97.31
75.69
1990
 
14,732
0.598
24,647
148.9
-0.07
96.24
75.09
1991
 
15,675
0.618
25,374
153.3
2.95
97.70
78.18
1992
 
16,220
0.634
25,576
154.5
0.79
96.64
76.96
1993
 
17,099
0.650
26,306
158.9
2.86
97.18
78.75
1994
 
17,372
0.664
26,180
158.2
-0.48
95.11
77.03
1995
 
18,013
0.678
26,585
160.6
1.55
93.86
76.40
1996
 
19,135
0.692
27,651
167.0
4.01
96.73
77.39
1997
 
20,266
0.704
28,784
173.9
4.10
98.82
78.17
1998
 
20,720
0.710
29,197
176.4
1.44
97.20
75.37
1999
 
20,659
0.720
28,693
173.3
-1.73
95.99
72.25
2000
 
22,403
0.738
30,347
183.3
5.76
97.32
73.33
2001
 
26,221
0.753
34,821
210.4
14.74
106.83
83.11
2002
 
26,127
0.763
34,246
206.9
-1.65
103.53
82.16
2003
 
26,639
0.779
34,199
206.6
-0.14
102.03
81.57
2004
 
27,664
0.798
34,655
209.4
1.33
101.09
80.93
2005
 
30,045
0.821
36,583
221.0
5.57
104.53
84.23
2006
 
32,635
0.844
38,649
233.5
5.65
107.24
86.24
2007
 
36,608
0.866
42,269
255.4
9.37
115.19
92.47
2008
 
40,668
0.892
45,607
275.5
7.90
121.21
99.54
2009
 
38,621
0.889
43,433
262.4
-4.77
117.39
98.25
2010
 
43,348
0.905
47,891
289.3
10.26
128.79
106.88
2011
 
45,285
0.928
48,796
294.8
1.89
129.13
106.18
2012
 
49,566
0.945
52,432
316.8
7.45
138.86
112.05
2013
 
46,393
0.958
48,436
292.6
-7.62
133.09
104.49
2014
 
50,306
0.971
51,798
312.9
6.94
136.40
108.68
2015
 
47,699
0.973
49,023
296.2
-5.36
126.34
99.25
2016
 
44,211
0.983
44,983
271.8
-8.24
114.91
90.28
2017
 
45,282
1.000
45,282
273.6
0.66
115.53
88.78
2018
 
51,598
1.020
50,563
305.5
11.66
125.92
96.79
2019
 
57,348
1.035
55,401
334.7
9.57
132.78
103.24
2020
 
59,037
1.046
56,422
340.9
1.84
126.60
99.80
2021
 
64,865
1.090
59,509
359.5
5.47
126.84
100.67
2022
 
67,457
1.160
58,131
351.2
-2.32
129.24
103.03
Source: Calculations by the New Mexico Regional Economic Analysis Project (NM-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_700_PSN
 
   

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

   
 
New Mexico:
Per Capita Personal Income, 1969-2022
 
1969
 
3,109
0.189
16,467
100.0
N
79.11
1970
 
3,420
0.198
17,304
105.1
5.09
81.48
1971
 
3,677
0.206
17,843
108.4
3.11
82.24
1972
 
4,039
0.213
18,956
115.1
6.23
83.16
1973
 
4,421
0.225
19,688
119.6
3.87
82.44
1974
 
4,858
0.248
19,594
119.0
-0.48
83.25
1975
 
5,391
0.269
20,070
121.9
2.43
85.25
1976
 
5,846
0.283
20,635
125.3
2.81
85.04
1977
 
6,382
0.302
21,150
128.4
2.50
84.92
1978
 
7,148
0.323
22,145
134.5
4.71
85.54
1979
 
7,877
0.351
22,415
136.1
1.22
85.32
1980
 
8,649
0.389
22,217
134.9
-0.88
84.93
1981
 
9,597
0.424
22,625
137.4
1.84
84.99
1982
 
10,273
0.448
22,946
139.3
1.42
85.68
1983
 
10,820
0.467
23,181
140.8
1.02
85.19
1984
 
11,612
0.484
23,973
145.6
3.42
83.61
1985
 
12,384
0.501
24,704
150.0
3.05
83.98
1986
 
12,656
0.512
24,709
150.1
0.02
81.75
1987
 
13,010
0.528
24,640
149.6
-0.28
80.17
1988
 
13,675
0.549
24,924
151.4
1.16
78.40
1989
 
14,514
0.573
25,347
153.9
1.69
77.79
1990
 
15,308
0.598
25,609
155.5
1.04
78.03
1991
 
16,044
0.618
25,972
157.7
1.42
80.02
1992
 
16,784
0.634
26,465
160.7
1.90
79.63
1993
 
17,595
0.650
27,069
164.4
2.28
81.03
1994
 
18,265
0.664
27,525
167.2
1.68
80.99
1995
 
19,191
0.678
28,325
172.0
2.91
81.40
1996
 
19,782
0.692
28,586
173.6
0.92
80.01
1997
 
20,509
0.704
29,129
176.9
1.90
79.11
1998
 
21,318
0.710
30,039
182.4
3.13
77.54
1999
 
21,523
0.720
29,892
181.5
-0.49
75.27
2000
 
23,019
0.738
31,182
189.4
4.31
75.35
2001
 
24,545
0.753
32,595
197.9
4.53
77.80
2002
 
25,237
0.763
33,079
200.9
1.48
79.36
2003
 
26,108
0.779
33,517
203.5
1.32
79.94
2004
 
27,366
0.798
34,282
208.2
2.28
80.06
2005
 
28,744
0.821
34,999
212.5
2.09
80.58
2006
 
30,433
0.844
36,041
218.9
2.98
80.42
2007
 
31,780
0.866
36,694
222.8
1.81
80.28
2008
 
33,552
0.892
37,627
228.5
2.54
82.13
2009
 
32,901
0.889
37,000
224.7
-1.67
83.70
2010
 
33,658
0.905
37,185
225.8
0.50
82.99
2011
 
35,069
0.928
37,788
229.5
1.62
82.23
2012
 
35,695
0.945
37,758
229.3
-0.08
80.69
2013
 
34,858
0.958
36,393
221.0
-3.62
78.51
2014
 
36,880
0.971
37,974
230.6
4.34
79.68
2015
 
37,753
0.973
38,801
235.6
2.18
78.55
2016
 
38,475
0.983
39,146
237.7
0.89
78.57
2017
 
39,197
1.000
39,197
238.0
0.13
76.85
2018
 
40,977
1.020
40,155
243.9
2.45
76.87
2019
 
43,191
1.035
41,725
253.4
3.91
77.76
2020
 
46,631
1.046
44,566
270.6
6.81
78.83
2021
 
51,141
1.090
46,918
284.9
5.28
79.37
2022
 
52,194
1.160
44,978
273.1
-4.13
79.72
Source: Calculations by the New Mexico Regional Economic Analysis Project (NM-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_700_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:
Per Capita Personal Income, 1969-2022
 
1969
 
3,931
0.189
20,816
100.0
N
1970
 
4,198
0.198
21,238
102.0
2.03
1971
 
4,471
0.206
21,697
104.2
2.16
1972
 
4,857
0.213
22,793
109.5
5.05
1973
 
5,363
0.225
23,883
114.7
4.78
1974
 
5,836
0.248
23,537
113.1
-1.45
1975
 
6,324
0.269
23,544
113.1
0.03
1976
 
6,875
0.283
24,265
116.6
3.07
1977
 
7,516
0.302
24,906
119.6
2.64
1978
 
8,356
0.323
25,889
124.4
3.95
1979
 
9,232
0.351
26,271
126.2
1.47
1980
 
10,184
0.389
26,160
125.7
-0.42
1981
 
11,291
0.424
26,621
127.9
1.76
1982
 
11,990
0.448
26,781
128.7
0.60
1983
 
12,701
0.467
27,210
130.7
1.61
1984
 
13,889
0.484
28,674
137.7
5.38
1985
 
14,746
0.501
29,417
141.3
2.59
1986
 
15,482
0.512
30,227
145.2
2.75
1987
 
16,228
0.528
30,733
147.6
1.67
1988
 
17,442
0.549
31,790
152.7
3.44
1989
 
18,658
0.573
32,584
156.5
2.50
1990
 
19,619
0.598
32,821
157.7
0.73
1991
 
20,050
0.618
32,457
155.9
-1.11
1992
 
21,077
0.634
33,234
159.7
2.39
1993
 
21,713
0.650
33,405
160.5
0.51
1994
 
22,552
0.664
33,986
163.3
1.74
1995
 
23,577
0.678
34,798
167.2
2.39
1996
 
24,725
0.692
35,729
171.6
2.67
1997
 
25,925
0.704
36,822
176.9
3.06
1998
 
27,493
0.710
38,740
186.1
5.21
1999
 
28,592
0.720
39,711
190.8
2.51
2000
 
30,551
0.738
41,384
198.8
4.21
2001
 
31,548
0.753
41,895
201.3
1.23
2002
 
31,801
0.763
41,684
200.2
-0.50
2003
 
32,659
0.779
41,928
201.4
0.59
2004
 
34,183
0.798
42,821
205.7
2.13
2005
 
35,669
0.821
43,432
208.6
1.43
2006
 
37,843
0.844
44,816
215.3
3.19
2007
 
39,588
0.866
45,710
219.6
1.99
2008
 
40,854
0.892
45,816
220.1
0.23
2009
 
39,307
0.889
44,204
212.4
-3.52
2010
 
40,557
0.905
44,808
215.3
1.36
2011
 
42,649
0.928
45,956
220.8
2.56
2012
 
44,237
0.945
46,795
224.8
1.83
2013
 
44,401
0.958
46,357
222.7
-0.94
2014
 
46,287
0.971
47,659
229.0
2.81
2015
 
48,060
0.973
49,394
237.3
3.64
2016
 
48,971
0.983
49,826
239.4
0.88
2017
 
51,004
1.000
51,004
245.0
2.36
2018
 
53,309
1.020
52,240
251.0
2.42
2019
 
55,547
1.035
53,662
257.8
2.72
2020
 
59,153
1.046
56,533
271.6
5.35
2021
 
64,430
1.090
59,110
284.0
4.56
2022
 
65,470
1.160
56,419
271.0
-4.55
Source: Calculations by the New Mexico Regional Economic Analysis Project (NM-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_700_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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