Valencia County vs. New Mexico
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Valencia County vs. New Mexico
Valencia County:
2022 Earnings = $1,129,558K
2022 Percent of State = 1.65%
New Mexico:
2022 Earnings = $68,326,314K
2022 Percent of U.S. = 0.45%
Industry earnings are incomes received by people who are directly involved with producing goods and services. Earnings, referred to also as "labor and proprietors income", include (1) wage and salary disbursements, (2) other labor income such as employer contributions to private retirement and medical insurance programs, and (3) the net incomes of proprietors (i.e., the owners of unincorporated enterprises).
In contrast to the more frequently cited employment data, earnings data more accurately reflect qualitative differences in labor's contributions toward the production of goods and services, namely the productivity differences reflected in variations in earnings per job. Earnings data, therefore, are better for comparing and tracking long-term trends and identifying short-run shifts in the level and composition of economic activity within and among counties.
Just like the employment data compiled by BEA, earnings data are reported on a place-of-work, or more accurately on a place-where-earned, basis.
Note: the BEA earnings data presented and discussed here in the context of comparing and assessing the economic growth and performance of county and regional economies are entirely separate and apart from--and should not be confused with--corporate earnings, which are compiled from the balance sheets of individual private corporations.
Valencia County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Valencia County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Valencia County's annual total industry earnings 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 Valencia County over time.
When measured in current dollars, Valencia County's total industry earnings increased 1,927.71%, from $56M in 1970 to $1,130M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 245.39%, from $282M in 1970 to $973M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Valencia County's and New Mexico's annual real total industry earnings for the period 1969-2022 to illustrate real total industry earnings patterns over time. During this 54-year period, Valencia County's real total industry earnings rose from $279M in 1969 to $973M in 2022, for a net gain of $695M, or 249.50%. In comparison, New Mexico's real total industry earnings advanced from $13,576M in 1969 to $58,880M in 2022, for a net advance of $45,305M, or 333.72%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Valencia County's real total industry earnings 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 total industry earnings in 1969 as a base figure of 100, and the real total industry earningss in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total industry earnings growth between regions that may differ vastly in size.
Valencia County's overall real total industry earnings growth was 249.50% over 1969-2022 trailed New Mexico's increase of 333.72%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the New Mexico Total: 1969-2022
Total Industry Earnings as a Percent of the New Mexico Total: 1969-2022
Figure 4.
Another interesting and insightful way of contrasting the total industry earnings growth of Valencia County is to compare its individual percentage contributions to New Mexico's statewide total industry earnings over time, as shown in Figure 4. A rising share means a region's total industry earnings grew faster, or declined less, than New Mexico's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Valencia County's total industry earnings totaled 2.05% of New Mexico's total industry earnings, while in 2022 it totaled 1.65% thereby yielding a -0.40% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.40%
=
1.65%
-
2.05%
 
   
Valencia County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Valencia County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of Valencia County's real total industry earnings 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, Valencia County's real total industry earnings grew at an annual rate of 3.05% over 1970-2022. The county recorded its highest growth in 1976 (17.45%) and posted its lowest growth in 1982 (-55.98%). In 2022, Valencia County's real total industry earnings grew by 0.41%
Valencia County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Valencia County Real Total Industry Earnings:
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 Valencia County's real total industry earnings 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, Valencia County's annual real total industry earnings growth rate averaged 9.05%. It averaged -3.54% throughout the 1980s, 4.87% in the 1990s, 3.91% during the 2000s, 1.13% in the 2010s, 2.42% thus far this decade (2020-2022).
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Valencia County noted in the previous graph with the corresponding decade averages for New Mexico and the nation. As the chart reveals, Valencia County's average annual real total industry earnings growth surpassed New Mexico's average during the 1970s (9.05% vs. 5.15%), recorded under New Mexico's average throughout the 1980s (-3.54% vs. 1.98%), topped New Mexico's average during the 1990s (4.87% vs. 3.60%), led New Mexico's average in the 2000s (3.91% vs. 2.86%), outperformed New Mexico's average throughout the 2010s (1.13% vs. 1.10%), and surpassed New Mexico's average over the 3 year period of the current decade, 2020-2022 (2.42% vs. 1.05%).
Finally, relative to nationwide real total industry earnings growth trends, Valencia County outperformed the nation during the 1970s (9.05% vs. 3.13%), fell below the nation in the 1980s (-3.54% vs. 2.62%), outpaced the nation in the 1990s (4.87% vs. 3.43%), registered above the nation during the 2000s (3.91% vs. 1.47%), recorded underneath the nation throughout the 2010s (1.13% vs. 2.53%), and led the nation over 2020-2022 (2.42% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
3.05
9.05
-3.54
4.87
3.91
1.13
2.42
0.41
 
2.83
5.15
1.98
3.60
2.86
1.10
1.05
1.21
 
2.57
3.13
2.62
3.43
1.47
2.53
1.48
0.05
 
   

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

   
 
Valencia County:
Total Industry Earnings, 1969-2022
 
1969
 
52,591
0.189
278,510
100.0
N
2.05
1970
 
55,706
0.198
281,827
101.2
1.19
2.00
1971
 
60,958
0.206
295,841
106.2
4.97
2.00
1972
 
68,025
0.213
319,246
114.6
7.91
1.98
1973
 
76,486
0.225
340,619
122.3
6.69
1.98
1974
 
84,813
0.248
342,084
122.8
0.43
1.99
1975
 
102,276
0.269
380,774
136.7
11.31
2.13
1976
 
126,714
0.283
447,231
160.6
17.45
2.36
1977
 
156,492
0.302
518,598
186.2
15.96
2.58
1978
 
186,304
0.323
577,221
207.3
11.30
2.67
1979
 
229,831
0.351
653,988
234.8
13.30
2.92
1980
 
255,977
0.389
657,565
236.1
0.55
2.98
1981
 
254,406
0.424
599,802
215.4
-8.78
2.65
1982
 
118,211
0.448
264,035
94.8
-55.98
1.16
1983
 
129,563
0.467
277,579
99.7
5.13
1.19
1984
 
148,420
0.484
306,406
110.0
10.38
1.25
1985
 
156,097
0.501
311,397
111.8
1.63
1.22
1986
 
164,118
0.512
320,424
115.0
2.90
1.25
1987
 
178,929
0.528
338,868
121.7
5.76
1.30
1988
 
186,144
0.549
339,276
121.8
0.12
1.27
1989
 
199,965
0.573
349,217
125.4
2.93
1.28
1990
 
212,841
0.598
356,070
127.8
1.96
1.27
1991
 
232,502
0.618
376,375
135.1
5.70
1.29
1992
 
250,296
0.634
394,664
141.7
4.86
1.29
1993
 
280,284
0.650
431,206
154.8
9.26
1.34
1994
 
309,543
0.664
466,488
167.5
8.18
1.39
1995
 
336,402
0.678
496,505
178.3
6.43
1.43
1996
 
344,971
0.692
498,491
179.0
0.40
1.41
1997
 
360,802
0.704
512,452
184.0
2.80
1.40
1998
 
377,394
0.710
531,788
190.9
3.77
1.40
1999
 
403,098
0.720
559,851
201.0
5.28
1.45
2000
 
442,120
0.738
598,900
215.0
6.97
1.46
2001
 
452,262
0.753
600,598
215.6
0.28
1.40
2002
 
490,174
0.763
642,506
230.7
6.98
1.45
2003
 
540,425
0.779
693,795
249.1
7.98
1.52
2004
 
581,007
0.798
727,833
261.3
4.91
1.53
2005
 
622,997
0.821
758,578
272.4
4.22
1.55
2006
 
678,838
0.844
803,929
288.7
5.98
1.58
2007
 
736,567
0.866
850,471
305.4
5.79
1.65
2008
 
755,420
0.892
847,168
304.2
-0.39
1.62
2009
 
726,262
0.889
816,750
293.3
-3.59
1.59
2010
 
715,377
0.905
790,350
283.8
-3.23
1.52
2011
 
715,274
0.928
770,736
276.7
-2.48
1.46
2012
 
711,338
0.945
752,468
270.2
-2.37
1.44
2013
 
697,671
0.958
728,402
261.5
-3.20
1.42
2014
 
715,807
0.971
737,026
264.6
1.18
1.41
2015
 
738,338
0.973
758,834
272.5
2.96
1.43
2016
 
749,670
0.983
762,759
273.9
0.52
1.43
2017
 
817,281
1.000
817,281
293.4
7.15
1.53
2018
 
906,813
1.020
888,623
319.1
8.73
1.62
2019
 
938,253
1.035
906,411
325.5
2.00
1.59
2020
 
966,467
1.046
923,656
331.6
1.90
1.63
2021
 
1,056,678
1.090
969,420
348.1
4.95
1.67
2022
 
1,129,558
1.160
973,396
349.5
0.41
1.65
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_1200_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:
Total Industry Earnings, 1969-2022
 
1969
 
2,563,492
0.189
13,575,661
100.0
N
0.39
1970
 
2,783,763
0.198
14,083,593
103.7
3.74
0.40
1971
 
3,055,474
0.206
14,828,799
109.2
5.29
0.41
1972
 
3,439,241
0.213
16,140,609
118.9
8.85
0.42
1973
 
3,853,342
0.225
17,160,285
126.4
6.32
0.42
1974
 
4,266,255
0.248
17,207,498
126.8
0.28
0.43
1975
 
4,803,079
0.269
17,881,902
131.7
3.92
0.45
1976
 
5,378,513
0.283
18,983,210
139.8
6.16
0.46
1977
 
6,076,453
0.302
20,136,708
148.3
6.08
0.47
1978
 
6,980,390
0.323
21,627,184
159.3
7.40
0.47
1979
 
7,862,380
0.351
22,372,535
164.8
3.45
0.48
1980
 
8,598,121
0.389
22,087,241
162.7
-1.28
0.48
1981
 
9,590,454
0.424
22,610,996
166.6
2.37
0.49
1982
 
10,210,113
0.448
22,805,193
168.0
0.86
0.50
1983
 
10,856,410
0.467
23,259,084
171.3
1.99
0.50
1984
 
11,866,810
0.484
24,498,462
180.5
5.33
0.49
1985
 
12,766,408
0.501
25,467,619
187.6
3.96
0.49
1986
 
13,156,086
0.512
25,685,949
189.2
0.86
0.47
1987
 
13,745,759
0.528
26,032,648
191.8
1.35
0.46
1988
 
14,615,784
0.549
26,639,541
196.2
2.33
0.45
1989
 
15,562,577
0.573
27,178,319
200.2
2.02
0.45
1990
 
16,756,022
0.598
28,031,823
206.5
3.14
0.46
1991
 
17,960,578
0.618
29,074,656
214.2
3.72
0.47
1992
 
19,359,012
0.634
30,525,090
224.9
4.99
0.48
1993
 
20,903,388
0.650
32,159,058
236.9
5.35
0.49
1994
 
22,218,422
0.664
33,483,667
246.6
4.12
0.50
1995
 
23,600,085
0.678
34,832,017
256.6
4.03
0.50
1996
 
24,385,746
0.692
35,237,990
259.6
1.17
0.49
1997
 
25,712,672
0.704
36,520,051
269.0
3.64
0.49
1998
 
26,996,098
0.710
38,040,354
280.2
4.16
0.47
1999
 
27,861,583
0.720
38,696,106
285.0
1.72
0.46
2000
 
30,228,667
0.738
40,948,047
301.6
5.82
0.46
2001
 
32,290,566
0.753
42,881,419
315.9
4.72
0.47
2002
 
33,811,686
0.763
44,319,364
326.5
3.35
0.48
2003
 
35,541,653
0.779
45,628,229
336.1
2.95
0.49
2004
 
37,913,182
0.798
47,494,184
349.8
4.09
0.49
2005
 
40,200,758
0.821
48,949,503
360.6
3.06
0.50
2006
 
42,877,457
0.844
50,778,608
374.0
3.74
0.50
2007
 
44,754,205
0.866
51,675,044
380.6
1.77
0.50
2008
 
46,533,030
0.892
52,184,625
384.4
0.99
0.52
2009
 
45,539,547
0.889
51,213,490
377.2
-1.86
0.52
2010
 
47,187,995
0.905
52,133,366
384.0
1.80
0.52
2011
 
48,953,466
0.928
52,749,306
388.6
1.18
0.52
2012
 
49,494,603
0.945
52,356,404
385.7
-0.74
0.50
2013
 
49,239,915
0.958
51,408,855
378.7
-1.81
0.48
2014
 
50,946,041
0.971
52,456,257
386.4
2.04
0.48
2015
 
51,650,430
0.973
53,084,235
391.0
1.20
0.47
2016
 
52,282,013
0.983
53,194,836
391.8
0.21
0.46
2017
 
53,468,032
1.000
53,468,032
393.9
0.51
0.45
2018
 
55,878,712
1.020
54,757,819
403.4
2.41
0.45
2019
 
59,089,492
1.035
57,084,127
420.5
4.25
0.45
2020
 
59,205,827
1.046
56,583,196
416.8
-0.88
0.45
2021
 
63,415,413
1.090
58,178,744
428.6
2.82
0.44
2022
 
68,326,314
1.160
58,880,169
433.7
1.21
0.45
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_1200_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 Industry Earnings, 1969-2022
 
1969
 
653,665,000
0.189
3,461,658,635
100.0
N
1970
 
693,352,000
0.198
3,507,801,275
101.3
1.33
1971
 
742,094,000
0.206
3,601,523,902
104.0
2.67
1972
 
819,646,000
0.213
3,846,658,532
111.1
6.81
1973
 
918,964,000
0.225
4,092,469,383
118.2
6.39
1974
 
993,909,000
0.248
4,008,829,105
115.8
-2.04
1975
 
1,059,492,000
0.269
3,944,497,394
113.9
-1.60
1976
 
1,173,271,000
0.283
4,141,005,188
119.6
4.98
1977
 
1,303,767,000
0.302
4,320,542,816
124.8
4.34
1978
 
1,476,080,000
0.323
4,573,305,242
132.1
5.85
1979
 
1,648,363,000
0.351
4,690,444,754
135.5
2.56
1980
 
1,784,597,000
0.389
4,584,353,165
132.4
-2.26
1981
 
1,961,173,000
0.424
4,623,772,250
133.6
0.86
1982
 
2,053,729,000
0.448
4,587,185,902
132.5
-0.79
1983
 
2,188,018,000
0.467
4,687,672,466
135.4
2.19
1984
 
2,432,402,000
0.484
5,021,577,654
145.1
7.12
1985
 
2,615,791,000
0.501
5,218,223,348
150.7
3.92
1986
 
2,786,901,000
0.512
5,441,146,840
157.2
4.27
1987
 
2,996,000,000
0.528
5,674,027,499
163.9
4.28
1988
 
3,259,979,000
0.549
5,941,819,010
171.6
4.72
1989
 
3,467,027,000
0.573
6,054,778,994
174.9
1.90
1990
 
3,679,460,000
0.598
6,155,516,520
177.8
1.66
1991
 
3,789,428,000
0.618
6,134,341,309
177.2
-0.34
1992
 
4,059,023,000
0.634
6,400,225,481
184.9
4.33
1993
 
4,237,437,000
0.650
6,519,133,846
188.3
1.86
1994
 
4,456,948,000
0.664
6,716,721,924
194.0
3.03
1995
 
4,674,849,000
0.678
6,899,738,761
199.3
2.72
1996
 
4,956,180,000
0.692
7,161,799,344
206.9
3.80
1997
 
5,288,047,000
0.704
7,510,683,597
217.0
4.87
1998
 
5,707,014,000
0.710
8,041,785,619
232.3
7.07
1999
 
6,098,042,000
0.720
8,469,385,147
244.7
5.32
2000
 
6,598,743,000
0.738
8,938,721,519
258.2
5.54
2001
 
6,865,291,000
0.753
9,117,010,172
263.4
1.99
2002
 
7,001,002,000
0.763
9,176,707,606
265.1
0.65
2003
 
7,243,377,000
0.779
9,299,017,896
268.6
1.33
2004
 
7,674,785,000
0.798
9,614,272,113
277.7
3.39
2005
 
8,039,238,000
0.821
9,788,788,097
282.8
1.82
2006
 
8,519,349,000
0.844
10,089,233,775
291.5
3.07
2007
 
8,866,261,000
0.866
10,237,349,175
295.7
1.47
2008
 
9,014,085,000
0.892
10,108,876,304
292.0
-1.25
2009
 
8,688,913,000
0.889
9,771,497,172
282.3
-3.34
2010
 
9,023,916,000
0.905
9,969,635,637
288.0
2.03
2011
 
9,444,387,000
0.928
10,176,702,513
294.0
2.08
2012
 
9,854,834,000
0.945
10,424,645,101
301.1
2.44
2013
 
10,180,570,000
0.958
10,629,007,841
307.0
1.96
2014
 
10,613,874,000
0.971
10,928,505,678
315.7
2.82
2015
 
11,039,821,000
0.973
11,346,284,134
327.8
3.82
2016
 
11,311,477,000
0.983
11,508,970,941
332.5
1.43
2017
 
11,848,205,000
1.000
11,848,205,000
342.3
2.95
2018
 
12,438,590,000
1.020
12,189,079,542
352.1
2.88
2019
 
12,989,097,000
1.035
12,548,276,062
362.5
2.95
2020
 
13,158,025,000
1.046
12,575,166,053
363.3
0.21
2021
 
14,278,043,000
1.090
13,099,001,844
378.4
4.17
2022
 
15,207,952,000
1.160
13,105,445,395
378.6
0.05
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_1200_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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