Posts tagged: Bureau of Economic Analysis
This graphic works well with the item below, which looks at the 2008-2009 slight increase in Spokane County's total personal income.
This chart shows the historic rate of Washington's gross domestic product per capita, through 2009, measured against the GDP of the United States and the Far Western states as a whole.
In 2009, per capita real GDP for Washington was $45,881, which was 10.2 percent more than the U.S. per capita real GDP. Washington per capita real GDP declined 3.1 percent from the previous year.
As the chart illustrates, the West did better than Washington, and both surpassed the rest of the country significantly. Notable: in 2002 the Western states (solid gold line above) overtook Washington's GDP and has not relinquished the lead since. The Far West states are the top line in this graphic; U.S. data is the broken yellow line on the bottom.
The Bureau of Economic Analysis does periodic snapshots of counties and states, using the best numbers it can digest. It just released some per-capita incomes for counties across the U.S., going back to 2009.
The notable and interesting tidbit, relative to Spokane, is that Spokane had total personal income in 2009 of $16.2 billion, placing it fourth in the state and accounting for 5.7 percent of the state total.
In 1999, by comparison, Spokane's TPI was $10.2 billion, also fourth in Washington at the time. That was a 4.8 percent gain over 10 years, which exactly matched Washington state's growth over the same period.
Also notable: from 2008 to 2009, while nearly the rest of the country saw a decline in total personal income, Spokane's number actually grew by .8 percent in that one year. Across Washington as a whole the drop in TPI was 0.5 percent from 2008 to 2009.
So something positive was happening, but it was relatively tiny. Digging a bit deeper, the BEA stats (at this link) show that the gain in 2009 was not wage-related.
|2008-2009 percent change|
|Net earnings||- 2.3 %||- 2.6 %||- 4.0 %|
|Dividends, interest, and rent||- 3.8 %||- 4.9 %||- 5.9 %|
|Personal current transfer receipts||15.5 %||17.4 %||13.4 %|
As this chart shows, the major gain in those 12 months was the increase in countywide transfer receipts. Which are pensions, social security payments, welfare disbursements and subsidies for businesses. If there's any comfort in the numbers, it's that Spokane didn't face the same wage losses as the U.S. and Washington as a whole did between 2008 and 2009.
Footnote: TPI is the broad number that encompasses all forms of income, including wages, dividends, rents, and transfer payments (including primarily pension and welfare payments). It excludes corporate revenue.
The tough economy continues grinding on, based on new data looking at the gross domestic product (GDP) of 366 U.S. metros in 2009.
Notably, 80 percent of those cities, Spokane not included, saw an economic decline compared with 2008, according to numbers published Wednesday by the Bureau of Economic Analysis.
That growth is not adjusted for inflation. If adjusted, Spokane's economy sagged, like most of the rest of the nation.
But overall, Spokane's performance was generally better than about 80 percent of the rest of urban America, according to the BEA data. Based on comparative numbers, Spokane ranked No. 108 with a GDP of 17,720 or a gain of just one-tenth of a percent from the year before.
The GDP measures economic activity within each metro and tracks the performance of each area's business sector.
The full table of results for all 366 metros is here, on the BEA site. The map, above, has a color code, with the darkest blue (the highest growth areas) in dark blue. The light blue group, in which Spokane sits, is the next best growth category.
Among the metros that lost GDP were Seattle-Tacoma, which fell by roughly one-tenth of a percent. Its GDP score was 228,797, or roughly 13 times that of Spokane.
Boise and Portland also slipped in GDP, according to the BEA numbers.
A Spokesman Review business story on Thursday will summarize the key points and add commentary.