Henry County vs. Kentucky
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2022
Introduction
Henry County vs. Kentucky
Henry County:
2022 PCI = $49,517
2022 Percent of State = 95.37%
Kentucky:
2022 PCI = $51,921
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.
Henry County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Henry County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Henry 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 Henry County over time.
When measured in current dollars, Henry County's per capita personal income increased 1,379.23%, from $3,347 in 1970 to $49,517 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 151.96%, from $16,936 in 1970 to $42,671 in 2022.
Real Per Capita Personal Income, 1969-2022
Real Per Capita Personal Income, 1969-2022
Figure 2.
Figure 2 traces Henry County's and Kentucky'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, Henry County's real per capita personal income rose from $17,080 in 1969 to $42,671 in 2022, for a net gain of $25,592, or 149.84%. In comparison, Kentucky's real per capita personal income increased from $16,082 in 1969 to $44,743 in 2022, for a net gain of $28,660, or 178.21%.
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 Henry County's real per capita personal income growth in a broader context by offering direct comparisons across time with Kentucky, 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.
Henry County's overall real per capita personal income growth was 149.84% over 1969-2022 trailed Kentucky's increase of 178.21%, and fell below 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 portrays the trends for per capita personal income relative to the national average by tracing Henry County and Kentucky per capita personal income as a percent of the national average over 1969-2022.
In 1969, Henry County's per capita personal income amounted to 82.05% of the national average; in 2022, it approximated 75.63%. Similarly, in 1969, Kentucky's per capita personal income totaled 77.26% of the national average; in 2022, it consisted of 79.30%.
Henry County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Henry County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Henry 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, Henry County's real per capita personal income grew at an annual rate of 1.80% over 1970-2022. The county recorded its highest growth in 2020 (9.08%) and posted its lowest growth in 1983 (-6.59%). In 2022, Henry County's real per capita personal income declined by -5.85%
Henry County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Henry 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 Henry 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, Henry County's annual real per capita personal income growth rate averaged 1.35%. It averaged 2.29% throughout the 1980s, 2.14% in the 1990s, 1.24% during the 2000s, 1.63% during the 2010s, 2.88% 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 Henry County noted in the previous graph with the corresponding decade averages for Kentucky and the nation. As the chart reveals, Henry County's average annual real per capita personal income growth trailed Kentucky's average throughout the 1970s (1.35% vs. 2.94%), recorded above Kentucky's average in the 1980s (2.29% vs. 1.90%), lagged Kentucky's average during the 1990s (2.14% vs. 2.25%), outgained Kentucky's average throughout the 2000s (1.24% vs. 1.19%), outgained Kentucky's average during the 2010s (1.63% vs. 1.50%), and recorded above Kentucky's average over the 3 year period of the current decade, 2020-2022 (2.88% vs. 2.31%).
Finally, relative to nationwide real per capita personal income growth trends, Henry County fell below the nation during the 1970s (1.35% vs. 2.37%), led the nation in the 1980s (2.29% vs. 2.19%), outperformed the nation during the 1990s (2.14% vs. 2.01%), topped the nation in the 2000s (1.24% vs. 1.10%), fell under the nation over the 2010s (1.63% vs. 1.97%), and outgained the nation over 2020-2022 (2.88% vs. 1.78%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
1.80
1.35
2.29
2.14
1.24
1.63
2.88
-5.85
 
1.97
2.94
1.90
2.25
1.19
1.50
2.31
-5.41
 
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.

   
 
Henry County:
Per Capita Personal Income, 1969-2022
 
1969
 
3,225
0.189
17,080
100.0
N
106.20
82.05
1970
 
3,347
0.198
16,936
99.2
-0.84
102.65
79.74
1971
 
3,592
0.206
17,432
102.1
2.93
103.32
80.34
1972
 
3,966
0.213
18,613
109.0
6.77
104.35
81.66
1973
 
4,244
0.225
18,900
110.7
1.54
100.39
79.13
1974
 
4,984
0.248
20,102
117.7
6.36
106.09
85.41
1975
 
5,044
0.269
18,778
109.9
-6.59
100.10
79.76
1976
 
5,349
0.283
18,878
110.5
0.53
96.62
77.80
1977
 
5,927
0.302
19,641
115.0
4.04
96.60
78.86
1978
 
6,444
0.323
19,967
116.9
1.66
95.21
77.12
1979
 
6,814
0.351
19,389
113.5
-2.89
90.43
73.81
1980
 
7,638
0.389
19,620
114.9
1.19
93.67
75.00
1981
 
8,609
0.424
20,298
118.8
3.45
95.12
76.25
1982
 
9,356
0.448
20,897
122.4
2.95
97.38
78.03
1983
 
9,111
0.467
19,521
114.3
-6.59
91.56
71.74
1984
 
10,107
0.484
20,866
122.2
6.89
91.05
72.77
1985
 
10,458
0.501
20,863
122.1
-0.02
90.28
70.92
1986
 
10,641
0.512
20,775
121.6
-0.42
89.18
68.73
1987
 
11,556
0.528
21,885
128.1
5.35
91.84
71.21
1988
 
12,531
0.549
22,839
133.7
4.36
91.25
71.84
1989
 
13,826
0.573
24,145
141.4
5.72
93.61
74.10
1990
 
14,778
0.598
24,723
144.8
2.39
94.67
75.33
1991
 
15,349
0.618
24,848
145.5
0.51
93.83
76.56
1992
 
16,377
0.634
25,823
151.2
3.93
94.14
77.70
1993
 
16,972
0.650
26,110
152.9
1.11
95.05
78.16
1994
 
17,852
0.664
26,903
157.5
3.04
96.06
79.16
1995
 
17,675
0.678
26,087
152.7
-3.03
91.66
74.97
1996
 
18,741
0.692
27,082
158.6
3.81
92.42
75.80
1997
 
19,857
0.704
28,204
165.1
4.14
92.93
76.59
1998
 
21,005
0.710
29,599
173.3
4.95
93.64
76.40
1999
 
21,430
0.720
29,764
174.3
0.56
92.42
74.95
2000
 
23,674
0.738
32,070
187.8
7.75
95.41
77.49
2001
 
24,220
0.753
32,164
188.3
0.29
94.74
76.77
2002
 
24,460
0.763
32,061
187.7
-0.32
93.89
76.92
2003
 
25,304
0.779
32,486
190.2
1.32
94.91
77.48
2004
 
26,580
0.798
33,297
195.0
2.50
94.83
77.76
2005
 
27,022
0.821
32,902
192.6
-1.19
92.84
75.76
2006
 
27,743
0.844
32,855
192.4
-0.14
91.03
73.31
2007
 
28,830
0.866
33,288
194.9
1.32
91.44
72.83
2008
 
30,148
0.892
33,810
198.0
1.57
91.83
73.79
2009
 
29,857
0.889
33,577
196.6
-0.69
92.73
75.96
2010
 
30,953
0.905
34,197
200.2
1.85
93.27
76.32
2011
 
32,555
0.928
35,079
205.4
2.58
94.07
76.33
2012
 
33,710
0.945
35,659
208.8
1.65
94.61
76.20
2013
 
33,704
0.958
35,188
206.0
-1.32
94.25
75.91
2014
 
34,369
0.971
35,388
207.2
0.57
92.33
74.25
2015
 
36,191
0.973
37,196
217.8
5.11
93.35
75.30
2016
 
36,276
0.983
36,909
216.1
-0.77
92.26
74.08
2017
 
37,638
1.000
37,638
220.4
1.97
93.15
73.79
2018
 
38,696
1.020
37,920
222.0
0.75
92.89
72.59
2019
 
40,799
1.035
39,414
230.8
3.94
93.91
73.45
2020
 
44,986
1.046
42,993
251.7
9.08
95.66
76.05
2021
 
49,400
1.090
45,321
265.4
5.41
95.81
76.67
2022
 
49,517
1.160
42,671
249.8
-5.85
95.37
75.63
Source: Calculations by the Kentucky Regional Economic Analysis Project (KY-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.

   
 
Kentucky:
Per Capita Personal Income, 1969-2022
 
1969
 
3,037
0.189
16,082
100.0
N
77.26
1970
 
3,261
0.198
16,498
102.6
2.58
77.68
1971
 
3,476
0.206
16,872
104.9
2.27
77.76
1972
 
3,801
0.213
17,837
110.9
5.72
78.26
1973
 
4,227
0.225
18,826
117.1
5.54
78.82
1974
 
4,698
0.248
18,948
117.8
0.65
80.50
1975
 
5,039
0.269
18,760
116.7
-0.99
79.68
1976
 
5,536
0.283
19,539
121.5
4.15
80.52
1977
 
6,135
0.302
20,332
126.4
4.06
81.64
1978
 
6,769
0.323
20,971
130.4
3.14
81.00
1979
 
7,535
0.351
21,440
133.3
2.24
81.61
1980
 
8,154
0.389
20,947
130.3
-2.30
80.07
1981
 
9,051
0.424
21,339
132.7
1.87
80.16
1982
 
9,607
0.448
21,458
133.4
0.56
80.13
1983
 
9,951
0.467
21,320
132.6
-0.64
78.35
1984
 
11,101
0.484
22,918
142.5
7.49
79.93
1985
 
11,584
0.501
23,108
143.7
0.83
78.55
1986
 
11,932
0.512
23,296
144.9
0.81
77.07
1987
 
12,583
0.528
23,830
148.2
2.30
77.54
1988
 
13,733
0.549
25,030
155.6
5.03
78.74
1989
 
14,770
0.573
25,794
160.4
3.05
79.16
1990
 
15,610
0.598
26,115
162.4
1.24
79.57
1991
 
16,359
0.618
26,483
164.7
1.41
81.59
1992
 
17,397
0.634
27,432
170.6
3.58
82.54
1993
 
17,855
0.650
27,470
170.8
0.14
82.23
1994
 
18,584
0.664
28,007
174.1
1.95
82.41
1995
 
19,283
0.678
28,460
177.0
1.62
81.79
1996
 
20,279
0.692
29,303
182.2
2.96
82.02
1997
 
21,369
0.704
30,351
188.7
3.58
82.43
1998
 
22,433
0.710
31,610
196.6
4.15
81.59
1999
 
23,189
0.720
32,207
200.3
1.89
81.10
2000
 
24,815
0.738
33,614
209.0
4.37
81.22
2001
 
25,564
0.753
33,949
211.1
1.00
81.03
2002
 
26,053
0.763
34,149
212.3
0.59
81.92
2003
 
26,661
0.779
34,227
212.8
0.23
81.63
2004
 
28,030
0.798
35,113
218.3
2.59
82.00
2005
 
29,104
0.821
35,438
220.4
0.92
81.59
2006
 
30,476
0.844
36,091
224.4
1.84
80.53
2007
 
31,529
0.866
36,405
226.4
0.87
79.64
2008
 
32,830
0.892
36,818
228.9
1.13
80.36
2009
 
32,198
0.889
36,209
225.2
-1.65
81.91
2010
 
33,187
0.905
36,665
228.0
1.26
81.83
2011
 
34,607
0.928
37,291
231.9
1.71
81.14
2012
 
35,631
0.945
37,692
234.4
1.07
80.55
2013
 
35,759
0.958
37,334
232.1
-0.95
80.54
2014
 
37,226
0.971
38,330
238.3
2.67
80.42
2015
 
38,768
0.973
39,844
247.8
3.95
80.67
2016
 
39,321
0.983
40,007
248.8
0.41
80.29
2017
 
40,404
1.000
40,404
251.2
0.99
79.22
2018
 
41,658
1.020
40,823
253.8
1.04
78.14
2019
 
43,445
1.035
41,970
261.0
2.81
78.21
2020
 
47,026
1.046
44,943
279.5
7.08
79.50
2021
 
51,561
1.090
47,303
294.1
5.25
80.03
2022
 
51,921
1.160
44,743
278.2
-5.41
79.30
Source: Calculations by the Kentucky Regional Economic Analysis Project (KY-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 Kentucky Regional Economic Analysis Project (KY-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_700_PN
 
   
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