Shelby County vs. Kentucky | Total Personal Income Trends over 1969-2022

Introduction

Shelby County:

2022 TPI = $2,761,100K

2022 Percent of State = 1.18%

Kentucky:

2022 TPI = $234,281,888K

2022 Percent of U.S. = 1.07%

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 Shelby County and Kentucky 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.

Shelby County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)

Figure 1.

Figure 1 depicts Shelby 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 Shelby County over time.

When measured in current dollars, Shelby County's total personal income increased 3,960.62%, from $68M in 1970 to $2,761M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 591.66%, from $344M in 1970 to $2,379M in 2022.

Real Total Personal Income, 1969-2022 (Millions)

Figure 2.

Figure 2 tracks Shelby County's and Kentucky'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, Shelby County's real total personal income rose from $340M in 1969 to $2,379M in 2022, for a net gain of $2,040M, or 600.63%. In comparison, Kentucky's real total personal income advanced from $51,431M in 1969 to $201,892M in 2022, for a net gain of $150,461M, or 292.55%.

Real Total Personal Income Indices (1969=100): 1969-2022

Figure 3.

Figure 3 shows Shelby County's real total 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 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.

Shelby County's overall real total personal income growth was 600.63% over 1969-2022 outpaced Kentucky's increase of 292.55%, and topped the United States' increase of 348.76%.

Total Personal Income as a Percent of the Kentucky Total: 1969-2022

Figure 4.

Another interesting and insightful way of comparing the total personal income growth of Shelby County is to trace its individual percentage contributions to Kentucky'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 Kentucky's total personal income, while a declining share shows it grew more slowly.

In 1969, Shelby County's total personal income comprised 0.66% of Kentucky's total personal income, while in 2022 it totaled 1.18% thereby yielding a +0.52% share-shift.

Total Personal Income Share-Shift

2022 vs. 1969

	Share- Shift*		2022	vs.	1969
Shelby County	+0.52%	=	1.18%	-	0.66%

*Percent figures may not add due to rounding by a factor of ± 0.01%.

Shelby County Real Total Personal Income:
Annual Percent Change, 1970-2022

Figure 5.

Figure 5 highlights the short-run pattern of Shelby 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, Shelby County's real total personal income grew at an annual rate of 3.79% over 1970-2022. The county recorded its highest growth in 1984 (12.39%) and recorded its lowest growth in 2022 (-4.29%). In 2022, Shelby County's real total personal income declined by -4.29%

Shelby 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 depicts the annual percent change in Shelby County's real total 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, Shelby County's annual real total personal income growth rate averaged 4.21%. It averaged 3.60% throughout the 1980s, 5.50% during the 1990s, 2.89% throughout the 2000s, 3.10% during the 2010s, 2.67% thus far this decade (2020-2022).

Real Total Personal Income Growth:
Average Annual Percent Change by Decade

Figure 7.

Figure 7 compares the decade average growth rates for Shelby County noted in the previous graph with the corresponding decade averages for Kentucky and the nation. As the chart reveals, Shelby County's average annual real total personal income growth amounted to less than Kentucky's average in the 1970s (4.21% vs. 4.29%), outperformed Kentucky's average in the 1980s (3.60% vs. 1.99%), topped Kentucky's average throughout the 1990s (5.50% vs. 3.16%), outpaced Kentucky's average throughout the 2000s (2.89% vs. 1.92%), exceeded Kentucky's average in the 2010s (3.10% vs. 1.91%), and topped Kentucky's average over the 3 year period of the current decade, 2020-2022 (2.67% vs. 2.41%).

Finally, relative to nationwide real total personal income growth trends, Shelby County outpaced the nation over the 1970s (4.21% vs. 3.50%), topped the nation during the 1980s (3.60% vs. 3.16%), topped the nation in the 1990s (5.50% vs. 3.27%), registered above the nation during the 2000s (2.89% vs. 2.06%), outperformed the nation over the 2010s (3.10% vs. 2.72%), and registered above the nation over 2020-2022 (2.67% vs. 2.10%).

Real* Total Personal Income Growth:

Average Annual Percent Change

	1970-2022	1970-1979	1980-1989	1990-1999	2000-2009	2010-2019	2020-2022	2022
	%	%	%	%	%	%	%	%
Shelby	3.79	4.21	3.60	5.50	2.89	3.10	2.67	-4.29
Kentucky	2.64	4.29	1.99	3.16	1.92	1.91	2.41	-5.29
United States	2.89	3.50	3.16	3.27	2.06	2.72	2.10	-4.19

*Real total personal income growth determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

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

Shelby County:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	64,128	0.189	339,607	100.0	N	0.66
1970	67,997	0.198	344,010	101.3	1.30	0.65
1971	70,768	0.206	343,451	101.1	-0.16	0.62
1972	80,246	0.213	376,600	110.9	9.65	0.63
1973	88,254	0.225	393,026	115.7	4.36	0.62
1974	104,377	0.248	420,994	124.0	7.12	0.65
1975	111,269	0.269	414,255	122.0	-1.60	0.64
1976	127,202	0.283	448,954	132.2	8.38	0.65
1977	144,178	0.302	477,790	140.7	6.42	0.66
1978	160,504	0.323	497,286	146.4	4.08	0.66
1979	179,292	0.351	510,178	150.2	2.59	0.65
1980	202,149	0.389	519,289	152.9	1.79	0.68
1981	226,952	0.424	535,075	157.6	3.04	0.68
1982	241,057	0.448	538,422	158.5	0.63	0.68
1983	242,946	0.467	520,494	153.3	-3.33	0.66
1984	283,361	0.484	584,985	172.3	12.39	0.69
1985	300,384	0.501	599,234	176.4	2.44	0.70
1986	309,748	0.512	604,752	178.1	0.92	0.70
1987	338,175	0.528	640,459	188.6	5.90	0.73
1988	374,002	0.549	681,677	200.7	6.44	0.74
1989	412,966	0.573	721,199	212.4	5.80	0.76
1990	445,657	0.598	745,558	219.5	3.38	0.77
1991	478,643	0.618	774,829	228.2	3.93	0.79
1992	519,869	0.634	819,724	241.4	5.79	0.79
1993	552,118	0.650	849,412	250.1	3.62	0.81
1994	586,616	0.664	884,044	260.3	4.08	0.82
1995	615,394	0.678	908,277	267.4	2.74	0.82
1996	666,822	0.692	963,574	283.7	6.09	0.84
1997	759,037	0.704	1,078,070	317.4	11.88	0.90
1998	818,492	0.710	1,153,342	339.6	6.98	0.92
1999	884,073	0.720	1,227,862	361.6	6.46	0.95
2000	970,971	0.738	1,315,287	387.3	7.12	0.97
2001	987,091	0.753	1,310,843	386.0	-0.34	0.95
2002	1,003,657	0.763	1,315,564	387.4	0.36	0.94
2003	1,044,569	0.779	1,341,013	394.9	1.93	0.95
2004	1,138,732	0.798	1,426,500	420.0	6.37	0.98
2005	1,170,618	0.821	1,425,375	419.7	-0.08	0.96
2006	1,243,273	0.844	1,472,374	433.6	3.30	0.97
2007	1,328,434	0.866	1,533,864	451.7	4.18	0.99
2008	1,392,984	0.892	1,562,167	460.0	1.85	0.99
2009	1,448,168	0.889	1,628,601	479.6	4.25	1.04
2010	1,483,644	0.905	1,639,132	482.7	0.65	1.03
2011	1,567,543	0.928	1,689,090	497.4	3.05	1.04
2012	1,654,961	0.945	1,750,652	515.5	3.64	1.06
2013	1,674,213	0.958	1,747,959	514.7	-0.15	1.06
2014	1,740,537	0.971	1,792,132	527.7	2.53	1.06
2015	1,860,705	0.973	1,912,358	563.1	6.71	1.08
2016	1,947,300	0.983	1,981,299	583.4	3.61	1.11
2017	2,074,016	1.000	2,074,016	610.7	4.68	1.15
2018	2,162,097	1.020	2,118,727	623.9	2.16	1.16
2019	2,283,600	1.035	2,206,100	649.6	4.12	1.17
2020	2,453,480	1.046	2,344,799	690.4	6.29	1.16
2021	2,709,688	1.090	2,485,929	732.0	6.02	1.17
2022	2,761,100	1.160	2,379,377	700.6	-4.29	1.18

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PSN

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

Kentucky:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
1969	9,711,706	0.189	51,430,948	100.0	N	1.23
1970	10,534,849	0.198	53,297,830	103.6	3.63	1.23
1971	11,466,051	0.206	55,646,935	108.2	4.41	1.24
1972	12,679,771	0.213	59,507,091	115.7	6.94	1.25
1973	14,252,540	0.225	63,471,565	123.4	6.66	1.26
1974	16,052,187	0.248	64,744,835	125.9	2.01	1.29
1975	17,479,191	0.269	65,075,171	126.5	0.51	1.28
1976	19,544,359	0.283	68,980,902	134.1	6.00	1.31
1977	21,933,925	0.302	72,686,655	141.3	5.37	1.33
1978	24,444,005	0.323	75,734,307	147.3	4.19	1.32
1979	27,454,302	0.351	78,121,680	151.9	3.15	1.32
1980	29,879,523	0.389	76,755,865	149.2	-1.75	1.29
1981	33,220,541	0.424	78,322,624	152.3	2.04	1.28
1982	35,387,079	0.448	79,040,180	153.7	0.92	1.27
1983	36,765,030	0.467	78,766,454	153.1	-0.35	1.24
1984	41,024,190	0.484	84,692,479	164.7	7.52	1.25
1985	42,799,341	0.501	85,380,109	166.0	0.81	1.22
1986	44,002,089	0.512	85,909,700	167.0	0.62	1.18
1987	46,347,070	0.528	87,775,217	170.7	2.17	1.18
1988	50,536,886	0.549	92,111,339	179.1	4.94	1.19
1989	54,313,733	0.573	94,852,924	184.4	2.98	1.18
1990	57,664,576	0.598	96,469,387	187.6	1.70	1.18
1991	60,894,857	0.618	98,576,840	191.7	2.18	1.20
1992	65,508,425	0.634	103,293,007	200.8	4.78	1.21
1993	68,068,630	0.650	104,720,969	203.6	1.38	1.21
1994	71,532,496	0.664	107,801,097	209.6	2.94	1.21
1995	74,960,257	0.678	110,635,914	215.1	2.63	1.19
1996	79,482,505	0.692	114,854,132	223.3	3.81	1.19
1997	84,466,334	0.704	119,968,659	233.3	4.45	1.19
1998	89,403,051	0.710	125,978,343	244.9	5.01	1.18
1999	93,174,966	0.720	129,407,878	251.6	2.72	1.17
2000	100,475,073	0.738	136,104,512	264.6	5.17	1.17
2001	103,997,797	0.753	138,107,616	268.5	1.47	1.16
2002	106,551,862	0.763	139,665,048	271.6	1.13	1.16
2003	109,765,865	0.779	140,916,971	274.0	0.90	1.16
2004	116,214,070	0.798	145,582,409	283.1	3.31	1.16
2005	121,734,486	0.821	148,227,119	288.2	1.82	1.15
2006	128,584,095	0.844	152,278,653	296.1	2.73	1.14
2007	134,209,937	0.866	154,964,307	301.3	1.76	1.13
2008	140,837,674	0.892	157,942,889	307.1	1.92	1.13
2009	138,999,735	0.889	156,318,232	303.9	-1.03	1.15
2010	144,335,559	0.905	159,462,137	310.1	2.01	1.15
2011	151,379,896	0.928	163,117,857	317.2	2.29	1.14
2012	156,564,902	0.945	165,617,558	322.0	1.53	1.13
2013	157,905,375	0.958	164,860,854	320.5	-0.46	1.12
2014	164,862,106	0.971	169,749,185	330.1	2.97	1.12
2015	172,269,382	0.973	177,051,544	344.3	4.30	1.11
2016	175,275,581	0.983	178,335,824	346.7	0.73	1.10
2017	180,836,063	1.000	180,836,063	351.6	1.40	1.09
2018	186,931,085	1.020	183,181,363	356.2	1.30	1.07
2019	195,419,696	1.035	188,787,588	367.1	3.06	1.07
2020	211,966,801	1.046	202,577,341	393.9	7.30	1.08
2021	232,362,631	1.090	213,174,770	414.5	5.23	1.09
2022	234,281,888	1.160	201,892,305	392.6	-5.29	1.07

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PSN

Interactive Table Tip: 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


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change
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

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PN

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