Franklin County vs. Mississippi
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2022
Introduction
Franklin County vs. Mississippi
Franklin County:
2022 PCI = $40,035
2022 Percent of State = 86.34%
Mississippi:
2022 PCI = $46,370
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.
Franklin County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Franklin County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Franklin 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 Franklin County over time.
When measured in current dollars, Franklin County's per capita personal income increased 1,900.40%, from $2,001 in 1970 to $40,035 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 240.73%, from $10,125 in 1970 to $34,500 in 2022.
Real Per Capita Personal Income, 1969-2022
Real Per Capita Personal Income, 1969-2022
Figure 2.
Figure 2 traces Franklin County's and Mississippi'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, Franklin County's real per capita personal income rose from $9,801 in 1969 to $34,500 in 2022, for a net gain of $24,699, or 252.00%. In comparison, Mississippi's real per capita personal income advanced from $13,217 in 1969 to $39,959 in 2022, for a net advance of $26,742, or 202.33%.
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Franklin County's real per capita personal income growth in a broader context by offering direct comparisons across time with Mississippi, 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.
Franklin County's overall real per capita personal income growth was 252.00% over 1969-2022 outpaced Mississippi's increase of 202.33%, 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 depicts the trends for per capita personal income relative to the national average by tracing Franklin County and Mississippi per capita personal income as a percent of the national average over 1969-2022.
In 1969, Franklin County's per capita personal income amounted to 47.09% of the national average; in 2022, it approximated 61.15%. Similarly, in 1969, Mississippi's per capita personal income totaled 63.50% of the national average; in 2022, it consisted of 70.83%.
Franklin County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Franklin County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Franklin 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, Franklin County's real per capita personal income grew at an annual rate of 2.48% over 1970-2022. The county posted its highest growth in 1972 (16.76%) and posted its lowest growth in 2022 (-7.52%). In 2022, Franklin County's real per capita personal income declined by -7.52%
Franklin County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Franklin 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 shows the annual percent change in Franklin County's real per capita personal income since 1970, but this time they are overlayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2022.
During the 1970s, Franklin County's annual real per capita personal income growth rate averaged 6.32%. It averaged -0.87% during the 1980s, 2.64% during the 1990s, 3.57% throughout the 2000s, 1.60% throughout the 2010s, -0.32% 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 Franklin County noted in the previous graph with the corresponding decade averages for Mississippi and the nation. As the chart reveals, Franklin County's average annual real per capita personal income growth surpassed Mississippi's average in the 1970s (6.32% vs. 3.67%), lagged Mississippi's average during the 1980s (-0.87% vs. 1.65%), recorded above Mississippi's average in the 1990s (2.64% vs. 2.62%), outgained Mississippi's average throughout the 2000s (3.57% vs. 1.71%), outgained Mississippi's average during the 2010s (1.60% vs. 1.08%), and trailed Mississippi's average over the 3 year period of the current decade, 2020-2022 (-0.32% vs. 2.03%).
Finally, relative to nationwide real per capita personal income growth trends, Franklin County recorded above the nation throughout the 1970s (6.32% vs. 2.37%), lagged the nation in the 1980s (-0.87% vs. 2.19%), led the nation over the 1990s (2.64% vs. 2.01%), registered above the nation in the 2000s (3.57% vs. 1.10%), posted below the nation during the 2010s (1.60% vs. 1.97%), and posted below the nation over 2020-2022 (-0.32% vs. 1.78%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.48
6.32
-0.87
2.64
3.57
1.60
-0.32
-7.52
 
2.14
3.67
1.65
2.62
1.71
1.08
2.03
-6.49
 
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.

   
 
Franklin County:
Per Capita Personal Income, 1969-2022
 
1969
 
1,851
0.189
9,801
100.0
N
74.16
47.09
1970
 
2,001
0.198
10,125
103.3
3.31
73.15
47.68
1971
 
2,161
0.206
10,486
107.0
3.57
72.66
48.33
1972
 
2,609
0.213
12,244
124.9
16.76
78.41
53.72
1973
 
3,060
0.225
13,627
139.0
11.29
81.90
57.05
1974
 
3,319
0.248
13,386
136.6
-1.77
81.82
56.87
1975
 
3,595
0.269
13,385
136.6
-0.01
82.46
56.85
1976
 
4,055
0.283
14,312
146.0
6.93
82.97
58.98
1977
 
4,537
0.302
15,036
153.4
5.06
84.41
60.37
1978
 
5,315
0.323
16,466
168.0
9.51
89.82
63.60
1979
 
6,280
0.351
17,871
182.3
8.54
94.68
68.03
1980
 
6,911
0.389
17,753
181.1
-0.66
96.41
67.86
1981
 
7,502
0.424
17,686
180.4
-0.38
93.69
66.44
1982
 
7,813
0.448
17,450
178.0
-1.33
93.07
65.16
1983
 
8,276
0.467
17,732
180.9
1.61
94.63
65.16
1984
 
8,688
0.484
17,935
183.0
1.15
91.37
62.55
1985
 
8,501
0.501
16,958
173.0
-5.45
85.22
57.65
1986
 
8,259
0.512
16,125
164.5
-4.91
80.00
53.35
1987
 
8,187
0.528
15,505
158.2
-3.85
75.00
50.45
1988
 
8,676
0.549
15,814
161.3
1.99
73.92
49.74
1989
 
9,334
0.573
16,301
166.3
3.08
73.46
50.03
1990
 
9,716
0.598
16,254
165.8
-0.29
72.76
49.52
1991
 
10,273
0.618
16,630
169.7
2.31
73.52
51.24
1992
 
11,194
0.634
17,650
180.1
6.13
75.22
53.11
1993
 
11,689
0.650
17,983
183.5
1.88
74.66
53.83
1994
 
11,923
0.664
17,968
183.3
-0.08
71.29
52.87
1995
 
12,808
0.678
18,903
192.9
5.21
73.31
54.32
1996
 
13,489
0.692
19,492
198.9
3.11
73.47
54.56
1997
 
13,976
0.704
19,850
202.5
1.84
72.72
53.91
1998
 
14,532
0.710
20,477
208.9
3.16
72.04
52.86
1999
 
15,205
0.720
21,118
215.5
3.13
73.52
53.18
2000
 
15,924
0.738
21,571
220.1
2.14
73.63
52.12
2001
 
17,337
0.753
23,023
234.9
6.73
76.02
54.95
2002
 
18,273
0.763
23,952
244.4
4.04
78.76
57.46
2003
 
18,662
0.779
23,958
244.4
0.02
77.56
57.14
2004
 
20,074
0.798
25,147
256.6
4.96
79.38
58.73
2005
 
21,301
0.821
25,936
264.6
3.14
79.73
59.72
2006
 
22,714
0.844
26,900
274.5
3.72
81.63
60.02
2007
 
23,752
0.866
27,425
279.8
1.95
80.70
60.00
2008
 
25,692
0.892
28,812
294.0
5.06
83.59
62.89
2009
 
26,616
0.889
29,933
305.4
3.89
88.08
67.71
2010
 
28,111
0.905
31,057
316.9
3.76
90.06
69.31
2011
 
29,303
0.928
31,575
322.2
1.67
90.29
68.71
2012
 
30,484
0.945
32,247
329.0
2.13
91.16
68.91
2013
 
31,138
0.958
32,510
331.7
0.82
91.65
70.13
2014
 
31,952
0.971
32,900
335.7
1.20
92.28
69.03
2015
 
33,097
0.973
34,016
347.1
3.39
94.29
68.87
2016
 
32,775
0.983
33,347
340.2
-1.97
91.97
66.93
2017
 
33,124
1.000
33,124
338.0
-0.67
90.55
64.94
2018
 
33,741
1.020
33,065
337.4
-0.18
89.68
63.29
2019
 
36,226
1.035
34,996
357.1
5.84
92.51
65.22
2020
 
38,871
1.046
37,149
379.0
6.15
91.43
65.71
2021
 
40,662
1.090
37,304
380.6
0.42
87.30
63.11
2022
 
40,035
1.160
34,500
352.0
-7.52
86.34
61.15
Source: Calculations by the Mississippi Regional Economic Analysis Project (MS-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.

   
 
Mississippi:
Per Capita Personal Income, 1969-2022
 
1969
 
2,496
0.189
13,217
100.0
N
63.50
1970
 
2,736
0.198
13,842
104.7
4.73
65.18
1971
 
2,974
0.206
14,432
109.2
4.26
66.52
1972
 
3,327
0.213
15,616
118.1
8.20
68.51
1973
 
3,736
0.225
16,638
125.9
6.55
69.66
1974
 
4,056
0.248
16,360
123.8
-1.67
69.51
1975
 
4,360
0.269
16,231
122.8
-0.79
68.94
1976
 
4,887
0.283
17,249
130.5
6.27
71.09
1977
 
5,375
0.302
17,813
134.8
3.27
71.52
1978
 
5,917
0.323
18,332
138.7
2.92
70.81
1979
 
6,634
0.351
18,876
142.8
2.96
71.85
1980
 
7,168
0.389
18,415
139.3
-2.44
70.39
1981
 
8,007
0.424
18,877
142.8
2.51
70.91
1982
 
8,394
0.448
18,749
141.9
-0.68
70.01
1983
 
8,746
0.467
18,738
141.8
-0.06
68.86
1984
 
9,509
0.484
19,630
148.5
4.76
68.46
1985
 
9,974
0.501
19,898
150.5
1.36
67.64
1986
 
10,324
0.512
20,157
152.5
1.30
66.68
1987
 
10,916
0.528
20,673
156.4
2.56
67.27
1988
 
11,737
0.549
21,393
161.9
3.48
67.29
1989
 
12,707
0.573
22,191
167.9
3.73
68.10
1990
 
13,353
0.598
22,339
169.0
0.67
68.06
1991
 
13,973
0.618
22,619
171.1
1.25
69.69
1992
 
14,881
0.634
23,463
177.5
3.73
70.60
1993
 
15,656
0.650
24,086
182.2
2.65
72.10
1994
 
16,724
0.664
25,203
190.7
4.63
74.16
1995
 
17,470
0.678
25,785
195.1
2.31
74.10
1996
 
18,360
0.692
26,531
200.7
2.89
74.26
1997
 
19,219
0.704
27,297
206.5
2.89
74.13
1998
 
20,173
0.710
28,425
215.1
4.14
73.37
1999
 
20,681
0.720
28,723
217.3
1.05
72.33
2000
 
21,628
0.738
29,298
221.7
2.00
70.79
2001
 
22,806
0.753
30,285
229.1
3.37
72.29
2002
 
23,202
0.763
30,412
230.1
0.42
72.96
2003
 
24,060
0.779
30,888
233.7
1.57
73.67
2004
 
25,287
0.798
31,677
239.7
2.55
73.98
2005
 
26,716
0.821
32,530
246.1
2.69
74.90
2006
 
27,827
0.844
32,954
249.3
1.30
73.53
2007
 
29,432
0.866
33,983
257.1
3.12
74.35
2008
 
30,736
0.892
34,469
260.8
1.43
75.23
2009
 
30,220
0.889
33,985
257.1
-1.40
76.88
2010
 
31,213
0.905
34,484
260.9
1.47
76.96
2011
 
32,454
0.928
34,970
264.6
1.41
76.09
2012
 
33,441
0.945
35,375
267.6
1.16
75.59
2013
 
33,976
0.958
35,473
268.4
0.28
76.52
2014
 
34,624
0.971
35,650
269.7
0.50
74.80
2015
 
35,100
0.973
36,074
272.9
1.19
73.03
2016
 
35,638
0.983
36,260
274.3
0.52
72.77
2017
 
36,580
1.000
36,580
276.8
0.88
71.72
2018
 
37,624
1.020
36,870
279.0
0.79
70.58
2019
 
39,157
1.035
37,828
286.2
2.60
70.49
2020
 
42,513
1.046
40,630
307.4
7.41
71.87
2021
 
46,577
1.090
42,730
323.3
5.17
72.29
2022
 
46,370
1.160
39,959
302.3
-6.49
70.83
Source: Calculations by the Mississippi Regional Economic Analysis Project (MS-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 Mississippi Regional Economic Analysis Project (MS-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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