Price County vs. Wisconsin
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2021
Introduction
Price County vs. Wisconsin
Price County:
2021 GDP = $682,551K
2021 Percent of State = 0.19%
Wisconsin:
2021 GDP = $368,611,259K
2021 Percent of U.S. = 1.58%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of Price County is the most comprehensive measure of output of all goods and services produced by labor and property located within Price County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

Price County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Price County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Price County's annual gross domestic product over 2002-2021 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of Price County over time.
When measured in current dollars, Price County's GDP increased 60.44%, from $425M in 2002 to $683M in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 8.07%, from $517M in 2002 to $559M in 2021.
Real Gross Domestic Product, 2001-2021 (Millions)
Real Gross Domestic Product, 2001-2021 (Millions)
Figure 2.
Figure 2 tracks Price County's and Wisconsin's annual real gross domestic product for the period 2001-2021 to illustrate real gross domestic product patterns over time. During this 21-year period, Price County's real gross domestic product rose from $487M in 2001 to $559M in 2021, for a net gain of $72M, or 14.79%. In comparison, Wisconsin's real GDP advanced from $236,089M in 2001 to $306,467M in 2021, for a net advance of $70,379M, or 29.81%.
Real Gross Domestic Product Indices (2001=100): 2001-2021
Real Gross Domestic Product Indices (2001=100): 2001-2021
Figure 3.
Figure 3 portrays Price County's real gross domestic product growth in a broader context by offering direct comparisons across time with Wisconsin, the United States. The growth indices shown here express each region's real gross domestic product in 2001 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 2001 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
Price County's overall real GDP growth was 14.79% over 2001-2021 trailed Wisconsin's increase of 29.81%, and fell below the United States' increase of 47.85%.
Gross Domestic Product as a Percent of the Wisconsin Total: 2001-2021
Gross Domestic Product as a Percent of the Wisconsin Total: 2001-2021
Figure 4.
Another interesting and insightful way of highlighting the gross domestic product growth of Price County is to compare its individual percentage contributions to Wisconsin's statewide gross domestic product over time, as shown in Figure 4. A rising share means a region's gross domestic product grew faster, or declined less, than Wisconsin's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Price County's GDP totaled 0.21% of Wisconsin's GDP, while in 2021 it comprised 0.19% thereby yielding a -0.02% share-shift.
   
 
Gross Domestic Product Share-Shift
2021 vs. 2001
 
Share-
Shift*
 
2021
vs.
2001
-0.02%
=
0.19%
-
0.21%
 
   
Price County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Price County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Figure 5.
Figure 5 shows the short-run pattern of Price County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2021. The average annual percent change for the entire 20-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, Price County's real GDP grew at an annual rate of 0.76% over 2002-2021. The county posted its highest growth in 2010 (6.83%) and recorded its lowest growth in 2009 (-6.51%). In 2021, Price County's real GDP grew by 2.36%
Price County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Price County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Figure 6.
Figure 6 again depicts the annual percent change in Price County's real gross domestic product since 2002, but this time they are overlayed with average growth rates for the decade of the 2000s, 2010s, and 2020-2021.
During 2002-2009, Price County's annual real GDP growth rate averaged 0.72%. It averaged 1.20% during the 2010s, -1.33% thus far this decade (2020-2021).
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Price County noted in the previous graph with the corresponding decade averages for Wisconsin and the nation. As the chart reveals, Price County's average annual real gross domestic product growth lagged Wisconsin's average throughout the 2000s (0.72% vs. 1.17%), trailed Wisconsin's average during the 2010s (1.20% vs. 1.62%), and trailed Wisconsin's average over the 2 year period of the current decade, 2020-2021 (-1.33% vs. 0.54%).
Finally, relative to nationwide real gross domestic product growth trends, Price County trailed the nation in the 2000s (0.72% vs. 1.77%), posted below the nation in the 2010s (1.20% vs. 2.25%), and trailed the nation over 2020-2021 (-1.33% vs. 1.59%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
0.76
0.72
1.20
-1.33
2.36
 
1.33
1.17
1.62
0.54
4.56
 
1.99
1.77
2.25
1.59
5.95
 
   

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

   
 
Price County:
Gross Domestic Product, 2001-2021
 
2001
 
395,265
0.873
487,005
100.0
N
0.21
2002
 
425,433
0.927
517,294
106.2
6.22
0.22
2003
 
440,271
0.947
528,075
108.4
2.08
0.22
2004
 
469,724
0.986
549,818
112.9
4.12
0.22
2005
 
493,089
1.015
566,415
116.3
3.02
0.22
2006
 
489,470
0.983
548,565
112.6
-3.15
0.21
2007
 
483,142
0.949
529,655
108.8
-3.45
0.20
2008
 
505,519
0.982
547,930
112.5
3.45
0.20
2009
 
488,228
0.918
512,264
105.2
-6.51
0.20
2010
 
525,750
0.981
547,238
112.4
6.83
0.21
2011
 
533,817
0.983
548,442
112.6
0.22
0.20
2012
 
557,903
1.000
557,903
114.6
1.73
0.20
2013
 
566,714
0.983
548,228
112.6
-1.73
0.20
2014
 
598,765
1.020
569,018
116.8
3.79
0.20
2015
 
605,783
1.012
564,567
115.9
-0.78
0.20
2016
 
623,056
1.031
574,980
118.1
1.84
0.20
2017
 
644,377
1.050
586,060
120.3
1.93
0.20
2018
 
632,879
1.014
565,883
116.2
-3.44
0.19
2019
 
657,434
1.031
574,958
118.1
1.60
0.19
2020
 
639,138
0.979
546,139
112.1
-5.01
0.19
2021
 
682,551
1.002
559,026
114.8
2.36
0.19
Source: Calculations by the Wisconsin Regional Economic Analysis Project (WI-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PSN
 
   

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

   
 
Wisconsin:
Gross Domestic Product, 2001-2021
 
2001
 
188,163,105
0.852
236,088,654
100.0
N
1.78
2002
 
194,658,763
0.868
240,543,335
101.9
1.89
1.78
2003
 
203,339,170
0.894
247,766,080
104.9
3.00
1.77
2004
 
215,537,083
0.924
256,167,442
108.5
3.39
1.76
2005
 
227,296,956
0.952
263,698,604
111.7
2.94
1.74
2006
 
237,569,327
0.968
268,246,403
113.6
1.72
1.72
2007
 
245,839,456
0.974
269,933,625
114.3
0.63
1.70
2008
 
246,814,519
0.962
266,626,925
112.9
-1.23
1.67
2009
 
247,209,962
0.934
258,761,211
109.6
-2.95
1.71
2010
 
256,432,868
0.963
266,830,815
113.0
3.12
1.70
2011
 
266,364,353
0.985
272,813,213
115.6
2.24
1.71
2012
 
277,107,120
1.000
277,107,120
117.4
1.57
1.70
2013
 
284,270,853
1.003
278,014,977
117.8
0.33
1.69
2014
 
295,695,990
1.025
283,981,126
120.3
2.15
1.68
2015
 
307,507,921
1.043
289,076,998
122.4
1.79
1.69
2016
 
314,073,263
1.053
291,920,259
123.6
0.98
1.68
2017
 
318,310,377
1.053
291,922,691
123.6
0.00
1.63
2018
 
332,498,599
1.079
299,062,615
126.7
2.45
1.62
2019
 
345,236,434
1.096
303,669,022
128.6
1.54
1.61
2020
 
340,591,065
1.058
293,104,851
124.2
-3.48
1.62
2021
 
368,611,259
1.106
306,467,421
129.8
4.56
1.58
Source: Calculations by the Wisconsin Regional Economic Analysis Project (WI-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_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:
Gross Domestic Product, 2001-2021
 
2001
 
10,581,929,000
0.816
13,263,417,000
100.0
N
2002
 
10,929,108,000
0.830
13,488,357,000
101.7
1.70
2003
 
11,456,450,000
0.853
13,865,519,000
104.5
2.80
2004
 
12,217,196,000
0.886
14,399,696,000
108.6
3.85
2005
 
13,039,197,000
0.917
14,901,269,000
112.3
3.48
2006
 
13,815,583,000
0.942
15,315,943,000
115.5
2.78
2007
 
14,474,228,000
0.961
15,623,871,000
117.8
2.01
2008
 
14,769,862,000
0.962
15,642,962,000
117.9
0.12
2009
 
14,478,067,000
0.937
15,236,262,000
114.9
-2.60
2010
 
15,048,970,000
0.963
15,648,991,000
118.0
2.71
2011
 
15,599,731,000
0.978
15,891,534,000
119.8
1.55
2012
 
16,253,970,000
1.000
16,253,970,000
122.5
2.28
2013
 
16,843,196,000
1.018
16,553,348,000
124.8
1.84
2014
 
17,550,687,000
1.042
16,932,051,000
127.7
2.29
2015
 
18,206,023,000
1.070
17,390,295,000
131.1
2.71
2016
 
18,695,106,000
1.088
17,680,274,000
133.3
1.67
2017
 
19,477,337,000
1.112
18,076,651,000
136.3
2.24
2018
 
20,533,058,000
1.145
18,609,078,000
140.3
2.95
2019
 
21,380,976,000
1.171
19,036,052,000
143.5
2.29
2020
 
21,060,474,000
1.139
18,509,143,000
139.6
-2.77
2021
 
23,315,081,000
1.206
19,609,812,000
147.8
5.95
Source: Calculations by the Wisconsin Regional Economic Analysis Project (WI-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2024. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

Please stay tuned...
while your request is processing:

Please wait while your request is being processed...
To offer the most comprehensive set of interactive options in support of your research, WI-REAP calculates and crunches most of the data and generates the narrative and graphic analysis on demand in response to your request.
Your request will soon be available.
Just a few more seconds....Your request has been generated and is now loading the results.