Wells County vs. North Dakota
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2022
Introduction
Wells County vs. North Dakota
Wells County:
2022 PCI = $109,412
2022 Percent of State = 155.50%
North Dakota:
2022 PCI = $70,360
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.
Wells County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Wells County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Wells 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 Wells County over time.
When measured in current dollars, Wells County's per capita personal income increased 3,486.42%, from $3,051 in 1970 to $109,412 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 510.89%, from $15,434 in 1970 to $94,286 in 2022.
Real Per Capita Personal Income, 1969-2022
Real Per Capita Personal Income, 1969-2022
Figure 2.
Figure 2 traces Wells County's and North Dakota'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, Wells County's real per capita personal income rose from $15,846 in 1969 to $94,286 in 2022, for a net gain of $78,440, or 495.00%. In comparison, North Dakota's real per capita personal income increased from $16,975 in 1969 to $60,632 in 2022, for a net gain of $43,657, or 257.18%.
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 Wells County's real per capita personal income growth in a broader context by offering direct comparisons across time with North Dakota, 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.
Wells County's overall real per capita personal income growth was 495.00% over 1969-2022 outpaced North Dakota's increase of 257.18%, and topped 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 displays the trends for per capita personal income relative to the national average by tracing Wells County and North Dakota per capita personal income as a percent of the national average over 1969-2022.
In 1969, Wells County's per capita personal income amounted to 76.13% of the national average; in 2022, it approximated 167.12%. Similarly, in 1969, North Dakota's per capita personal income totaled 81.55% of the national average; in 2022, it consisted of 107.47%.
Wells County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Wells County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Wells 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, Wells County's real per capita personal income grew at an annual rate of 5.06% over 1970-2022. The county posted its highest growth in 1973 (50.42%) and posted its lowest growth in 1988 (-29.38%). In 2022, Wells County's real per capita personal income grew by 25.95%
Wells County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Wells 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 Wells 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, Wells County's annual real per capita personal income growth rate averaged 5.81%. It averaged 2.41% throughout the 1980s, 5.08% in the 1990s, 6.17% in the 2000s, 1.60% during the 2010s, 19.24% 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 Wells County noted in the previous graph with the corresponding decade averages for North Dakota and the nation. As the chart reveals, Wells County's average annual real per capita personal income growth exceeded North Dakota's average in the 1970s (5.81% vs. 4.30%), outperformed North Dakota's average in the 1980s (2.41% vs. 0.99%), registered above North Dakota's average during the 1990s (5.08% vs. 2.64%), outgained North Dakota's average during the 2000s (6.17% vs. 3.29%), lagged North Dakota's average in the 2010s (1.60% vs. 2.10%), and exceeded North Dakota's average over the 3 year period of the current decade, 2020-2022 (19.24% vs. 3.52%).
Finally, relative to nationwide real per capita personal income growth trends, Wells County topped the nation in the 1970s (5.81% vs. 2.37%), surpassed the nation during the 1980s (2.41% vs. 2.19%), registered above the nation during the 1990s (5.08% vs. 2.01%), registered above the nation throughout the 2000s (6.17% vs. 1.10%), fell below the nation over the 2010s (1.60% vs. 1.97%), and registered above the nation over 2020-2022 (19.24% vs. 1.78%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
5.06
5.81
2.41
5.08
6.17
1.60
19.24
25.95
 
2.72
4.30
0.99
2.64
3.29
2.10
3.52
0.30
 
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.

   
 
Wells County:
Per Capita Personal Income, 1969-2022
 
1969
 
2,992
0.189
15,846
100.0
N
93.35
76.13
1970
 
3,051
0.198
15,434
97.4
-2.60
89.80
72.67
1971
 
3,743
0.206
18,166
114.6
17.70
96.76
83.72
1972
 
4,892
0.213
22,957
144.9
26.38
106.89
100.72
1973
 
7,754
0.225
34,532
217.9
50.42
121.48
144.59
1974
 
7,342
0.248
29,611
186.9
-14.25
116.46
125.81
1975
 
7,512
0.269
27,969
176.5
-5.55
114.71
118.80
1976
 
6,254
0.283
22,075
139.3
-21.07
98.39
90.97
1977
 
5,797
0.302
19,212
121.2
-12.97
88.32
77.14
1978
 
9,015
0.323
27,930
176.3
45.38
109.47
107.88
1979
 
7,329
0.351
20,854
131.6
-25.34
86.77
79.38
1980
 
6,448
0.389
16,564
104.5
-20.57
80.01
63.32
1981
 
8,893
0.424
20,967
132.3
26.58
84.95
78.76
1982
 
11,996
0.448
26,795
169.1
27.79
107.65
100.05
1983
 
10,994
0.467
23,553
148.6
-12.10
94.91
86.56
1984
 
12,725
0.484
26,270
165.8
11.53
102.40
91.62
1985
 
13,860
0.501
27,650
174.5
5.26
107.32
93.99
1986
 
12,623
0.512
24,644
155.5
-10.87
95.26
81.53
1987
 
13,286
0.528
25,161
158.8
2.10
96.46
81.87
1988
 
9,749
0.549
17,769
112.1
-29.38
75.51
55.89
1989
 
12,590
0.573
21,987
138.8
23.74
85.90
67.48
1990
 
17,910
0.598
29,962
189.1
36.27
111.35
91.29
1991
 
16,090
0.618
26,046
164.4
-13.07
98.34
80.25
1992
 
17,329
0.634
27,324
172.4
4.91
97.14
82.22
1993
 
18,348
0.650
28,228
178.1
3.31
101.98
84.50
1994
 
21,242
0.664
32,012
202.0
13.40
109.30
94.19
1995
 
17,841
0.678
26,332
166.2
-17.74
92.08
75.67
1996
 
23,825
0.692
34,427
217.3
30.74
110.38
96.36
1997
 
19,263
0.704
27,360
172.7
-20.53
90.89
74.30
1998
 
22,920
0.710
32,297
203.8
18.04
98.43
83.37
1999
 
22,197
0.720
30,829
194.6
-4.54
93.73
77.63
2000
 
22,156
0.738
30,013
189.4
-2.65
85.74
72.52
2001
 
23,099
0.753
30,675
193.6
2.21
87.19
73.22
2002
 
25,754
0.763
33,758
213.0
10.05
94.70
80.99
2003
 
31,070
0.779
39,887
251.7
18.16
104.74
95.13
2004
 
27,960
0.798
35,026
221.0
-12.19
93.25
81.80
2005
 
32,145
0.821
39,141
247.0
11.75
101.30
90.12
2006
 
27,726
0.844
32,836
207.2
-16.11
83.72
73.27
2007
 
39,212
0.866
45,275
285.7
37.89
107.43
99.05
2008
 
47,879
0.892
53,694
338.8
18.59
116.85
117.20
2009
 
44,886
0.889
50,479
318.6
-5.99
111.70
114.19
2010
 
46,814
0.905
51,720
326.4
2.46
106.19
115.43
2011
 
52,474
0.928
56,543
356.8
9.32
107.34
123.04
2012
 
65,922
0.945
69,734
440.1
23.33
117.56
149.02
2013
 
56,370
0.958
58,854
371.4
-15.60
103.70
126.96
2014
 
52,361
0.971
53,913
340.2
-8.39
92.40
113.12
2015
 
49,502
0.973
50,877
321.1
-5.63
93.43
103.00
2016
 
51,956
0.983
52,863
333.6
3.90
101.26
106.09
2017
 
50,697
1.000
50,697
319.9
-4.10
97.80
99.40
2018
 
56,572
1.020
55,437
349.8
9.35
102.52
106.12
2019
 
58,153
1.035
56,180
354.5
1.34
102.70
104.69
2020
 
74,148
1.046
70,863
447.2
26.14
121.37
125.35
2021
 
81,598
1.090
74,860
472.4
5.64
123.83
126.65
2022
 
109,412
1.160
94,286
595.0
25.95
155.50
167.12
Source: Calculations by the North Dakota Regional Economic Analysis Project (ND-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.

   
 
North Dakota:
Per Capita Personal Income, 1969-2022
 
1969
 
3,205
0.189
16,975
100.0
N
81.55
1970
 
3,397
0.198
17,187
101.2
1.25
80.93
1971
 
3,868
0.206
18,774
110.6
9.23
86.53
1972
 
4,576
0.213
21,477
126.5
14.40
94.23
1973
 
6,383
0.225
28,427
167.5
32.36
119.02
1974
 
6,304
0.248
25,427
149.8
-10.55
108.03
1975
 
6,549
0.269
24,383
143.6
-4.11
103.56
1976
 
6,357
0.283
22,435
132.2
-7.99
92.46
1977
 
6,564
0.302
21,752
128.1
-3.05
87.34
1978
 
8,235
0.323
25,513
150.3
17.29
98.55
1979
 
8,446
0.351
24,032
141.6
-5.81
91.48
1980
 
8,059
0.389
20,704
122.0
-13.85
79.14
1981
 
10,469
0.424
24,682
145.4
19.22
92.72
1982
 
11,144
0.448
24,891
146.6
0.84
92.94
1983
 
11,583
0.467
24,816
146.2
-0.30
91.20
1984
 
12,427
0.484
25,655
151.1
3.38
89.47
1985
 
12,915
0.501
25,764
151.8
0.42
87.58
1986
 
13,250
0.512
25,869
152.4
0.41
85.58
1987
 
13,773
0.528
26,084
153.7
0.83
84.87
1988
 
12,911
0.549
23,532
138.6
-9.78
74.02
1989
 
14,656
0.573
25,595
150.8
8.77
78.55
1990
 
16,084
0.598
26,907
158.5
5.13
81.98
1991
 
16,362
0.618
26,486
156.0
-1.56
81.60
1992
 
17,839
0.634
28,128
165.7
6.20
84.64
1993
 
17,991
0.650
27,679
163.1
-1.59
82.86
1994
 
19,435
0.664
29,289
172.5
5.82
86.18
1995
 
19,376
0.678
28,597
168.5
-2.36
82.18
1996
 
21,584
0.692
31,189
183.7
9.06
87.29
1997
 
21,194
0.704
30,102
177.3
-3.48
81.75
1998
 
23,286
0.710
32,813
193.3
9.01
84.70
1999
 
23,683
0.720
32,892
193.8
0.24
82.83
2000
 
25,842
0.738
35,006
206.2
6.42
84.59
2001
 
26,493
0.753
35,182
207.3
0.51
83.98
2002
 
27,197
0.763
35,649
210.0
1.33
85.52
2003
 
29,663
0.779
38,082
224.3
6.82
90.83
2004
 
29,984
0.798
37,561
221.3
-1.37
87.72
2005
 
31,731
0.821
38,637
227.6
2.86
88.96
2006
 
33,120
0.844
39,223
231.1
1.52
87.52
2007
 
36,501
0.866
42,146
248.3
7.45
92.20
2008
 
40,973
0.892
45,949
270.7
9.02
100.29
2009
 
40,186
0.889
45,192
266.2
-1.65
102.24
2010
 
44,084
0.905
48,704
286.9
7.77
108.70
2011
 
48,886
0.928
52,677
310.3
8.16
114.62
2012
 
56,077
0.945
59,320
349.5
12.61
126.77
2013
 
54,358
0.958
56,752
334.3
-4.33
122.42
2014
 
56,665
0.971
58,345
343.7
2.81
122.42
2015
 
52,981
0.973
54,452
320.8
-6.67
110.24
2016
 
51,307
0.983
52,203
307.5
-4.13
104.77
2017
 
51,839
1.000
51,839
305.4
-0.70
101.64
2018
 
55,180
1.020
54,073
318.5
4.31
103.51
2019
 
56,622
1.035
54,701
322.2
1.16
101.94
2020
 
61,091
1.046
58,385
343.9
6.73
103.28
2021
 
65,895
1.090
60,453
356.1
3.54
102.27
2022
 
70,360
1.160
60,632
357.2
0.30
107.47
Source: Calculations by the North Dakota Regional Economic Analysis Project (ND-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 North Dakota Regional Economic Analysis Project (ND-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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