New London County vs. Connecticut | Total Personal Income Trends over 1969-2022

Introduction

New London County:

2022 TPI = $17,423,249K

2022 Percent of State = 5.79%

Connecticut:

2022 TPI = $300,750,748K

2022 Percent of U.S. = 1.38%

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 New London County and Connecticut 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.

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

Figure 1.

Figure 1 depicts New London 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 New London County over time.

When measured in current dollars, New London County's total personal income increased 1,626.86%, from $1,009M in 1970 to $17,423M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 194.14%, from $5,105M in 1970 to $15,014M in 2022.

Real Total Personal Income, 1969-2022 (Millions)

Figure 2.

Figure 2 traces New London County's and Connecticut'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, New London County's real total personal income rose from $4,875M in 1969 to $15,014M in 2022, for a net gain of $10,139M, or 207.97%. In comparison, Connecticut's real total personal income advanced from $77,808M in 1969 to $259,172M in 2022, for a net advance of $181,364M, or 233.09%.

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

Figure 3.

Figure 3 portrays New London County's real total personal income growth in a broader context by offering direct comparisons across time with Connecticut, 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.

New London County's overall real total personal income growth was 207.97% over 1969-2022 trailed Connecticut's increase of 233.09%, and fell below the United States' increase of 348.76%.

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

Figure 4.

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

In 1969, New London County's total personal income totaled 6.27% of Connecticut's total personal income, while in 2022 it equated to 5.79% thereby yielding a -0.47% share-shift.

Total Personal Income Share-Shift

2022 vs. 1969

	Share- Shift*		2022	vs.	1969
New London County	-0.47%	=	5.79%	-	6.27%

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

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

Figure 5.

Figure 5 highlights the short-run pattern of New London 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, New London County's real total personal income grew at an annual rate of 2.17% over 1970-2022. The county recorded its highest growth in 1984 (6.88%) and posted its lowest growth in 2022 (-4.96%). In 2022, New London County's real total personal income declined by -4.96%

New London 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 New London 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, New London County's annual real total personal income growth rate averaged 2.84%. It averaged 3.86% in the 1980s, 2.13% during the 1990s, 1.97% in the 2000s, 0.72% throughout the 2010s, -0.05% 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 New London County noted in the previous graph with the corresponding decade averages for Connecticut and the nation. As the chart reveals, New London County's average annual real total personal income growth outperformed Connecticut's average throughout the 1970s (2.84% vs. 2.16%), trailed Connecticut's average throughout the 1980s (3.86% vs. 4.34%), posted below Connecticut's average throughout the 1990s (2.13% vs. 2.40%), posted below Connecticut's average during the 2000s (1.97% vs. 2.58%), recorded under Connecticut's average throughout the 2010s (0.72% vs. 0.82%), and lagged Connecticut's average over the 3 year period of the current decade, 2020-2022 (-0.05% vs. 0.12%).

Finally, relative to nationwide real total personal income growth trends, New London County trailed the nation in the 1970s (2.84% vs. 3.50%), outperformed the nation during the 1980s (3.86% vs. 3.16%), fell under the nation during the 1990s (2.13% vs. 3.27%), posted below the nation throughout the 2000s (1.97% vs. 2.06%), recorded underneath the nation over the 2010s (0.72% vs. 2.72%), and trailed the nation over 2020-2022 (-0.05% 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
	%	%	%	%	%	%	%	%
New London	2.17	2.84	3.86	2.13	1.97	0.72	-0.05	-4.96
Connecticut	2.33	2.16	4.34	2.40	2.58	0.82	0.12	-3.38
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.

New London County:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	920,609	0.189	4,875,332	100.0	N	6.27
1970	1,008,957	0.198	5,104,508	104.7	4.70	6.44
1971	1,089,406	0.206	5,287,095	108.4	3.58	6.60
1972	1,198,510	0.213	5,624,695	115.4	6.39	6.73
1973	1,323,721	0.225	5,894,994	120.9	4.81	6.83
1974	1,476,722	0.248	5,956,205	122.2	1.04	6.98
1975	1,577,780	0.269	5,874,088	120.5	-1.38	6.94
1976	1,709,395	0.283	6,033,230	123.8	2.71	6.97
1977	1,896,632	0.302	6,285,233	128.9	4.18	7.02
1978	2,049,957	0.323	6,351,335	130.3	1.05	6.81
1979	2,260,763	0.351	6,433,039	132.0	1.29	6.69
1980	2,567,144	0.389	6,594,595	135.3	2.51	6.67
1981	2,923,529	0.424	6,892,677	141.4	4.52	6.77
1982	3,209,244	0.448	7,168,131	147.0	4.00	6.88
1983	3,531,083	0.467	7,565,093	155.2	5.54	7.07
1984	3,916,459	0.484	8,085,342	165.8	6.88	7.02
1985	4,153,836	0.501	8,286,459	170.0	2.49	6.93
1986	4,301,431	0.512	8,398,116	172.3	1.35	6.67
1987	4,636,200	0.528	8,780,349	180.1	4.55	6.61
1988	4,941,057	0.549	9,005,845	184.7	2.57	6.37
1989	5,371,142	0.573	9,380,105	192.4	4.16	6.38
1990	5,596,843	0.598	9,363,184	192.1	-0.18	6.44
1991	5,693,950	0.618	9,217,389	189.1	-1.56	6.48
1992	6,033,337	0.634	9,513,303	195.1	3.21	6.40
1993	6,262,084	0.650	9,633,975	197.6	1.27	6.44
1994	6,579,643	0.664	9,915,672	203.4	2.92	6.58
1995	6,873,836	0.678	10,145,284	208.1	2.32	6.52
1996	7,115,775	0.692	10,282,466	210.9	1.35	6.44
1997	7,538,931	0.704	10,707,644	219.6	4.13	6.43
1998	7,978,644	0.710	11,242,752	230.6	5.00	6.30
1999	8,324,717	0.720	11,561,946	237.2	2.84	6.23
2000	8,798,273	0.738	11,918,226	244.5	3.08	6.02
2001	9,175,193	0.753	12,184,528	249.9	2.23	5.94
2002	9,505,230	0.763	12,459,176	255.6	2.25	6.15
2003	9,923,754	0.779	12,740,075	261.3	2.25	6.34
2004	10,603,642	0.798	13,283,278	272.5	4.26	6.44
2005	10,911,172	0.821	13,285,731	272.5	0.02	6.30
2006	11,429,803	0.844	13,536,005	277.6	1.88	6.11
2007	12,076,664	0.866	13,944,212	286.0	3.02	5.99
2008	12,561,837	0.892	14,087,515	289.0	1.03	5.85
2009	12,487,966	0.889	14,043,888	288.1	-0.31	5.88
2010	12,588,969	0.905	13,908,311	285.3	-0.97	5.73
2011	13,071,673	0.928	14,085,247	288.9	1.27	5.78
2012	13,310,126	0.945	14,079,724	288.8	-0.04	5.81
2013	13,216,227	0.958	13,798,381	283.0	-2.00	5.90
2014	13,546,462	0.971	13,948,026	286.1	1.08	5.81
2015	14,146,886	0.973	14,539,601	298.2	4.24	5.91
2016	14,449,565	0.983	14,701,849	301.6	1.12	5.93
2017	14,772,421	1.000	14,772,421	303.0	0.48	5.92
2018	15,017,232	1.020	14,715,996	301.8	-0.38	5.76
2019	15,596,073	1.035	15,066,777	309.0	2.38	5.83
2020	16,360,343	1.046	15,635,631	320.7	3.78	5.88
2021	17,220,107	1.090	15,798,118	324.0	1.04	5.89
2022	17,423,249	1.160	15,014,477	308.0	-4.96	5.79

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 Connecticut Regional Economic Analysis Project (CT-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.

Connecticut:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
1969	14,692,532	0.189	77,808,251	100.0	N	1.86
1970	15,673,815	0.198	79,296,848	101.9	1.91	1.83
1971	16,514,402	0.206	80,147,547	103.0	1.07	1.79
1972	17,804,686	0.213	83,558,692	107.4	4.26	1.75
1973	19,393,356	0.225	86,365,424	111.0	3.36	1.71
1974	21,157,238	0.248	85,335,530	109.7	-1.19	1.70
1975	22,725,543	0.269	84,607,383	108.7	-0.85	1.67
1976	24,536,404	0.283	86,600,092	111.3	2.36	1.64
1977	27,032,652	0.302	89,583,285	115.1	3.44	1.64
1978	30,080,860	0.323	93,198,847	119.8	4.04	1.62
1979	33,816,493	0.351	96,225,402	123.7	3.25	1.63
1980	38,512,122	0.389	98,931,674	127.1	2.81	1.66
1981	43,179,237	0.424	101,801,808	130.8	2.90	1.67
1982	46,620,377	0.448	104,130,748	133.8	2.29	1.68
1983	49,957,302	0.467	107,029,955	137.6	2.78	1.68
1984	55,764,293	0.484	115,122,717	148.0	7.56	1.70
1985	59,933,866	0.501	119,561,654	153.7	3.86	1.71
1986	64,498,723	0.512	125,927,338	161.8	5.32	1.73
1987	70,109,828	0.528	132,778,736	170.6	5.44	1.78
1988	77,602,137	0.549	141,441,970	181.8	6.52	1.82
1989	84,161,946	0.573	146,979,525	188.9	3.92	1.83
1990	86,883,116	0.598	145,350,257	186.8	-1.11	1.77
1991	87,907,577	0.618	142,305,140	182.9	-2.10	1.73
1992	94,201,383	0.634	148,535,766	190.9	4.38	1.74
1993	97,257,684	0.650	149,627,206	192.3	0.73	1.72
1994	99,992,503	0.664	150,690,974	193.7	0.71	1.69
1995	105,483,757	0.678	155,686,390	200.1	3.32	1.68
1996	110,516,027	0.692	159,698,318	205.2	2.58	1.66
1997	117,285,384	0.704	166,581,993	214.1	4.31	1.66
1998	126,666,437	0.710	178,486,391	229.4	7.15	1.67
1999	133,690,124	0.720	185,678,149	238.6	4.03	1.68
2000	146,216,908	0.738	198,066,847	254.6	6.67	1.70
2001	154,585,901	0.753	205,287,909	263.8	3.65	1.72
2002	154,452,766	0.763	202,452,145	260.2	-1.38	1.69
2003	156,438,636	0.779	200,835,284	258.1	-0.80	1.65
2004	164,657,448	0.798	206,267,864	265.1	2.70	1.65
2005	173,328,780	0.821	211,049,691	271.2	2.32	1.64
2006	187,213,123	0.844	221,711,420	284.9	5.05	1.66
2007	201,450,389	0.866	232,602,895	298.9	4.91	1.69
2008	214,658,238	0.892	240,729,212	309.4	3.49	1.73
2009	212,233,766	0.889	238,676,765	306.7	-0.85	1.76
2010	219,801,274	0.905	242,836,770	312.1	1.74	1.75
2011	226,305,765	0.928	243,853,460	313.4	0.42	1.70
2012	229,133,085	0.945	242,381,667	311.5	-0.60	1.65
2013	223,834,328	0.958	233,693,872	300.3	-3.58	1.59
2014	233,084,021	0.971	239,993,432	308.4	2.70	1.58
2015	239,184,854	0.973	245,824,576	315.9	2.43	1.55
2016	243,698,710	0.983	247,953,594	318.7	0.87	1.53
2017	249,451,101	1.000	249,451,101	320.6	0.60	1.50
2018	260,582,194	1.020	255,355,076	328.2	2.37	1.49
2019	267,552,755	1.035	258,472,612	332.2	1.22	1.46
2020	278,373,604	1.046	266,042,533	341.9	2.93	1.42
2021	292,370,938	1.090	268,227,758	344.7	0.82	1.37
2022	300,750,748	1.160	259,171,814	333.1	-3.38	1.38

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 Connecticut Regional Economic Analysis Project (CT-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 Connecticut Regional Economic Analysis Project (CT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

November 2023

REAP_PI_CA1400_300_PN

Outline of Analysis

Download, Print or Share

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

Outline of Analysis

Download, Print or Share

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

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