San Miguel County vs. Colorado
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2022
Introduction
San Miguel County vs. Colorado
San Miguel County:
2022 PCI = $138,635
2022 Percent of State = 183.08%
Colorado:
2022 PCI = $75,722
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.
San Miguel County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
San Miguel County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts San Miguel 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 San Miguel County over time.
When measured in current dollars, San Miguel County's per capita personal income increased 4,764.39%, from $2,850 in 1970 to $138,635 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 728.57%, from $14,419 in 1970 to $119,469 in 2022.
Real Per Capita Personal Income, 1969-2022
Real Per Capita Personal Income, 1969-2022
Figure 2.
Figure 2 tracks San Miguel County's and Colorado'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, San Miguel County's real per capita personal income rose from $14,129 in 1969 to $119,469 in 2022, for a net gain of $105,339, or 745.54%. In comparison, Colorado's real per capita personal income advanced from $20,633 in 1969 to $65,254 in 2022, for a net gain of $44,621, or 216.27%.
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 San Miguel County's real per capita personal income growth in a broader context by offering direct comparisons across time with Colorado, 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.
San Miguel County's overall real per capita personal income growth was 745.54% over 1969-2022 outpaced Colorado's increase of 216.27%, 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 San Miguel County and Colorado per capita personal income as a percent of the national average over 1969-2022.
In 1969, San Miguel County's per capita personal income amounted to 67.88% of the national average; in 2022, it approximated 211.75%. Similarly, in 1969, Colorado's per capita personal income totaled 99.12% of the national average; in 2022, it consisted of 115.66%.
San Miguel County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
San Miguel County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of San Miguel 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 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, San Miguel County's real per capita personal income grew at an annual rate of 4.40% over 1970-2022. The county recorded its highest growth in 2001 (24.74%) and posted its lowest growth in 2008 (-12.20%). In 2022, San Miguel County's real per capita personal income grew by 3.72%
San Miguel County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
San Miguel 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 San Miguel 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, San Miguel County's annual real per capita personal income growth rate averaged 3.75%. It averaged 4.28% during the 1980s, 5.16% during the 1990s, 2.30% in the 2000s, 4.75% throughout the 2010s, 10.26% 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 San Miguel County noted in the previous graph with the corresponding decade averages for Colorado and the nation. As the chart reveals, San Miguel County's average annual real per capita personal income growth topped Colorado's average throughout the 1970s (3.75% vs. 3.10%), outperformed Colorado's average in the 1980s (4.28% vs. 1.69%), registered above Colorado's average during the 1990s (5.16% vs. 2.76%), outgained Colorado's average during the 2000s (2.30% vs. 0.50%), led Colorado's average throughout the 2010s (4.75% vs. 2.74%), and surpassed Colorado's average over the 3 year period of the current decade, 2020-2022 (10.26% vs. 3.36%).
Finally, relative to nationwide real per capita personal income growth trends, San Miguel County led the nation during the 1970s (3.75% vs. 2.37%), led the nation throughout the 1980s (4.28% vs. 2.19%), exceeded the nation in the 1990s (5.16% vs. 2.01%), registered above the nation in the 2000s (2.30% vs. 1.10%), outgained the nation in the 2010s (4.75% vs. 1.97%), and outgained the nation over 2020-2022 (10.26% vs. 1.78%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
4.40
3.75
4.28
5.16
2.30
4.75
10.26
3.72
 
2.22
3.10
1.69
2.76
0.50
2.74
3.36
-1.11
 
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.

   
 
San Miguel County:
Per Capita Personal Income, 1969-2022
 
1969
 
2,668
0.189
14,129
100.0
N
68.48
67.88
1970
 
2,850
0.198
14,419
102.0
2.05
66.44
67.89
1971
 
2,932
0.206
14,228
100.7
-1.32
62.76
65.58
1972
 
3,677
0.213
17,257
122.1
21.29
72.62
75.71
1973
 
4,030
0.225
17,946
127.0
3.99
72.24
75.14
1974
 
4,129
0.248
16,655
117.9
-7.19
67.23
70.76
1975
 
4,815
0.269
17,924
126.9
7.62
72.18
76.13
1976
 
5,268
0.283
18,592
131.6
3.72
73.05
76.62
1977
 
4,926
0.302
16,326
115.5
-12.19
62.73
65.55
1978
 
5,434
0.323
16,836
119.2
3.12
61.58
65.03
1979
 
6,889
0.351
19,601
138.7
16.43
70.16
74.61
1980
 
7,075
0.389
18,175
128.6
-7.28
64.21
69.48
1981
 
7,462
0.424
17,592
124.5
-3.21
60.31
66.08
1982
 
8,681
0.448
19,389
137.2
10.22
65.67
72.40
1983
 
9,123
0.467
19,546
138.3
0.81
65.43
71.83
1984
 
10,606
0.484
21,895
155.0
12.02
70.66
76.36
1985
 
11,950
0.501
23,838
168.7
8.87
76.01
81.03
1986
 
12,326
0.512
24,066
170.3
0.96
76.16
79.62
1987
 
13,621
0.528
25,796
182.6
7.19
81.97
83.94
1988
 
14,860
0.549
27,084
191.7
4.99
84.33
85.20
1989
 
16,777
0.573
29,300
207.4
8.18
88.76
89.92
1990
 
18,856
0.598
31,545
223.3
7.66
95.03
96.11
1991
 
19,081
0.618
30,888
218.6
-2.08
92.81
95.16
1992
 
22,519
0.634
35,507
251.3
14.96
104.25
106.84
1993
 
24,145
0.650
37,146
262.9
4.61
106.80
111.20
1994
 
26,230
0.664
39,529
279.8
6.42
111.21
116.31
1995
 
28,039
0.678
41,384
292.9
4.69
112.39
118.93
1996
 
28,199
0.692
40,748
288.4
-1.54
107.35
114.05
1997
 
29,311
0.704
41,631
294.6
2.17
106.38
113.06
1998
 
32,144
0.710
45,295
320.6
8.80
107.95
116.92
1999
 
34,552
0.720
47,989
339.6
5.95
110.86
120.84
2000
 
36,609
0.738
49,591
351.0
3.34
108.08
119.83
2001
 
46,580
0.753
61,858
437.8
24.74
133.81
147.65
2002
 
46,813
0.763
61,361
434.3
-0.80
136.06
147.21
2003
 
46,507
0.779
59,706
422.6
-2.70
133.81
142.40
2004
 
47,920
0.798
60,030
424.9
0.54
134.03
140.19
2005
 
52,470
0.821
63,889
452.2
6.43
139.48
147.10
2006
 
57,943
0.844
68,621
485.7
7.41
145.34
153.12
2007
 
58,979
0.866
68,099
482.0
-0.76
141.23
148.98
2008
 
53,313
0.892
59,788
423.1
-12.20
124.10
130.50
2009
 
51,553
0.889
57,976
410.3
-3.03
128.06
131.15
2010
 
47,593
0.905
52,581
372.1
-9.31
116.57
117.35
2011
 
50,665
0.928
54,594
386.4
3.83
115.85
118.79
2012
 
51,074
0.945
54,027
382.4
-1.04
112.27
115.45
2013
 
59,112
0.958
61,716
436.8
14.23
125.55
133.13
2014
 
70,328
0.971
72,413
512.5
17.33
139.97
151.94
2015
 
75,872
0.973
77,978
551.9
7.69
147.63
157.87
2016
 
72,319
0.983
73,581
520.8
-5.64
140.96
147.68
2017
 
76,844
1.000
76,844
543.9
4.43
141.85
150.66
2018
 
83,733
1.020
82,053
580.7
6.78
144.88
157.07
2019
 
92,777
1.035
89,628
634.3
9.23
151.45
167.02
2020
 
100,751
1.046
96,288
681.5
7.43
155.36
170.32
2021
 
125,547
1.090
115,180
815.2
19.62
174.56
194.86
2022
 
138,635
1.160
119,469
845.5
3.72
183.08
211.75
Source: Calculations by the Colorado Regional Economic Analysis Project (CO-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.

   
 
Colorado:
Per Capita Personal Income, 1969-2022
 
1969
 
3,896
0.189
20,633
100.0
N
99.12
1970
 
4,290
0.198
21,702
105.2
5.19
102.19
1971
 
4,671
0.206
22,669
109.9
4.46
104.48
1972
 
5,064
0.213
23,764
115.2
4.83
104.26
1973
 
5,579
0.225
24,844
120.4
4.54
104.02
1974
 
6,142
0.248
24,774
120.1
-0.28
105.25
1975
 
6,670
0.269
24,833
120.4
0.24
105.48
1976
 
7,211
0.283
25,451
123.4
2.49
104.89
1977
 
7,854
0.302
26,027
126.1
2.26
104.50
1978
 
8,824
0.323
27,339
132.5
5.04
105.60
1979
 
9,818
0.351
27,938
135.4
2.19
106.35
1980
 
11,019
0.389
28,307
137.2
1.32
108.20
1981
 
12,372
0.424
29,169
141.4
3.05
109.57
1982
 
13,218
0.448
29,524
143.1
1.22
110.25
1983
 
13,943
0.467
29,871
144.8
1.18
109.78
1984
 
15,009
0.484
30,986
150.2
3.73
108.06
1985
 
15,720
0.501
31,360
152.0
1.21
106.61
1986
 
16,185
0.512
31,599
153.2
0.76
104.54
1987
 
16,617
0.528
31,470
152.5
-0.41
102.40
1988
 
17,620
0.549
32,116
155.7
2.05
101.03
1989
 
18,903
0.573
33,012
160.0
2.79
101.31
1990
 
19,843
0.598
33,195
160.9
0.56
101.14
1991
 
20,558
0.618
33,280
161.3
0.25
102.53
1992
 
21,600
0.634
34,058
165.1
2.34
102.48
1993
 
22,608
0.650
34,781
168.6
2.12
104.12
1994
 
23,586
0.664
35,545
172.3
2.20
104.59
1995
 
24,948
0.678
36,822
178.5
3.59
105.82
1996
 
26,269
0.692
37,960
184.0
3.09
106.24
1997
 
27,554
0.704
39,136
189.7
3.10
106.28
1998
 
29,776
0.710
41,958
203.4
7.21
108.31
1999
 
31,167
0.720
43,287
209.8
3.17
109.00
2000
 
33,872
0.738
45,883
222.4
6.00
110.87
2001
 
34,812
0.753
46,230
224.1
0.76
110.35
2002
 
34,405
0.763
45,097
218.6
-2.45
108.19
2003
 
34,757
0.779
44,621
216.3
-1.06
106.42
2004
 
35,753
0.798
44,788
217.1
0.37
104.59
2005
 
37,619
0.821
45,806
222.0
2.27
105.47
2006
 
39,869
0.844
47,215
228.8
3.08
105.35
2007
 
41,760
0.866
48,218
233.7
2.12
105.49
2008
 
42,961
0.892
48,178
233.5
-0.08
105.16
2009
 
40,258
0.889
45,274
219.4
-6.03
102.42
2010
 
40,827
0.905
45,106
218.6
-0.37
100.67
2011
 
43,732
0.928
47,123
228.4
4.47
102.54
2012
 
45,490
0.945
48,120
233.2
2.12
102.83
2013
 
47,082
0.958
49,156
238.2
2.15
106.04
2014
 
50,244
0.971
51,733
250.7
5.24
108.55
2015
 
51,394
0.973
52,821
256.0
2.10
106.94
2016
 
51,306
0.983
52,202
253.0
-1.17
104.77
2017
 
54,171
1.000
54,171
262.6
3.77
106.21
2018
 
57,794
1.020
56,635
274.5
4.55
108.41
2019
 
61,258
1.035
59,179
286.8
4.49
110.28
2020
 
64,852
1.046
61,979
300.4
4.73
109.63
2021
 
71,923
1.090
65,984
319.8
6.46
111.63
2022
 
75,722
1.160
65,254
316.3
-1.11
115.66
Source: Calculations by the Colorado Regional Economic Analysis Project (CO-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 Colorado Regional Economic Analysis Project (CO-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_700_PN
 
   
Copyright © 2024. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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