| Bon Homme County vs. South Dakota Comparative Trends Analysis: Average Earnings Per Job Growth and Change, 1969-2022 Introduction Bon Homme County: 2022 Avg. Earnings = $67,901 2022 Percent of State = 104.70% South Dakota: 2022 Avg. Earnings = $64,856 The United States economy has generated an impressive number of jobs since the 1970s. The contrast between the nation's vigorous employment growth and the modest performance of other major industrial countries is striking. Despite this rosy track record, the real (inflation adjusted) wages and salaries of many workers have stagnated or slipped in recent years. This development has provoked concerns about the quality of new jobs. Structural shifts in the composition of employment--from high-wage goods-producing to low-wage services-related sectors--is the culprit most often cited for the deteriorating quality of jobs. Regions vary greatly in the make-up of their labor force, in their industry composition of employment, and their economic experience. Reviewing and examining recent developments in average earnings per job in Bon Homme County with comparisons to South Dakota and the nation is an important first step in understanding the economic forces at play in Bon Homme County. Discussion: Average Annual Earnings Per Job are computed by dividing BEA total industry earnings estimates by the BEA total full- and part-time jobs estimates. No convenient or adequate means exist at the county or regional level for converting the job estimates to a full-time equivalent measure. So, interpret the average earnings per job estimates with caution in consideration of the following issues: Average earnings per job within industries involving more part-time work is lower than industries involving more full-time work, although there could be little difference in the underlying wage of full-time workers. Such differences could also prevail between counties and regions. An increase in the proportion of part-time jobs over time may erode average earnings per job estimates, although full-time earnings per worker may have remained unchanged. As with per capita income, average earnings per job may be subject to extreme short-run variation, especially in smaller counties. Major construction projects relating to building dams, nuclear power plants, and private plant construction projects have caused extreme fluctuations in many smaller counties. Such changes typify both small and large agriculture-dependent counties owing to the extreme annual variations in farm incomes. Also, Since average earnings per job are just a simple average, it does not account for variations in the distribution of earnings among high- vs. low-wage jobs. Figure 1. Figure 1 depicts Bon Homme County's annual average earnings per job 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 Bon Homme County over time. When measured in current dollars, Bon Homme County's average earnings per job increased 1,306.32%, from $4,828 in 1970 to $67,901 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 139.54%, from $24,427 in 1970 to $58,514 in 2022. Figure 2. Figure 2 traces Bon Homme County's and South Dakota's annual real average earnings per job for the period 1969-2022 to illustrate real average earnings per job patterns over time. During this 54-year period, Bon Homme County's real average earnings per job rose from $25,369 in 1969 to $58,514 in 2022, for a net gain of $33,145, or 130.65%. In comparison, South Dakota's real average earnings per job advanced from $28,739 in 1969 to $55,889 in 2022, for a net gain of $27,150, or 94.47%. Figure 3. Figure 3 shows the short-run pattern of Bon Homme County's real average earnings per job 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, Bon Homme County's real average earnings per job grew at an annual rate of 2.91% over 1970-2022. The county posted its highest growth in 1996 (44.66%) and posted its lowest growth in 2013 (-35.06%). In 2022, Bon Homme County's real average earnings per job grew by 18.19% Figure 4. 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 4 again shows the annual percent change in Bon Homme County's real average earnings per job 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, Bon Homme County's annual real average earnings per job growth rate averaged 3.03%. It averaged 0.08% throughout the 1980s, 3.98% in the 1990s, 2.62% throughout the 2000s, 2.75% throughout the 2010s, 9.91% thus far this decade (2020-2022). Figure 5. Figure 5 compares the decade average growth rates for Bon Homme County noted in the previous graph with the corresponding decade averages for South Dakota and the nation. As the chart reveals, Bon Homme County's average annual real average earnings per job growth recorded above South Dakota's average in the 1970s (3.03% vs. 1.99%), led South Dakota's average throughout the 1980s (0.08% vs. -0.26%), outpaced South Dakota's average during the 1990s (3.98% vs. 1.86%), topped South Dakota's average in the 2000s (2.62% vs. 1.66%), topped South Dakota's average during the 2010s (2.75% vs. 1.53%), and exceeded South Dakota's average over the 3 year period of the current decade, 2020-2022 (9.91% vs. 2.41%). Finally, relative to nationwide real average earnings per job growth trends, Bon Homme County registered above the nation over the 1970s (3.03% vs. 0.89%), lagged the nation in the 1980s (0.08% vs. 0.71%), outgained the nation in the 1990s (3.98% vs. 1.68%), outperformed the nation during the 2000s (2.62% vs. 0.72%), exceeded the nation in the 2010s (2.75% vs. 1.01%), and exceeded the nation over 2020-2022 (9.91% vs. -0.24%). | | | | Real* Average Earnings Per Job Growth: Average Annual Percent Change | | | | | | | | | | | | | | | | | | | | | 2.91 | 3.03 | 0.08 | 3.98 | 2.62 | 2.75 | 9.91 | 18.19 | | | 1.42 | 1.99 | -0.26 | 1.86 | 1.66 | 1.53 | 2.41 | -2.25 | | | 0.93 | 0.89 | 0.71 | 1.68 | 0.72 | 1.01 | -0.24 | -4.51 |
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Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | Bon Homme County: Average Earnings Per Job, 1969-2022 | | | | | | | | | | 1969 | | 4,790 | 0.189 | 25,369 | 100.0 | N | 88.27 | 66.73 | 1970 | | 4,828 | 0.198 | 24,427 | 96.3 | -3.71 | 83.55 | 63.56 | 1971 | | 5,039 | 0.206 | 24,453 | 96.4 | 0.11 | 80.28 | 62.18 | 1972 | | 6,776 | 0.213 | 31,798 | 125.3 | 30.04 | 93.15 | 77.96 | 1973 | | 8,859 | 0.225 | 39,454 | 155.5 | 24.08 | 97.83 | 94.89 | 1974 | | 7,833 | 0.248 | 31,595 | 124.5 | -19.92 | 91.22 | 78.90 | 1975 | | 8,278 | 0.269 | 30,819 | 121.5 | -2.46 | 89.39 | 77.27 | 1976 | | 6,914 | 0.283 | 24,401 | 96.2 | -20.82 | 80.07 | 59.86 | 1977 | | 8,669 | 0.302 | 28,730 | 113.2 | 17.74 | 89.53 | 69.85 | 1978 | | 10,258 | 0.323 | 31,782 | 125.3 | 10.62 | 93.97 | 76.23 | 1979 | | 10,569 | 0.351 | 30,075 | 118.5 | -5.37 | 89.55 | 72.55 | 1980 | | 8,099 | 0.389 | 20,805 | 82.0 | -30.82 | 72.53 | 51.73 | 1981 | | 11,471 | 0.424 | 27,045 | 106.6 | 29.99 | 88.87 | 67.21 | 1982 | | 10,747 | 0.448 | 24,004 | 94.6 | -11.24 | 81.50 | 59.74 | 1983 | | 9,178 | 0.467 | 19,663 | 77.5 | -18.09 | 68.32 | 48.51 | 1984 | | 11,359 | 0.484 | 23,450 | 92.4 | 19.26 | 74.00 | 56.28 | 1985 | | 12,921 | 0.501 | 25,776 | 101.6 | 9.92 | 82.84 | 61.15 | 1986 | | 13,345 | 0.512 | 26,055 | 102.7 | 1.08 | 81.62 | 60.45 | 1987 | | 15,999 | 0.528 | 30,300 | 119.4 | 16.29 | 94.01 | 69.18 | 1988 | | 15,969 | 0.549 | 29,105 | 114.7 | -3.94 | 90.71 | 65.42 | 1989 | | 14,722 | 0.573 | 25,711 | 101.3 | -11.66 | 80.14 | 57.83 | 1990 | | 16,295 | 0.598 | 27,261 | 107.5 | 6.03 | 81.78 | 61.26 | 1991 | | 16,097 | 0.618 | 26,058 | 102.7 | -4.41 | 79.32 | 58.46 | 1992 | | 20,345 | 0.634 | 32,079 | 126.5 | 23.11 | 93.70 | 69.25 | 1993 | | 19,355 | 0.650 | 29,777 | 117.4 | -7.18 | 87.37 | 64.30 | 1994 | | 22,595 | 0.664 | 34,051 | 134.2 | 14.35 | 97.84 | 73.10 | 1995 | | 17,689 | 0.678 | 26,107 | 102.9 | -23.33 | 78.60 | 55.97 | 1996 | | 26,135 | 0.692 | 37,766 | 148.9 | 44.66 | 105.18 | 79.66 | 1997 | | 21,428 | 0.704 | 30,435 | 120.0 | -19.41 | 86.04 | 62.62 | 1998 | | 24,172 | 0.710 | 34,060 | 134.3 | 11.91 | 90.33 | 67.12 | 1999 | | 23,071 | 0.720 | 32,043 | 126.3 | -5.92 | 83.66 | 61.11 | 2000 | | 24,524 | 0.738 | 33,221 | 131.0 | 3.68 | 85.63 | 61.46 | 2001 | | 23,892 | 0.753 | 31,728 | 125.1 | -4.49 | 81.93 | 57.60 | 2002 | | 21,097 | 0.763 | 27,654 | 109.0 | -12.84 | 72.07 | 49.75 | 2003 | | 28,515 | 0.779 | 36,608 | 144.3 | 32.38 | 87.77 | 65.32 | 2004 | | 33,176 | 0.798 | 41,559 | 163.8 | 13.53 | 95.74 | 72.98 | 2005 | | 28,141 | 0.821 | 34,265 | 135.1 | -17.55 | 78.66 | 60.33 | 2006 | | 28,951 | 0.844 | 34,286 | 135.1 | 0.06 | 80.14 | 59.77 | 2007 | | 32,642 | 0.866 | 37,689 | 148.6 | 9.93 | 84.09 | 66.10 | 2008 | | 32,838 | 0.892 | 36,826 | 145.2 | -2.29 | 81.22 | 65.29 | 2009 | | 33,979 | 0.889 | 38,212 | 150.6 | 3.77 | 85.04 | 67.90 | 2010 | | 37,533 | 0.905 | 41,466 | 163.5 | 8.52 | 88.68 | 71.91 | 2011 | | 44,596 | 0.928 | 48,054 | 189.4 | 15.89 | 97.56 | 83.15 | 2012 | | 41,030 | 0.945 | 43,403 | 171.1 | -9.68 | 90.82 | 74.52 | 2013 | | 26,998 | 0.958 | 28,187 | 111.1 | -35.06 | 58.16 | 48.35 | 2014 | | 27,543 | 0.971 | 28,360 | 111.8 | 0.61 | 58.27 | 48.33 | 2015 | | 30,273 | 0.973 | 31,114 | 122.6 | 9.71 | 62.81 | 52.19 | 2016 | | 35,002 | 0.983 | 35,613 | 140.4 | 14.46 | 73.43 | 59.85 | 2017 | | 36,669 | 1.000 | 36,669 | 144.5 | 2.96 | 75.31 | 60.78 | 2018 | | 41,551 | 1.020 | 40,718 | 160.5 | 11.04 | 81.67 | 66.91 | 2019 | | 45,965 | 1.035 | 44,405 | 175.0 | 9.06 | 85.14 | 71.35 | 2020 | | 46,304 | 1.046 | 44,253 | 174.4 | -0.34 | 78.87 | 68.72 | 2021 | | 53,964 | 1.090 | 49,508 | 195.2 | 11.87 | 86.59 | 76.63 | 2022 | | 67,901 | 1.160 | 58,514 | 230.7 | 18.19 | 104.70 | 94.85 |
Source: Calculations by the South Dakota Regional Economic Analysis Project (SD-REAP) with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis November 2023 REAP_PI_CA1400_1400_PSN | | | | |
Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | South Dakota: Average Earnings Per Job, 1969-2022 | | | | | | | | | 1969 | | 5,427 | 0.189 | 28,739 | 100.0 | N | 75.59 | 1970 | | 5,779 | 0.198 | 29,236 | 101.7 | 1.73 | 76.08 | 1971 | | 6,277 | 0.206 | 30,461 | 106.0 | 4.19 | 77.46 | 1972 | | 7,274 | 0.213 | 34,138 | 118.8 | 12.07 | 83.70 | 1973 | | 9,056 | 0.225 | 40,330 | 140.3 | 18.14 | 97.00 | 1974 | | 8,587 | 0.248 | 34,635 | 120.5 | -14.12 | 86.49 | 1975 | | 9,261 | 0.269 | 34,477 | 120.0 | -0.45 | 86.45 | 1976 | | 8,634 | 0.283 | 30,473 | 106.0 | -11.61 | 74.76 | 1977 | | 9,684 | 0.302 | 32,091 | 111.7 | 5.31 | 78.02 | 1978 | | 10,916 | 0.323 | 33,822 | 117.7 | 5.39 | 81.12 | 1979 | | 11,803 | 0.351 | 33,586 | 116.9 | -0.70 | 81.02 | 1980 | | 11,167 | 0.389 | 28,686 | 99.8 | -14.59 | 71.32 | 1981 | | 12,908 | 0.424 | 30,432 | 105.9 | 6.08 | 75.63 | 1982 | | 13,187 | 0.448 | 29,454 | 102.5 | -3.21 | 73.30 | 1983 | | 13,433 | 0.467 | 28,779 | 100.1 | -2.29 | 71.00 | 1984 | | 15,350 | 0.484 | 31,690 | 110.3 | 10.12 | 76.06 | 1985 | | 15,598 | 0.501 | 31,116 | 108.3 | -1.81 | 73.82 | 1986 | | 16,351 | 0.512 | 31,924 | 111.1 | 2.60 | 74.06 | 1987 | | 17,019 | 0.528 | 32,231 | 112.2 | 0.96 | 73.59 | 1988 | | 17,604 | 0.549 | 32,085 | 111.6 | -0.45 | 72.12 | 1989 | | 18,371 | 0.573 | 32,083 | 111.6 | -0.01 | 72.16 | 1990 | | 19,926 | 0.598 | 33,335 | 116.0 | 3.90 | 74.91 | 1991 | | 20,294 | 0.618 | 32,852 | 114.3 | -1.45 | 73.70 | 1992 | | 21,714 | 0.634 | 34,238 | 119.1 | 4.22 | 73.91 | 1993 | | 22,154 | 0.650 | 34,083 | 118.6 | -0.45 | 73.60 | 1994 | | 23,094 | 0.664 | 34,804 | 121.1 | 2.12 | 74.72 | 1995 | | 22,505 | 0.678 | 33,215 | 115.6 | -4.56 | 71.21 | 1996 | | 24,848 | 0.692 | 35,905 | 124.9 | 8.10 | 75.73 | 1997 | | 24,905 | 0.704 | 35,373 | 123.1 | -1.48 | 72.78 | 1998 | | 26,760 | 0.710 | 37,708 | 131.2 | 6.60 | 74.31 | 1999 | | 27,577 | 0.720 | 38,301 | 133.3 | 1.57 | 73.05 | 2000 | | 28,640 | 0.738 | 38,795 | 135.0 | 1.29 | 71.77 | 2001 | | 29,163 | 0.753 | 38,728 | 134.8 | -0.17 | 70.31 | 2002 | | 29,275 | 0.763 | 38,372 | 133.5 | -0.92 | 69.03 | 2003 | | 32,488 | 0.779 | 41,708 | 145.1 | 8.69 | 74.42 | 2004 | | 34,652 | 0.798 | 43,409 | 151.0 | 4.08 | 76.23 | 2005 | | 35,773 | 0.821 | 43,558 | 151.6 | 0.34 | 76.69 | 2006 | | 36,125 | 0.844 | 42,782 | 148.9 | -1.78 | 74.57 | 2007 | | 38,818 | 0.866 | 44,821 | 156.0 | 4.77 | 78.61 | 2008 | | 40,429 | 0.892 | 45,339 | 157.8 | 1.16 | 80.38 | 2009 | | 39,955 | 0.889 | 44,933 | 156.3 | -0.90 | 79.84 | 2010 | | 42,322 | 0.905 | 46,758 | 162.7 | 4.06 | 81.09 | 2011 | | 45,712 | 0.928 | 49,257 | 171.4 | 5.34 | 85.23 | 2012 | | 45,176 | 0.945 | 47,788 | 166.3 | -2.98 | 82.05 | 2013 | | 46,421 | 0.958 | 48,465 | 168.6 | 1.42 | 83.14 | 2014 | | 47,270 | 0.971 | 48,671 | 169.4 | 0.42 | 82.94 | 2015 | | 48,200 | 0.973 | 49,538 | 172.4 | 1.78 | 83.10 | 2016 | | 47,666 | 0.983 | 48,499 | 168.8 | -2.10 | 81.51 | 2017 | | 48,688 | 1.000 | 48,688 | 169.4 | 0.39 | 80.70 | 2018 | | 50,877 | 1.020 | 49,857 | 173.5 | 2.40 | 81.93 | 2019 | | 53,984 | 1.035 | 52,152 | 181.5 | 4.60 | 83.80 | 2020 | | 58,708 | 1.046 | 56,107 | 195.2 | 7.58 | 87.13 | 2021 | | 62,320 | 1.090 | 57,174 | 198.9 | 1.90 | 88.50 | 2022 | | 64,856 | 1.160 | 55,889 | 194.5 | -2.25 | 90.60 |
Source: Calculations by the South Dakota Regional Economic Analysis Project (SD-REAP) with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis November 2023 REAP_PI_CA1400_1400_PSN | | | | |
Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | United States: Average Earnings Per Job, 1969-2022 | | | | | | | | 1969 | | 7,179 | 0.189 | 38,018 | 100.0 | N | 1970 | | 7,596 | 0.198 | 38,430 | 101.1 | 1.08 | 1971 | | 8,103 | 0.206 | 39,326 | 103.4 | 2.33 | 1972 | | 8,691 | 0.213 | 40,786 | 107.3 | 3.71 | 1973 | | 9,336 | 0.225 | 41,579 | 109.4 | 1.94 | 1974 | | 9,928 | 0.248 | 40,044 | 105.3 | -3.69 | 1975 | | 10,713 | 0.269 | 39,883 | 104.9 | -0.40 | 1976 | | 11,549 | 0.283 | 40,761 | 107.2 | 2.20 | 1977 | | 12,412 | 0.302 | 41,131 | 108.2 | 0.91 | 1978 | | 13,457 | 0.323 | 41,694 | 109.7 | 1.37 | 1979 | | 14,568 | 0.351 | 41,454 | 109.0 | -0.58 | 1980 | | 15,657 | 0.389 | 40,220 | 105.8 | -2.98 | 1981 | | 17,066 | 0.424 | 40,237 | 105.8 | 0.04 | 1982 | | 17,989 | 0.448 | 40,181 | 105.7 | -0.14 | 1983 | | 18,920 | 0.467 | 40,535 | 106.6 | 0.88 | 1984 | | 20,181 | 0.484 | 41,663 | 109.6 | 2.78 | 1985 | | 21,130 | 0.501 | 42,152 | 110.9 | 1.17 | 1986 | | 22,078 | 0.512 | 43,104 | 113.4 | 2.26 | 1987 | | 23,126 | 0.528 | 43,799 | 115.2 | 1.61 | 1988 | | 24,408 | 0.549 | 44,487 | 117.0 | 1.57 | 1989 | | 25,460 | 0.573 | 44,462 | 117.0 | -0.05 | 1990 | | 26,599 | 0.598 | 44,498 | 117.0 | 0.08 | 1991 | | 27,537 | 0.618 | 44,577 | 117.3 | 0.18 | 1992 | | 29,378 | 0.634 | 46,323 | 121.8 | 3.92 | 1993 | | 30,101 | 0.650 | 46,309 | 121.8 | -0.03 | 1994 | | 30,909 | 0.664 | 46,580 | 122.5 | 0.59 | 1995 | | 31,605 | 0.678 | 46,646 | 122.7 | 0.14 | 1996 | | 32,810 | 0.692 | 47,411 | 124.7 | 1.64 | 1997 | | 34,218 | 0.704 | 48,600 | 127.8 | 2.51 | 1998 | | 36,011 | 0.710 | 50,743 | 133.5 | 4.41 | 1999 | | 37,751 | 0.720 | 52,432 | 137.9 | 3.33 | 2000 | | 39,903 | 0.738 | 54,053 | 142.2 | 3.09 | 2001 | | 41,477 | 0.753 | 55,080 | 144.9 | 1.90 | 2002 | | 42,406 | 0.763 | 55,584 | 146.2 | 0.92 | 2003 | | 43,655 | 0.779 | 56,045 | 147.4 | 0.83 | 2004 | | 45,456 | 0.798 | 56,943 | 149.8 | 1.60 | 2005 | | 46,648 | 0.821 | 56,800 | 149.4 | -0.25 | 2006 | | 48,442 | 0.844 | 57,368 | 150.9 | 1.00 | 2007 | | 49,382 | 0.866 | 57,019 | 150.0 | -0.61 | 2008 | | 50,298 | 0.892 | 56,407 | 148.4 | -1.07 | 2009 | | 50,041 | 0.889 | 56,276 | 148.0 | -0.23 | 2010 | | 52,191 | 0.905 | 57,661 | 151.7 | 2.46 | 2011 | | 53,633 | 0.928 | 57,792 | 152.0 | 0.23 | 2012 | | 55,061 | 0.945 | 58,245 | 153.2 | 0.78 | 2013 | | 55,837 | 0.958 | 58,296 | 153.3 | 0.09 | 2014 | | 56,990 | 0.971 | 58,680 | 154.3 | 0.66 | 2015 | | 58,005 | 0.973 | 59,615 | 156.8 | 1.59 | 2016 | | 58,480 | 0.983 | 59,501 | 156.5 | -0.19 | 2017 | | 60,329 | 1.000 | 60,329 | 158.7 | 1.39 | 2018 | | 62,102 | 1.020 | 60,856 | 160.1 | 0.87 | 2019 | | 64,419 | 1.035 | 62,233 | 163.7 | 2.26 | 2020 | | 67,378 | 1.046 | 64,393 | 169.4 | 3.47 | 2021 | | 70,421 | 1.090 | 64,606 | 169.9 | 0.33 | 2022 | | 71,586 | 1.160 | 61,690 | 162.3 | -4.51 |
Source: Calculations by the South Dakota Regional Economic Analysis Project (SD-REAP) with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis November 2023 REAP_PI_CA1400_1400_PN | | | | |
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