Industry earnings are incomes received by people who are directly involved with producing goods and services. Earnings, referred to also as "labor and proprietors income", include (1) wage and salary disbursements, (2) other labor income such as employer contributions to private retirement and medical insurance programs, and (3) the net incomes of proprietors (i.e., the owners of unincorporated enterprises).

In contrast to the more frequently cited employment data, earnings data more accurately reflect qualitative differences in labor's contributions toward the production of goods and services, namely the productivity differences reflected in variations in earnings per job. Earnings data, therefore, are better for comparing and tracking long-term trends and identifying short-run shifts in the level and composition of economic activity within and among counties.

Just like the employment data compiled by BEA, earnings data are reported on a place-of-work, or more accurately on a place-where-earned, basis.

Note: the BEA earnings data presented and discussed here in the context of comparing and assessing the economic growth and performance of county and regional economies are entirely separate and apart from--and should not be confused with--corporate earnings, which are compiled from the balance sheets of individual private corporations.

Figure 1 depicts Craig County's annual total industry earnings 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 Craig County over time.

When measured in current dollars, Craig County's total industry earnings increased 966.73%, from $32M in 1970 to $346M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 81.70%, from $164M in 1970 to $298M in 2022.

Figure 2 tracks Craig County's and Oklahoma's annual real total industry earnings for the period 1969-2022 to illustrate real total industry earnings patterns over time. During this 54-year period, Craig County's real total industry earnings rose from $145M in 1969 to $298M in 2022, for a net gain of $153M, or 105.21%. In comparison, Oklahoma's real total industry earnings increased from $35,353M in 1969 to $129,117M in 2022, for a net gain of $93,763M, or 265.22%.

Figure 3 portrays Craig County's real total industry earnings growth in a broader context by offering direct comparisons across time with Oklahoma, the United States. The growth indices shown here express each region's real total industry earnings in 1969 as a base figure of 100, and the real total industry earningss in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total industry earnings growth between regions that may differ vastly in size.

Craig County's overall real total industry earnings growth was 105.21% over 1969-2022 trailed Oklahoma's increase of 265.22%, and fell below the United States' increase of 278.59%.

Another interesting and insightful way of contrasting the total industry earnings growth of Craig County is to trace its individual percentage contributions to Oklahoma's statewide total industry earnings over time, as shown in Figure 4. A rising share means a region's total industry earnings grew faster, or declined less, than Oklahoma's total industry earnings, while a declining share shows it grew more slowly.

In 1969, Craig County's total industry earnings totaled 0.41% of Oklahoma's total industry earnings, while in 2022 it totaled 0.23% thereby yielding a -0.18% share-shift.

Figure 5 highlights the short-run pattern of Craig County's real total industry earnings 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, Craig County's real total industry earnings grew at an annual rate of 1.48% over 1970-2022. The county posted its highest growth in 1973 (16.20%) and posted its lowest growth in 1974 (-8.37%). In 2022, Craig County's real total industry earnings declined by -4.21%

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 traces the annual percent change in Craig County's real total industry earnings 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, Craig County's annual real total industry earnings growth rate averaged 4.78%. It averaged -0.43% throughout the 1980s, 2.69% during the 1990s, 1.01% throughout the 2000s, 0.45% during the 2010s, -2.08% thus far this decade (2020-2022).

Figure 7 compares the decade average growth rates for Craig County noted in the previous graph with the corresponding decade averages for Oklahoma and the nation. As the chart reveals, Craig County's average annual real total industry earnings growth posted below Oklahoma's average in the 1970s (4.78% vs. 4.79%), amounted to less than Oklahoma's average in the 1980s (-0.43% vs. 0.77%), outperformed Oklahoma's average throughout the 1990s (2.69% vs. 2.36%), amounted to less than Oklahoma's average throughout the 2000s (1.01% vs. 3.15%), amounted to less than Oklahoma's average during the 2010s (0.45% vs. 2.12%), and fell below Oklahoma's average over the 3 year period of the current decade, 2020-2022 (-2.08% vs. 1.00%).

Finally, relative to nationwide real total industry earnings growth trends, Craig County outperformed the nation over the 1970s (4.78% vs. 3.13%), fell under the nation during the 1980s (-0.43% vs. 2.62%), posted below the nation in the 1990s (2.69% vs. 3.43%), lagged the nation throughout the 2000s (1.01% vs. 1.47%), posted below the nation over the 2010s (0.45% vs. 2.53%), and posted below the nation over 2020-2022 (-2.08% vs. 1.48%).