Franklin County vs. Illinois
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2020
Introduction
Franklin County vs. Illinois
Franklin County:
2020 GDP = $1,018,355K
2020 Percent of State = 0.1%
Illinois:
2020 GDP = $858,366,873K
2020 Percent of U.S. = 4.1%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of Franklin County is the most comprehensive measure of output of all goods and services produced by labor and property located within Franklin County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

Franklin County Gross Domestic Product, 2002-2020
Current vs. Chained 2012 Dollars (Millions)
Franklin County Gross Domestic Product, 2002-2020
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Franklin County's annual gross domestic product over 2002-2020 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of Franklin County over time.
When measured in current dollars, Franklin County's GDP increased 51.8%, from $671M in 2002 to $1,018M in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 3.0%, from $851M in 2002 to $877M in 2020.
Real Gross Domestic Product, 2001-2020 (Millions)
Real Gross Domestic Product, 2001-2020 (Millions)
Figure 2.
Figure 2 traces Franklin County's and Illinois' annual real gross domestic product for the period 2001-2020 to illustrate real gross domestic product patterns over time. During this 20-year period, Franklin County's real gross domestic product rose from $799M in 2001 to $877M in 2020, for a net gain of $78M, or 9.7%. In comparison, Illinois' real GDP increased from $642,293M in 2001 to $737,644M in 2020, for a net gain of $95,351M, or 14.8%.
Real Gross Domestic Product Indices (2001=100): 2001-2020
Real Gross Domestic Product Indices (2001=100): 2001-2020
Figure 3.
Figure 3 shows Franklin County's real gross domestic product growth in a broader context by offering direct comparisons across time with Illinois, the United States. The growth indices shown here express each region's real gross domestic product in 2001 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 2001 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
Franklin County's overall real GDP growth was 9.7% over 2001-2020 trailed Illinois' increase of 14.8%, and fell below the United States' increase of 38.6%.
Gross Domestic Product as a Percent of the Illinois Total: 2001-2020
Gross Domestic Product as a Percent of the Illinois Total: 2001-2020
Figure 4.
Another interesting and insightful way of highlighting the gross domestic product growth of Franklin County is to trace its individual percentage contributions to Illinois' statewide gross domestic product over time, as shown in Figure 4. A rising share means a region's gross domestic product grew faster, or declined less, than Illinois' gross domestic product, while a declining share shows it grew more slowly.
In 2001, Franklin County's GDP totaled 0.12% of Illinois' GDP, while in 2020 it equated to 0.12% thereby yielding a 0.00% share-shift.
   
 
Gross Domestic Product Share-Shift
2020 vs. 2001
 
Share-
Shift*
 
2020
vs.
2001
0.00%
=
0.12%
-
0.12%
 
   
Franklin County Real Gross Domestic Product:
Annual Percent Change, 2002-2020
Franklin County Real Gross Domestic Product:
Annual Percent Change, 2002-2020
Figure 5.
Figure 5 shows the short-run pattern of Franklin County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2020. The average annual percent change for the entire 19-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, Franklin County's real GDP grew at an annual rate of 0.59% over 2002-2020. The county recorded its highest growth in 2011 (7.08%) and recorded its lowest growth in 2020 (-11.75%). In 2020, Franklin County's real GDP declined by -11.75%
Franklin County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2020
Franklin County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2020
Figure 6.
Figure 6 again shows the annual percent change in Franklin County's real gross domestic product since 2002, but this time they are displayed with average growth rates for the decade of the 2000s, and 2020.
During 2002-2009, Franklin County's annual real GDP growth rate averaged 0.70%. It averaged 1.74% during the 2010s, and -11.75% in 2020.
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Franklin County noted in the previous graph with the corresponding decade averages for Illinois and the nation. As the chart reveals, Franklin County's average annual real gross domestic product growth amounted to less than Illinois' average throughout the 2000s (0.70% vs. 0.88%), and outperformed Illinois' average over the 10 year period of the last decade, 2010-2019 (1.74% vs. 1.23%). In 2020, Franklin County's growth has trailed Illinois' average (-11.75% vs. -5.14%).
Finally, relative to nationwide real gross domestic product growth trends, Franklin County fell under the nation throughout the 2000s (0.70% vs. 1.77%), and recorded underneath the nation over 2010-2019 (1.74% vs. 2.25%). In 2020, growth for Franklin County has posted below the national average (-11.75% vs. -3.40%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
0.59
0.70
1.74
-11.75
 
0.75
0.88
1.23
-5.14
 
1.75
1.77
2.25
-3.40
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
Franklin County:
Gross Domestic Product, 2001-2020
 
2001
 
614,686
0.823
799,059
100.0
N
0.12
2002
 
670,765
0.876
851,063
106.5
6.51
0.13
2003
 
651,434
0.829
805,601
100.8
-5.34
0.12
2004
 
686,095
0.848
823,425
103.0
2.21
0.12
2005
 
691,360
0.830
806,551
100.9
-2.05
0.12
2006
 
725,440
0.842
818,301
102.4
1.46
0.12
2007
 
757,826
0.852
827,194
103.5
1.09
0.12
2008
 
788,335
0.868
843,334
105.5
1.95
0.12
2009
 
796,876
0.867
841,715
105.3
-0.19
0.12
2010
 
844,293
0.906
880,497
110.2
4.61
0.13
2011
 
922,953
0.971
942,866
118.0
7.08
0.13
2012
 
971,331
1.000
971,331
121.6
3.02
0.13
2013
 
963,471
0.981
952,692
119.2
-1.92
0.13
2014
 
1,017,609
1.022
992,442
124.2
4.17
0.13
2015
 
1,058,371
1.061
1,030,124
128.9
3.80
0.13
2016
 
1,059,257
1.055
1,024,302
128.2
-0.57
0.13
2017
 
1,114,009
1.065
1,034,331
129.4
0.98
0.13
2018
 
1,175,875
1.093
1,061,254
132.8
2.60
0.14
2019
 
1,122,711
1.023
993,704
124.4
-6.37
0.13
2020
 
1,018,355
0.903
876,961
109.7
-11.75
0.12
Source: Calculations by the Illinois Regional Economic Analysis Project (IL-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_2000_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
Illinois:
Gross Domestic Product, 2001-2020
 
2001
 
501,552,777
0.884
642,292,514
100.0
N
4.74
2002
 
514,361,074
0.891
647,517,753
100.8
0.81
4.71
2003
 
533,022,459
0.906
658,317,277
102.5
1.67
4.65
2004
 
563,060,841
0.932
676,805,920
105.4
2.81
4.61
2005
 
589,811,850
0.947
687,706,570
107.1
1.61
4.52
2006
 
624,242,936
0.970
704,827,569
109.7
2.49
4.52
2007
 
650,145,155
0.981
712,619,785
110.9
1.11
4.49
2008
 
654,657,495
0.973
706,616,459
110.0
-0.84
4.43
2009
 
649,862,738
0.947
688,160,951
107.1
-2.61
4.49
2010
 
666,404,845
0.961
698,179,584
108.7
1.46
4.43
2011
 
692,880,814
0.979
711,283,361
110.7
1.88
4.44
2012
 
726,399,102
1.000
726,399,102
113.1
2.13
4.47
2013
 
741,121,510
1.000
726,124,962
113.1
-0.04
4.40
2014
 
771,356,117
1.020
741,194,005
115.4
2.08
4.40
2015
 
799,930,468
1.035
751,754,932
117.0
1.42
4.39
2016
 
807,043,206
1.032
749,333,509
116.7
-0.32
4.32
2017
 
827,075,176
1.040
755,594,685
117.6
0.84
4.25
2018
 
867,535,503
1.066
774,065,036
120.5
2.44
4.23
2019
 
890,486,095
1.071
777,653,833
121.1
0.46
4.17
2020
 
858,366,873
1.015
737,643,578
114.8
-5.14
4.11
Source: Calculations by the Illinois Regional Economic Analysis Project (IL-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_2000_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:
Gross Domestic Product, 2001-2020
 
2001
 
10,581,929,000
0.816
13,263,417,000
100.0
N
2002
 
10,929,108,000
0.830
13,488,357,000
101.7
1.70
2003
 
11,456,450,000
0.853
13,865,519,000
104.5
2.80
2004
 
12,217,196,000
0.886
14,399,696,000
108.6
3.85
2005
 
13,039,197,000
0.917
14,901,269,000
112.3
3.48
2006
 
13,815,583,000
0.942
15,315,943,000
115.5
2.78
2007
 
14,474,228,000
0.961
15,623,871,000
117.8
2.01
2008
 
14,769,862,000
0.962
15,642,962,000
117.9
0.12
2009
 
14,478,067,000
0.937
15,236,262,000
114.9
-2.60
2010
 
15,048,970,000
0.963
15,648,991,000
118.0
2.71
2011
 
15,599,731,000
0.978
15,891,534,000
119.8
1.55
2012
 
16,253,970,000
1.000
16,253,970,000
122.5
2.28
2013
 
16,843,196,000
1.018
16,553,348,000
124.8
1.84
2014
 
17,550,687,000
1.042
16,932,051,000
127.7
2.29
2015
 
18,206,023,000
1.070
17,390,295,000
131.1
2.71
2016
 
18,695,106,000
1.088
17,680,274,000
133.3
1.67
2017
 
19,479,623,000
1.112
18,079,084,000
136.3
2.26
2018
 
20,527,159,000
1.145
18,606,787,000
140.3
2.92
2019
 
21,372,582,000
1.171
19,032,672,000
143.5
2.29
2020
 
20,893,746,000
1.131
18,384,687,000
138.6
-3.40
Source: Calculations by the Illinois Regional Economic Analysis Project (IL-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2022. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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

Please wait while your request is being processed...
To offer the most comprehensive set of interactive options in support of your research, IL-REAP calculates and crunches most of the data and generates the narrative and graphic analysis on demand in response to your request.
Your request will soon be available.
Just a few more seconds....Your request has been generated and is now loading the results.