Randolph County vs. Illinois
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2018
Introduction
Randolph County:
2018 GDP = $1,650,387K
2018 Percent of State = 0.2%
Illinois:
2018 GDP = $865,310,411K
2018 Percent of State = 4.2%
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 Randolph County is the most comprehensive measure of output of all goods and services produced by labor and property located within Randolph 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.
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

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.
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

Randolph County Gross Domestic Product, 2002-2018
Current vs. Chained 2012 Dollars (Millions)
Randolph County Gross Domestic Product, 2002-2018
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Randolph County's annual gross domestic product over 2002-2018 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 Randolph County over time.
When measured in current dollars, Randolph County's GDP increased 31.6%, from $1,254M in 2002 to $1,650M in 2018. When measured in constant 2012 dollars to adjust for inflation, it declined -11.6%, from $1,662M in 2002 to $1,470M in 2018.
Real Gross Domestic Product, 2001-2018 (Millions)
Real Gross Domestic Product, 2001-2018 (Millions)
Figure 2.
Figure 2 traces Randolph County's and Illinois' annual real gross domestic product for the period 2001-2018 to illustrate real gross domestic product patterns over time. During this 18-year period, Randolph County's real gross domestic product dropped from $1,620M in 2001 to $1,470M in 2018, for a net loss of ($150)M, or -9.3%. In comparison, Illinois' real GDP advanced from $644,181M in 2001 to $769,801M in 2018, for a net gain of $125,619M, or 19.5%.
Real Gross Domestic Product Indices (2001=100): 2001-2018
Real Gross Domestic Product Indices (2001=100): 2001-2018
Figure 3.
Figure 3 shows Randolph 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.
Randolph County's overall real GDP growth was -9.3% over 2001-2018 trailed Illinois' increase of 19.5%, and fell below the United States' increase of 40.5%.
Gross Domestic Product as a Percent of the Illinois Total: 2001-2018
Gross Domestic Product as a Percent of the Illinois Total: 2001-2018
Figure 4.
Another interesting and insightful way of contrasting the gross domestic product growth of Randolph County is to compare 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, Randolph County's GDP comprised 0.24% of Illinois' GDP, while in 2018 it totaled 0.19% thereby yielding a -0.05% share-shift.
   
 
Gross Domestic Product Share-Shift
2018 vs. 2001
 
Share-
Shift*
 
2018
vs.
2001
-0.05%
=
0.19%
-
0.24%
 
   
Randolph County Real Gross Domestic Product:
Annual Percent Change, 2002-2018
Randolph County Real Gross Domestic Product:
Annual Percent Change, 2002-2018
Figure 5.
Figure 5 displays the short-run pattern of Randolph County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2018. The average annual percent change for the entire 17-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, Randolph County's real GDP contracted at an annual rate of -0.48% over 2002-2018. The county posted its highest growth in 2006 (6.56%) and posted its lowest growth in 2014 (-6.82%). In 2018, Randolph County's real GDP grew by 3.29%
Randolph County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2018
Randolph County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2018
Figure 6.
Figure 6 again depicts the annual percent change in Randolph County's real gross domestic product since 2002, but this time they are overlayed with the average growth rate for 2010-2018.
During the 2010s, Randolph County's annual real GDP growth rate averaged -1.32%.
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 Randolph County noted in the previous graph with the corresponding decade averages for Illinois and the nation. As the chart reveals, Randolph County's average annual real gross domestic product growth and recorded under Illinois' average over the 9 year period of the last decade, 2010-2018 (-1.32% vs. 1.34%).
Finally, relative to nationwide real gross domestic product growth trends, Randolph County and fell under the nation over 2010-2018 (-1.32% vs. 2.29%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
-0.48
-1.32
3.29
 
1.06
1.34
2.14
 
2.03
2.29
2.93
 
   

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

   
 
Randolph County:
Gross Domestic Product, 2001-2018
 
2001
 
1,219,104
0.968
1,620,150
100.0
N
0.24
2002
 
1,254,370
0.993
1,662,258
102.6
2.60
0.24
2003
 
1,319,171
1.013
1,696,184
104.7
2.04
0.25
2004
 
1,404,291
1.041
1,743,269
107.6
2.78
0.25
2005
 
1,368,388
0.974
1,630,562
100.6
-6.47
0.23
2006
 
1,537,531
1.038
1,737,471
107.2
6.56
0.25
2007
 
1,575,893
1.035
1,733,485
107.0
-0.23
0.24
2008
 
1,640,644
1.055
1,765,711
109.0
1.86
0.25
2009
 
1,635,435
0.997
1,668,535
103.0
-5.50
0.25
2010
 
1,705,620
1.038
1,737,360
107.2
4.12
0.26
2011
 
1,777,366
1.066
1,784,081
110.1
2.69
0.26
2012
 
1,674,270
1.000
1,674,270
103.3
-6.16
0.23
2013
 
1,699,814
0.993
1,662,818
102.6
-0.68
0.23
2014
 
1,651,177
0.925
1,549,453
95.6
-6.82
0.22
2015
 
1,663,740
0.920
1,540,865
95.1
-0.55
0.21
2016
 
1,628,722
0.902
1,510,682
93.2
-1.96
0.20
2017
 
1,563,660
0.850
1,423,239
87.8
-5.79
0.19
2018
 
1,650,387
0.878
1,470,109
90.7
3.29
0.19
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 2019
REAP_PI_CA1400_2000_PSN
 
   

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

   
 
Illinois:
Gross Domestic Product, 2001-2018
 
2001
 
502,260,324
0.894
644,181,346
100.0
N
4.75
2002
 
514,063,755
0.899
647,867,511
100.6
0.57
4.70
2003
 
529,455,367
0.910
655,834,740
101.8
1.23
4.62
2004
 
558,748,448
0.934
673,262,441
104.5
2.66
4.57
2005
 
586,693,857
0.952
685,896,702
106.5
1.88
4.50
2006
 
621,859,868
0.978
704,494,498
109.4
2.71
4.50
2007
 
647,862,114
0.989
712,709,786
110.6
1.17
4.48
2008
 
646,366,579
0.970
699,429,545
108.6
-1.86
4.39
2009
 
644,690,074
0.948
682,965,584
106.0
-2.35
4.46
2010
 
662,637,775
0.964
694,961,100
107.9
1.76
4.42
2011
 
688,288,924
0.981
707,059,483
109.8
1.74
4.43
2012
 
720,702,331
1.000
720,702,331
111.9
1.93
4.45
2013
 
739,627,925
1.005
724,616,358
112.5
0.54
4.41
2014
 
765,347,726
1.020
735,035,560
114.1
1.44
4.37
2015
 
792,999,411
1.033
744,517,833
115.6
1.29
4.35
2016
 
806,315,510
1.037
747,167,990
116.0
0.36
4.31
2017
 
826,817,837
1.046
753,637,957
117.0
0.87
4.24
2018
 
865,310,411
1.068
769,800,594
119.5
2.14
4.20
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 2019
REAP_PI_CA1400_2000_PSN
 
   

Tip: 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, 2001-2018
 
2001
 
10,581,822,000
0.819
13,262,079,000
100.0
N
2002
 
10,936,418,000
0.833
13,493,064,000
101.7
1.74
2003
 
11,458,246,000
0.857
13,879,129,000
104.7
2.86
2004
 
12,213,730,000
0.889
14,406,382,000
108.6
3.80
2005
 
13,036,637,000
0.921
14,912,509,000
112.4
3.51
2006
 
13,814,609,000
0.947
15,338,257,000
115.7
2.85
2007
 
14,451,860,000
0.965
15,626,029,000
117.8
1.88
2008
 
14,712,845,000
0.963
15,604,687,000
117.7
-0.14
2009
 
14,448,932,000
0.939
15,208,834,000
114.7
-2.54
2010
 
14,992,052,000
0.963
15,598,753,000
117.6
2.56
2011
 
15,542,582,000
0.978
15,840,664,000
119.4
1.55
2012
 
16,197,007,000
1.000
16,197,007,000
122.1
2.25
2013
 
16,784,851,000
1.018
16,495,369,000
124.4
1.84
2014
 
17,527,258,000
1.044
16,912,038,000
127.5
2.53
2015
 
18,224,780,000
1.075
17,403,843,000
131.2
2.91
2016
 
18,715,040,000
1.092
17,688,890,000
133.4
1.64
2017
 
19,519,424,000
1.118
18,108,082,000
136.5
2.37
2018
 
20,580,223,000
1.151
18,638,164,000
140.5
2.93
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 2019
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2020. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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