Grundy County vs. Iowa
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2019
Introduction
Grundy County:
2019 GDP = $584,475K
2019 Percent of State = 0.3%
Iowa:
2019 GDP = $194,658,065K
2019 Percent of U.S. = 0.9%
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 Grundy County is the most comprehensive measure of output of all goods and services produced by labor and property located within Grundy 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.

Grundy County Gross Domestic Product, 2002-2019
Current vs. Chained 2012 Dollars (Millions)
Grundy County Gross Domestic Product, 2002-2019
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Grundy County's annual gross domestic product over 2002-2019 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 Grundy County over time.
When measured in current dollars, Grundy County's GDP increased 85.9%, from $314M in 2002 to $584M in 2019. When measured in constant 2012 dollars to adjust for inflation, it advanced 23.3%, from $426M in 2002 to $525M in 2019.
Real Gross Domestic Product, 2001-2019 (Millions)
Real Gross Domestic Product, 2001-2019 (Millions)
Figure 2.
Figure 2 tracks Grundy County's and Iowa's annual real gross domestic product for the period 2001-2019 to illustrate real gross domestic product patterns over time. During this 19-year period, Grundy County's real gross domestic product rose from $399M in 2001 to $525M in 2019, for a net gain of $126M, or 31.7%. In comparison, Iowa's real GDP advanced from $120,924M in 2001 to $173,515M in 2019, for a net advance of $52,592M, or 43.5%.
Gross Domestic Product as a Percent of the Iowa Total: 2001-2019
Gross Domestic Product as a Percent of the Iowa Total: 2001-2019
Figure 3.
Another interesting and insightful way of contrasting the gross domestic product growth of Grundy County is to compare its individual percentage contributions to Iowa's statewide gross domestic product over time, as shown in Figure 3. A rising share means a region's gross domestic product grew faster, or declined less, than Iowa's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Grundy County's GDP comprised 0.31% of Iowa's GDP, while in 2019 it equated to 0.30% thereby yielding a -0.01% share-shift.
   
 
Gross Domestic Product Share-Shift
2019 vs. 2001
 
Share-
Shift*
 
2019
vs.
2001
-0.01%
=
0.30%
-
0.31%
 
   
Grundy County Real Gross Domestic Product:
Annual Percent Change, 2002-2019
Grundy County Real Gross Domestic Product:
Annual Percent Change, 2002-2019
Figure 4.
Figure 4 highlights the short-run pattern of Grundy County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2019. The average annual percent change for the entire 18-year period is also traced 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, Grundy County's real GDP grew at an annual rate of 1.63% over 2002-2019. The county recorded its highest growth in 2004 (10.05%) and recorded its lowest growth in 2014 (-4.97%). In 2019, Grundy County's real GDP grew by 7.02%
Grundy County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2019
Grundy County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2019
Figure 5.
Figure 5 again illustrates the annual percent change in Grundy County's real gross domestic product since 2002, but this time they are displayed with average growth rates for 2002-2009, and 2010-2019.
During 2002-2009, Grundy County's annual real GDP growth rate averaged 3.28%. It averaged and 0.30% thus far this decade (2010 to 2019).
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 6.
Figure 6 compares the decade average growth rates for Grundy County noted in the previous graph with the corresponding decade averages for Iowa and the nation. As the chart reveals, Grundy County's average annual real gross domestic product growth and lagged Iowa's average over the 10 year period of the last decade, 2010-2019 (0.30% vs. 1.74%).
Finally, relative to nationwide real gross domestic product growth trends, Grundy County and lagged the nation over 2010-2019 (0.30% vs. 2.30%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
1.63
0.30
7.02
 
2.06
1.74
0.39
 
2.05
2.30
2.16
 
   

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

   
 
Grundy County:
Gross Domestic Product, 2001-2019
 
2001
 
293,056
0.763
398,680
100.0
N
0.31
2002
 
314,415
0.815
425,643
106.8
6.76
0.32
2003
 
323,523
0.810
423,103
106.1
-0.60
0.31
2004
 
375,263
0.891
465,627
116.8
10.05
0.32
2005
 
364,347
0.872
455,765
114.3
-2.12
0.30
2006
 
401,928
0.944
493,359
123.7
8.25
0.32
2007
 
419,898
0.917
479,204
120.2
-2.87
0.31
2008
 
447,028
0.958
500,263
125.5
4.39
0.33
2009
 
450,401
0.981
512,227
128.5
2.39
0.33
2010
 
458,570
0.969
506,087
126.9
-1.20
0.32
2011
 
486,209
0.958
500,587
125.6
-1.09
0.33
2012
 
522,389
1.000
522,389
131.0
4.36
0.33
2013
 
520,667
0.970
506,762
127.1
-2.99
0.32
2014
 
495,855
0.922
481,587
120.8
-4.97
0.29
2015
 
500,759
0.933
487,625
122.3
1.25
0.28
2016
 
495,453
0.918
479,304
120.2
-1.71
0.28
2017
 
503,560
0.910
475,212
119.2
-0.85
0.28
2018
 
532,604
0.939
490,482
123.0
3.21
0.28
2019
 
584,475
1.005
524,936
131.7
7.02
0.30
Source: Calculations by the Iowa Regional Economic Analysis Project (IA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2020
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.

   
 
Iowa:
Gross Domestic Product, 2001-2019
 
2001
 
94,973,424
0.766
120,923,883
100.0
N
0.90
2002
 
99,123,207
0.787
124,276,990
102.8
2.77
0.91
2003
 
105,020,380
0.819
129,246,371
106.9
4.00
0.92
2004
 
116,834,350
0.887
139,960,193
115.7
8.29
0.96
2005
 
122,256,231
0.912
143,905,274
119.0
2.82
0.94
2006
 
127,052,598
0.925
146,068,381
120.8
1.50
0.92
2007
 
137,179,850
0.966
152,466,207
126.1
4.38
0.95
2008
 
137,116,232
0.949
149,735,470
123.8
-1.79
0.93
2009
 
136,819,855
0.926
146,223,605
120.9
-2.35
0.95
2010
 
142,016,651
0.951
150,099,178
124.1
2.65
0.95
2011
 
148,102,234
0.964
152,153,227
125.8
1.37
0.95
2012
 
157,838,618
1.000
157,838,618
130.5
3.74
0.97
2013
 
161,582,978
1.000
157,902,489
130.6
0.04
0.96
2014
 
172,121,880
1.049
165,641,377
137.0
4.90
0.98
2015
 
179,459,192
1.081
170,545,870
141.0
2.96
0.98
2016
 
179,939,750
1.074
169,488,818
140.2
-0.62
0.96
2017
 
182,151,347
1.071
168,976,513
139.7
-0.30
0.93
2018
 
190,146,967
1.095
172,844,678
142.9
2.29
0.92
2019
 
194,658,065
1.099
173,515,422
143.5
0.39
0.91
Source: Calculations by the Iowa Regional Economic Analysis Project (IA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2020
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, 2001-2019
 
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
 
18,238,301,000
1.076
17,432,170,000
131.4
3.08
2016
 
18,745,075,000
1.095
17,730,509,000
133.7
1.71
2017
 
19,542,980,000
1.120
18,144,105,000
136.8
2.33
2018
 
20,611,861,000
1.154
18,687,786,000
140.9
3.00
2019
 
21,433,226,000
1.179
19,091,662,000
144.0
2.16
Source: Calculations by the Iowa Regional Economic Analysis Project (IA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2020
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2021. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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