Franklin County vs. Maine
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2020
Introduction
Franklin County vs. Maine
Franklin County:
2020 GDP = $1,130,287K
2020 Percent of State = 1.6%
Maine:
2020 GDP = $69,271,785K
2020 Percent of U.S. = 0.3%
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 33.7%, from $846M in 2002 to $1,130M in 2020. When measured in constant 2012 dollars to adjust for inflation, it declined -10.3%, from $1,057M in 2002 to $947M in 2020.
Real Gross Domestic Product, 2001-2020 (Millions)
Real Gross Domestic Product, 2001-2020 (Millions)
Figure 2.
Figure 2 tracks Franklin County's and Maine's 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 dropped from $1,057M in 2001 to $947M in 2020, for a net loss of ($110)M, or -10.4%. In comparison, Maine's real GDP increased from $49,471M in 2001 to $58,757M in 2020, for a net gain of $9,286M, or 18.8%.
Real Gross Domestic Product Indices (2001=100): 2001-2020
Real Gross Domestic Product Indices (2001=100): 2001-2020
Figure 3.
Figure 3 portrays Franklin County's real gross domestic product growth in a broader context by offering direct comparisons across time with Maine, 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 -10.4% over 2001-2020 trailed Maine's increase of 18.8%, and fell below the United States' increase of 38.6%.
Gross Domestic Product as a Percent of the Maine Total: 2001-2020
Gross Domestic Product as a Percent of the Maine Total: 2001-2020
Figure 4.
Another interesting and insightful way of highlighting the gross domestic product growth of Franklin County is to compare its individual percentage contributions to Maine's 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 Maine's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Franklin County's GDP totaled 2.2% of Maine's GDP, while in 2020 it comprised 1.6% thereby yielding a -0.5% share-shift.
   
 
Gross Domestic Product Share-Shift
2020 vs. 2001
 
Share-
Shift*
 
2020
vs.
2001
-0.54%
=
1.63%
-
2.17%
 
   
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 displays 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 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, Franklin County's real GDP contracted at an annual rate of -0.53% over 2002-2020. The county recorded its highest growth in 2004 (3.47%) and posted its lowest growth in 2009 (-8.04%). In 2020, Franklin County's real GDP declined by -3.95%
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 illustrates 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, 2010s, and 2020.
During 2002-2009, Franklin County's annual real GDP growth rate averaged -0.83%. It averaged 0.05% during the 2010s, and -3.95% thus far this decade (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 Maine and the nation. As the chart reveals, Franklin County's average annual real gross domestic product growth fell below Maine's average during the 2000s (-0.83% vs. 1.03%), and amounted to less than Maine's average over the 10 year period of the last decade, 2010-2019 (0.05% vs. 1.04%). Thus far in 2020, Franklin County's growth has fell below Maine's average (-3.95% vs. -1.14%).
Finally, relative to nationwide real gross domestic product growth trends, Franklin County fell under the nation in the 2000s (-0.83% vs. 1.77%), and lagged the nation over 2010-2020 (0.05% vs. 2.25%). Thus far in 2020, growth for Franklin County has trailed the national average (-3.95% vs. -3.40%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
-0.53
-0.83
0.05
-3.95
 
0.92
1.03
1.04
-1.14
 
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
 
838,523
1.021
1,056,980
100.0
N
2.17
2002
 
845,642
1.021
1,056,571
100.0
-0.04
2.09
2003
 
859,110
1.023
1,059,069
100.2
0.24
2.03
2004
 
906,999
1.059
1,095,857
103.7
3.47
2.01
2005
 
922,243
1.050
1,086,391
102.8
-0.86
1.96
2006
 
972,747
1.065
1,102,646
104.3
1.50
1.98
2007
 
1,021,499
1.088
1,125,928
106.5
2.11
2.02
2008
 
988,832
1.033
1,069,401
101.2
-5.02
1.95
2009
 
948,706
0.950
983,376
93.0
-8.04
1.86
2010
 
970,930
0.964
997,830
94.4
1.47
1.86
2011
 
1,007,540
0.989
1,023,871
96.9
2.61
1.92
2012
 
1,034,908
1.000
1,034,908
97.9
1.08
1.93
2013
 
1,033,176
0.968
1,002,159
94.8
-3.16
1.90
2014
 
1,047,893
0.959
992,464
93.9
-0.97
1.86
2015
 
1,053,745
0.941
973,959
92.1
-1.86
1.81
2016
 
1,046,132
0.923
955,655
90.4
-1.88
1.74
2017
 
1,044,884
0.906
937,466
88.7
-1.90
1.67
2018
 
1,098,640
0.931
963,345
91.1
2.76
1.68
2019
 
1,152,131
0.953
986,397
93.3
2.39
1.68
2020
 
1,130,287
0.915
947,437
89.6
-3.95
1.63
Source: Calculations by the Maine Regional Economic Analysis Project (ME-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.

   
 
Maine:
Gross Domestic Product, 2001-2020
 
2001
 
38,605,650
0.922
49,471,041
100.0
N
0.36
2002
 
40,466,170
0.948
50,910,381
102.9
2.91
0.37
2003
 
42,315,195
0.973
52,209,846
105.5
2.55
0.37
2004
 
45,209,997
1.011
54,256,020
109.7
3.92
0.37
2005
 
47,078,514
1.023
54,926,899
111.0
1.24
0.36
2006
 
49,045,447
1.033
55,448,427
112.1
0.95
0.36
2007
 
50,459,271
1.031
55,359,883
111.9
-0.16
0.35
2008
 
50,713,203
1.018
54,653,883
110.5
-1.28
0.34
2009
 
51,123,839
0.999
53,630,103
108.4
-1.87
0.35
2010
 
52,256,191
1.012
54,304,997
109.8
1.26
0.35
2011
 
52,575,473
1.002
53,789,004
108.7
-0.95
0.34
2012
 
53,679,731
1.000
53,679,731
108.5
-0.20
0.33
2013
 
54,470,105
0.992
53,239,095
107.6
-0.82
0.32
2014
 
56,410,803
1.007
54,037,877
109.2
1.50
0.32
2015
 
58,131,335
1.014
54,425,793
110.0
0.72
0.32
2016
 
60,254,420
1.035
55,565,364
112.3
2.09
0.32
2017
 
62,412,897
1.056
56,662,582
114.5
1.97
0.32
2018
 
65,491,895
1.084
58,178,846
117.6
2.68
0.32
2019
 
68,452,948
1.107
59,433,938
120.1
2.16
0.32
2020
 
69,271,785
1.095
58,757,344
118.8
-1.14
0.33
Source: Calculations by the Maine Regional Economic Analysis Project (ME-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 Maine Regional Economic Analysis Project (ME-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.

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