Cheyenne County vs. Kansas
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2020
Introduction
Cheyenne County vs. Kansas
Cheyenne County:
2020 GDP = $124,036K
2020 Percent of State = 0.1%
Kansas:
2020 GDP = $175,141,786K
2020 Percent of U.S. = 0.8%
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 Cheyenne County is the most comprehensive measure of output of all goods and services produced by labor and property located within Cheyenne 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.

Cheyenne County Gross Domestic Product, 2002-2020
Current vs. Chained 2012 Dollars (Millions)
Cheyenne County Gross Domestic Product, 2002-2020
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Cheyenne 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 Cheyenne County over time.
When measured in current dollars, Cheyenne County's GDP increased 132.5%, from $53M in 2002 to $124M in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 71.1%, from $81M in 2002 to $138M in 2020.
Real Gross Domestic Product, 2001-2020 (Millions)
Real Gross Domestic Product, 2001-2020 (Millions)
Figure 2.
Figure 2 traces Cheyenne County's and Kansas' annual real gross domestic product for the period 2001-2020 to illustrate real gross domestic product patterns over time. During this 20-year period, Cheyenne County's real gross domestic product rose from $97M in 2001 to $138M in 2020, for a net gain of $42M, or 43.0%. In comparison, Kansas' real GDP advanced from $114,328M in 2001 to $156,770M in 2020, for a net advance of $42,442M, or 37.1%.
Real Gross Domestic Product Indices (2001=100): 2001-2020
Real Gross Domestic Product Indices (2001=100): 2001-2020
Figure 3.
Figure 3 portrays Cheyenne County's real gross domestic product growth in a broader context by offering direct comparisons across time with Kansas, 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.
Cheyenne County's overall real GDP growth was 43.0% over 2001-2020 outpaced Kansas' increase of 37.1%, and topped the United States' increase of 38.6%.
Gross Domestic Product as a Percent of the Kansas Total: 2001-2020
Gross Domestic Product as a Percent of the Kansas Total: 2001-2020
Figure 4.
Another interesting and insightful way of comparing the gross domestic product growth of Cheyenne County is to compare its individual percentage contributions to Kansas' 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 Kansas' gross domestic product, while a declining share shows it grew more slowly.
In 2001, Cheyenne County's GDP comprised 0.07% of Kansas' GDP, while in 2020 it equated to 0.07% thereby yielding a 0.00% share-shift.
   
 
Gross Domestic Product Share-Shift
2020 vs. 2001
 
Share-
Shift*
 
2020
vs.
2001
0.00%
=
0.07%
-
0.07%
 
   
Cheyenne County Real Gross Domestic Product:
Annual Percent Change, 2002-2020
Cheyenne County Real Gross Domestic Product:
Annual Percent Change, 2002-2020
Figure 5.
Figure 5 displays the short-run pattern of Cheyenne 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, Cheyenne County's real GDP grew at an annual rate of 2.94% over 2002-2020. The county posted its highest growth in 2007 (36.82%) and posted its lowest growth in 2004 (-21.27%). In 2020, Cheyenne County's real GDP grew by 10.22%
Cheyenne County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2020
Cheyenne 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 Cheyenne 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, Cheyenne County's annual real GDP growth rate averaged 3.94%. It averaged 1.40% throughout the 2010s, and 10.22% 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 Cheyenne County noted in the previous graph with the corresponding decade averages for Kansas and the nation. As the chart reveals, Cheyenne County's average annual real gross domestic product growth led Kansas' average in the 2000s (3.94% vs. 2.06%), and recorded under Kansas' average over the 10 year period of the last decade, 2010-2019 (1.40% vs. 1.79%). In 2020, Cheyenne County's growth has recorded above Kansas' average (10.22% vs. -2.13%).
Finally, relative to nationwide real gross domestic product growth trends, Cheyenne County surpassed the nation in the 2000s (3.94% vs. 1.77%), and fell under the nation over 2010-2019 (1.40% vs. 2.25%). In 2020, growth for Cheyenne County has recorded above the national average (10.22% vs. -3.40%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
2.94
3.94
1.40
10.22
 
1.70
2.06
1.79
-2.13
 
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.

   
 
Cheyenne County:
Gross Domestic Product, 2001-2020
 
2001
 
63,731
0.803
96,607
100.0
N
0.07
2002
 
53,348
0.671
80,716
83.6
-16.45
0.06
2003
 
61,906
0.740
89,117
92.2
10.41
0.06
2004
 
51,427
0.583
70,160
72.6
-21.27
0.05
2005
 
58,156
0.630
75,878
78.5
8.15
0.06
2006
 
58,087
0.610
73,456
76.0
-3.19
0.05
2007
 
85,241
0.835
100,500
104.0
36.82
0.07
2008
 
91,628
0.857
103,209
106.8
2.70
0.07
2009
 
93,210
0.981
118,046
122.2
14.38
0.07
2010
 
106,858
1.042
125,386
129.8
6.22
0.08
2011
 
139,478
1.183
142,361
147.4
13.54
0.10
2012
 
120,370
1.000
120,370
124.6
-15.45
0.08
2013
 
149,434
1.207
145,302
150.4
20.71
0.10
2014
 
129,470
1.084
130,514
135.1
-10.18
0.09
2015
 
113,431
1.046
125,864
130.3
-3.56
0.07
2016
 
102,958
0.990
119,204
123.4
-5.29
0.06
2017
 
93,566
0.863
103,837
107.5
-12.89
0.06
2018
 
116,846
1.053
126,796
131.2
22.11
0.07
2019
 
115,915
1.041
125,305
129.7
-1.18
0.07
2020
 
124,036
1.147
138,108
143.0
10.22
0.07
Source: Calculations by the Kansas Regional Economic Analysis Project (KS-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.

   
 
Kansas:
Gross Domestic Product, 2001-2020
 
2001
 
88,883,571
0.806
114,327,697
100.0
N
0.84
2002
 
91,584,153
0.819
116,194,953
101.6
1.63
0.84
2003
 
95,359,890
0.833
118,192,478
103.4
1.72
0.83
2004
 
99,083,017
0.842
119,391,647
104.4
1.01
0.81
2005
 
105,526,330
0.874
123,949,777
108.4
3.82
0.81
2006
 
114,091,890
0.919
130,364,544
114.0
5.18
0.83
2007
 
123,878,736
0.967
137,093,586
119.9
5.16
0.86
2008
 
128,604,326
0.984
139,536,841
122.0
1.78
0.87
2009
 
125,348,913
0.946
134,227,031
117.4
-3.81
0.87
2010
 
128,591,336
0.957
135,723,241
118.7
1.11
0.85
2011
 
136,358,893
0.984
139,579,438
122.1
2.84
0.87
2012
 
141,818,180
1.000
141,818,180
124.0
1.60
0.87
2013
 
144,483,193
0.999
141,723,361
124.0
-0.07
0.86
2014
 
150,183,624
1.025
145,344,140
127.1
2.55
0.86
2015
 
154,958,197
1.049
148,810,517
130.2
2.38
0.85
2016
 
160,451,040
1.084
153,695,326
134.4
3.28
0.86
2017
 
164,923,263
1.096
155,407,884
135.9
1.11
0.85
2018
 
172,327,508
1.120
158,906,333
139.0
2.25
0.84
2019
 
176,738,510
1.129
160,182,322
140.1
0.80
0.83
2020
 
175,141,786
1.105
156,770,113
137.1
-2.13
0.84
Source: Calculations by the Kansas Regional Economic Analysis Project (KS-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 Kansas Regional Economic Analysis Project (KS-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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