Heard County vs. Georgia
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2021
Introduction
Heard County vs. Georgia
Heard County:
2021 GDP = $1,442,640K
2021 Percent of State = 0.21%
Georgia:
2021 GDP = $691,626,930K
2021 Percent of U.S. = 2.97%
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 Heard County is the most comprehensive measure of output of all goods and services produced by labor and property located within Heard 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.

Heard County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Heard County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Heard County's annual gross domestic product over 2002-2021 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 Heard County over time.
When measured in current dollars, Heard County's GDP increased 138.60%, from $605M in 2002 to $1,443M in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 46.06%, from $755M in 2002 to $1,102M in 2021.
Real Gross Domestic Product, 2001-2021 (Millions)
Real Gross Domestic Product, 2001-2021 (Millions)
Figure 2.
Figure 2 tracks Heard County's and Georgia's annual real gross domestic product for the period 2001-2021 to illustrate real gross domestic product patterns over time. During this 21-year period, Heard County's real gross domestic product rose from $686M in 2001 to $1,102M in 2021, for a net gain of $416M, or 60.72%. In comparison, Georgia's real GDP increased from $394,317M in 2001 to $575,292M in 2021, for a net advance of $180,975M, or 45.90%.
Real Gross Domestic Product Indices (2001=100): 2001-2021
Real Gross Domestic Product Indices (2001=100): 2001-2021
Figure 3.
Figure 3 shows Heard County's real gross domestic product growth in a broader context by offering direct comparisons across time with Georgia, 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.
Heard County's overall real GDP growth was 60.72% over 2001-2021 outpaced Georgia's increase of 45.90%, and topped the United States' increase of 47.85%.
Gross Domestic Product as a Percent of the Georgia Total: 2001-2021
Gross Domestic Product as a Percent of the Georgia Total: 2001-2021
Figure 4.
Another interesting and insightful way of contrasting the gross domestic product growth of Heard County is to compare its individual percentage contributions to Georgia'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 Georgia's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Heard County's GDP comprised 0.18% of Georgia's GDP, while in 2021 it comprised 0.21% thereby yielding a +0.03% share-shift.
   
 
Gross Domestic Product Share-Shift
2021 vs. 2001
 
Share-
Shift*
 
2021
vs.
2001
+0.03%
=
0.21%
-
0.18%
 
   
Heard County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Heard County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Figure 5.
Figure 5 highlights the short-run pattern of Heard County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2021. The average annual percent change for the entire 20-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, Heard County's real GDP grew at an annual rate of 3.25% over 2002-2021. The county posted its highest growth in 2014 (28.46%) and recorded its lowest growth in 2013 (-30.93%). In 2021, Heard County's real GDP declined by -0.88%
Heard County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Heard County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Figure 6.
Figure 6 again depicts the annual percent change in Heard County's real gross domestic product since 2002, but this time they are overlayed with average growth rates for the decade of the 2000s, 2010s, and 2020-2021.
During 2002-2009, Heard County's annual real GDP growth rate averaged 4.04%. It averaged 3.61% during the 2010s, -1.77% thus far this decade (2020-2021).
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 Heard County noted in the previous graph with the corresponding decade averages for Georgia and the nation. As the chart reveals, Heard County's average annual real gross domestic product growth recorded above Georgia's average throughout the 2000s (4.04% vs. 1.09%), led Georgia's average in the 2010s (3.61% vs. 2.66%), and posted below Georgia's average over the 2 year period of the current decade, 2020-2021 (-1.77% vs. 1.73%).
Finally, relative to nationwide real gross domestic product growth trends, Heard County outpaced the nation during the 2000s (4.04% vs. 1.77%), exceeded the nation over the 2010s (3.61% vs. 2.25%), and recorded underneath the nation over 2020-2021 (-1.77% vs. 1.59%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
3.25
4.04
3.61
-1.77
-0.88
 
1.94
1.09
2.66
1.73
7.01
 
1.99
1.77
2.25
1.59
5.95
 
   

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

   
 
Heard County:
Gross Domestic Product, 2001-2021
 
2001
 
566,262
0.573
685,921
100.0
N
0.18
2002
 
604,620
0.630
754,720
110.0
10.03
0.18
2003
 
647,659
0.647
774,812
113.0
2.66
0.19
2004
 
749,927
0.721
862,863
125.8
11.36
0.21
2005
 
725,854
0.666
796,983
116.2
-7.64
0.19
2006
 
798,767
0.685
820,051
119.6
2.89
0.20
2007
 
879,571
0.747
894,615
130.4
9.09
0.21
2008
 
996,064
0.848
1,015,819
148.1
13.55
0.24
2009
 
972,931
0.767
917,852
133.8
-9.64
0.24
2010
 
1,171,902
0.947
1,133,937
165.3
23.54
0.28
2011
 
1,264,572
1.023
1,224,396
178.5
7.98
0.29
2012
 
1,197,367
1.000
1,197,367
174.6
-2.21
0.27
2013
 
851,170
0.691
827,020
120.6
-30.93
0.18
2014
 
1,168,483
0.887
1,062,399
154.9
28.46
0.24
2015
 
1,276,828
0.969
1,160,177
169.1
9.20
0.25
2016
 
1,288,879
1.015
1,215,786
177.2
4.79
0.24
2017
 
1,367,507
1.051
1,258,688
183.5
3.53
0.24
2018
 
1,197,476
0.895
1,071,083
156.2
-14.90
0.20
2019
 
1,312,716
0.954
1,142,593
166.6
6.68
0.21
2020
 
1,259,730
0.929
1,112,213
162.1
-2.66
0.20
2021
 
1,442,640
0.921
1,102,381
160.7
-0.88
0.21
Source: Calculations by the Georgia Regional Economic Analysis Project (GA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2022
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.

   
 
Georgia:
Gross Domestic Product, 2001-2021
 
2001
 
317,475,484
0.881
394,317,270
100.0
N
3.00
2002
 
327,051,336
0.892
399,413,443
101.3
1.29
2.99
2003
 
342,576,211
0.919
411,685,601
104.4
3.07
2.99
2004
 
364,781,981
0.957
428,555,219
108.7
4.10
2.99
2005
 
389,537,665
0.999
447,152,891
113.4
4.34
2.99
2006
 
406,015,627
1.012
453,032,104
114.9
1.31
2.94
2007
 
419,606,264
1.018
455,903,992
115.6
0.63
2.90
2008
 
416,377,628
0.996
445,764,595
113.0
-2.22
2.82
2009
 
409,590,799
0.958
428,740,674
108.7
-3.82
2.83
2010
 
418,091,287
0.969
433,727,210
110.0
1.16
2.78
2011
 
431,653,903
0.986
441,626,723
112.0
1.82
2.77
2012
 
447,764,702
1.000
447,764,702
113.6
1.39
2.75
2013
 
464,752,840
1.016
454,908,929
115.4
1.60
2.76
2014
 
490,079,254
1.050
470,009,747
119.2
3.32
2.79
2015
 
521,008,157
1.092
489,182,330
124.1
4.08
2.86
2016
 
547,546,654
1.132
506,816,176
128.5
3.60
2.93
2017
 
573,777,162
1.170
523,805,314
132.8
3.35
2.95
2018
 
602,366,373
1.203
538,604,558
136.6
2.83
2.93
2019
 
637,992,469
1.245
557,364,424
141.3
3.48
2.98
2020
 
625,425,699
1.201
537,615,760
136.3
-3.54
2.97
2021
 
691,626,930
1.285
575,292,153
145.9
7.01
2.97
Source: Calculations by the Georgia Regional Economic Analysis Project (GA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2022
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, 2001-2021
 
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
 
19,477,337,000
1.112
18,076,651,000
136.3
2.24
2018
 
20,533,058,000
1.145
18,609,078,000
140.3
2.95
2019
 
21,380,976,000
1.171
19,036,052,000
143.5
2.29
2020
 
21,060,474,000
1.139
18,509,143,000
139.6
-2.77
2021
 
23,315,081,000
1.206
19,609,812,000
147.8
5.95
Source: Calculations by the Georgia Regional Economic Analysis Project (GA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2022
REAP_PI_CA1400_2000_PN
 
   
Analysis Options Menu
Primary: Heard
Secondary: Georgia
Select Alternative Regions
Copyright © 2023. 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, GA-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.