Jackson Parish vs. Louisiana
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2021
Introduction
Jackson Parish vs. Louisiana
Jackson Parish:
2021 GDP = $522,210K
2021 Percent of State = 0.20%
Louisiana:
2021 GDP = $258,571,307K
2021 Percent of U.S. = 1.11%
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 Jackson Parish is the most comprehensive measure of output of all goods and services produced by labor and property located within Jackson Parish. 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.

Jackson Parish Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Jackson Parish Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Jackson Parish'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 Jackson Parish over time.
When measured in current dollars, Jackson Parish's GDP increased 15.80%, from $451M in 2002 to $522M in 2021. When measured in constant 2012 dollars to adjust for inflation, it declined -47.78%, from $876M in 2002 to $457M in 2021.
Real Gross Domestic Product, 2001-2021 (Millions)
Real Gross Domestic Product, 2001-2021 (Millions)
Figure 2.
Figure 2 tracks Jackson Parish's and Louisiana'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, Jackson Parish's real gross domestic product dropped from $767M in 2001 to $457M in 2021, for a net loss of ($309)M, or -40.36%. In comparison, Louisiana's real GDP advanced from $208,618M in 2001 to $221,153M in 2021, for a net advance of $12,535M, or 6.01%.
Real Gross Domestic Product Indices (2001=100): 2001-2021
Real Gross Domestic Product Indices (2001=100): 2001-2021
Figure 3.
Figure 3 portrays Jackson Parish's real gross domestic product growth in a broader context by offering direct comparisons across time with Louisiana, 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.
Jackson Parish's overall real GDP growth was -40.36% over 2001-2021 trailed Louisiana's increase of 6.01%, and fell below the United States' increase of 47.85%.
Gross Domestic Product as a Percent of the Louisiana Total: 2001-2021
Gross Domestic Product as a Percent of the Louisiana Total: 2001-2021
Figure 4.
Another interesting and insightful way of highlighting the gross domestic product growth of Jackson Parish is to compare its individual percentage contributions to Louisiana'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 Louisiana's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Jackson Parish's GDP totaled 0.31% of Louisiana's GDP, while in 2021 it comprised 0.20% thereby yielding a -0.11% share-shift.
   
 
Gross Domestic Product Share-Shift
2021 vs. 2001
 
Share-
Shift*
 
2021
vs.
2001
-0.11%
=
0.20%
-
0.31%
 
   
Jackson Parish Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Jackson Parish Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Figure 5.
Figure 5 shows the short-run pattern of Jackson Parish'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 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, Jackson Parish's real GDP contracted at an annual rate of -1.75% over 2002-2021. The parish recorded its highest growth in 2004 (24.53%) and posted its lowest growth in 2007 (-20.97%). In 2021, Jackson Parish's real GDP grew by 3.67%
Jackson Parish Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Jackson Parish Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Figure 6.
Figure 6 again shows the annual percent change in Jackson Parish'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, Jackson Parish's annual real GDP growth rate averaged 1.68%. It averaged -5.34% in the 2010s, 2.46% 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 Jackson Parish noted in the previous graph with the corresponding decade averages for Louisiana and the nation. As the chart reveals, Jackson Parish's average annual real gross domestic product growth exceeded Louisiana's average during the 2000s (1.68% vs. 1.64%), amounted to less than Louisiana's average throughout the 2010s (-5.34% vs. 0.06%), and surpassed Louisiana's average over the 2 year period of the current decade, 2020-2021 (2.46% vs. -3.30%).
Finally, relative to nationwide real gross domestic product growth trends, Jackson Parish fell below the nation in the 2000s (1.68% vs. 1.77%), lagged the nation over the 2010s (-5.34% vs. 2.25%), and topped the nation over 2020-2021 (2.46% vs. 1.59%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
-1.75
1.68
-5.34
2.46
3.67
 
0.36
1.64
0.06
-3.30
1.25
 
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.

   
 
Jackson Parish:
Gross Domestic Product, 2001-2021
 
2001
 
424,888
1.626
766,597
100.0
N
0.31
2002
 
450,946
1.857
875,536
114.2
14.21
0.32
2003
 
644,484
2.140
1,008,993
131.6
15.24
0.42
2004
 
914,493
2.665
1,256,460
163.9
24.53
0.53
2005
 
1,153,244
2.646
1,247,925
162.8
-0.68
0.58
2006
 
1,070,047
2.412
1,137,460
148.4
-8.85
0.52
2007
 
892,561
1.906
898,882
117.3
-20.97
0.44
2008
 
873,768
1.510
711,854
92.9
-20.81
0.41
2009
 
679,081
1.672
788,474
102.9
10.76
0.33
2010
 
608,935
1.324
624,132
81.4
-20.84
0.27
2011
 
512,544
1.067
503,204
65.6
-19.38
0.22
2012
 
471,545
1.000
471,545
61.5
-6.29
0.20
2013
 
495,896
1.008
475,531
62.0
0.85
0.21
2014
 
550,203
1.107
521,993
68.1
9.77
0.23
2015
 
512,741
1.095
516,455
67.4
-1.06
0.22
2016
 
463,978
0.999
471,196
61.5
-8.76
0.20
2017
 
467,012
0.961
453,215
59.1
-3.82
0.19
2018
 
482,607
0.960
452,678
59.1
-0.12
0.19
2019
 
463,034
0.924
435,535
56.8
-3.79
0.18
2020
 
460,621
0.935
440,983
57.5
1.25
0.20
2021
 
522,210
0.970
457,179
59.6
3.67
0.20
Source: Calculations by the Louisiana Regional Economic Analysis Project (LA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
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.

   
 
Louisiana:
Gross Domestic Product, 2001-2021
 
2001
 
137,901,167
0.886
208,617,822
100.0
N
1.30
2002
 
139,800,907
0.905
213,079,449
102.1
2.14
1.28
2003
 
155,092,381
0.942
221,774,415
106.3
4.08
1.35
2004
 
171,006,054
0.989
232,712,830
111.5
4.93
1.40
2005
 
199,594,712
1.053
247,773,242
118.8
6.47
1.53
2006
 
207,773,754
1.043
245,500,245
117.7
-0.92
1.50
2007
 
203,041,001
0.979
230,367,684
110.4
-6.16
1.40
2008
 
212,392,376
0.986
232,150,685
111.3
0.77
1.44
2009
 
204,906,915
1.004
236,411,005
113.3
1.84
1.42
2010
 
225,308,920
1.049
246,836,183
118.3
4.41
1.50
2011
 
229,944,978
0.998
234,975,692
112.6
-4.81
1.47
2012
 
235,384,666
1.000
235,384,666
112.8
0.17
1.45
2013
 
230,832,493
0.971
228,452,769
109.5
-2.94
1.37
2014
 
240,737,271
1.000
235,355,104
112.8
3.02
1.37
2015
 
235,113,522
0.990
233,015,986
111.7
-0.99
1.29
2016
 
227,090,679
0.970
228,428,523
109.5
-1.97
1.21
2017
 
241,213,425
0.991
233,351,652
111.9
2.16
1.24
2018
 
256,677,836
1.008
237,298,288
113.7
1.69
1.25
2019
 
255,481,914
1.007
237,044,596
113.6
-0.11
1.19
2020
 
232,527,751
0.928
218,421,686
104.7
-7.86
1.10
2021
 
258,571,307
0.940
221,152,704
106.0
1.25
1.11
Source: Calculations by the Louisiana Regional Economic Analysis Project (LA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
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 Louisiana Regional Economic Analysis Project (LA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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