LotsCap

Economy Profile

Lynchburg MSA

  • Virginia State
  • October, 2024
TSAC-CFD-131340

Table of Content

Snapshot

-

GDP (2022, Thousands)
$ 12464078
AVG Real Growth (2017-2022)
0.9 %
Unemployment Rate (May, 2024)
4 %
Labor Force Size
124527
Number of Businesses
8490
Average Annual Wage
$ 52794

Economy Structure

Population & Household section gives reader an outlook. of general population profile, structure, and outlook.

GDP

GDP (2022, Thousands)
$ 12464078
GDP Per Capita
$ 47550
GDP Growth Rate (2022)
0.3 %
Average Growth Rate (2017-2022)
0.9 %
Goods Producing Contribution (%)
23.5%
Service Providing Contribution (%)
68%
Goverment Contribution
8.4%
GDP Historical Growth Rate
Source: Bureau of Economic Analysis | CAGDP2, CAGDP11
GDP by Sectors
Source: Bureau of Economic Analysis | CAGDP2, CAGDP11
GDP Growth by Sectors
Source: Bureau of Economic Analysis | CAGDP11

Monthly Employment

Total Labor Force
124527
Labor Force Growth
0.97%
Unemployment
4943
Unemployment Rate
4%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
72.8%
Employment Rate (with Bachelor's Degree)
83.3%
Employment Rate (75+ y.o.)
7%
Employment Rate (Black)
56.1%
Employment Rate (Female)
67.6%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
8490
Number of Employment
96786
Annual Average Wages
$ 52794
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 69608
Service-providing (avg pay)
$ 48649
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 64307
Household Income (Median)
$ 83651
Per Capita Income
$ 33747
Per Capita Income Growth (2010-2022)
- %
Gini Index
0.4426*
Poverty Rate
12.2 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov