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Economy Profile

Covington County

  • Alabama State
  • October, 2024
TSAC-CFD-01039

Table of Content

Snapshot

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GDP (2022, Thousands)
$ 1529252
AVG Real Growth (2017-2022)
-0.6 %
Unemployment Rate (May, 2024)
3.4 %
Labor Force Size
15292
Number of Businesses
1089
Average Annual Wage
$ 45214

Economy Structure

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

GDP

GDP (2022, Thousands)
$ 1529252
GDP Per Capita
$ 40734
GDP Growth Rate (2022)
-1.9 %
Average Growth Rate (2017-2022)
-0.6 %
Goods Producing Contribution (%)
21.5%
Service Providing Contribution (%)
65.5%
Goverment Contribution
12.9%
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
15292
Labor Force Growth
2.54%
Unemployment
513
Unemployment Rate
3.4%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
67.1%
Employment Rate (with Bachelor's Degree)
84.4%
Employment Rate (75+ y.o.)
4.8%
Employment Rate (Black)
51.8%
Employment Rate (Female)
62.3%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
1089
Number of Employment
11983
Annual Average Wages
$ 45214
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 47486
Service-providing (avg pay)
$ 43926
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 48772
Household Income (Median)
$ 69704
Per Capita Income
$ 28528
Per Capita Income Growth (2010-2022)
43.9 %
Gini Index
0.4908*
Poverty Rate
18.8 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov