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Economy Profile

Fayette County

  • Alabama State
  • October, 2024
TSAC-CFD-01057

Table of Content

Snapshot

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GDP (2022, Thousands)
$ 416576
AVG Real Growth (2017-2022)
-0.36 %
Unemployment Rate (May, 2024)
3.8 %
Labor Force Size
6508
Number of Businesses
375
Average Annual Wage
$ 42929

Economy Structure

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

GDP

GDP (2022, Thousands)
$ 416576
GDP Per Capita
$ 25562
GDP Growth Rate (2022)
-2.6 %
Average Growth Rate (2017-2022)
-0.36 %
Goods Producing Contribution (%)
33.3%
Service Providing Contribution (%)
44.8%
Goverment Contribution
21.9%
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
6508
Labor Force Growth
-2.12%
Unemployment
247
Unemployment Rate
3.8%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
62%
Employment Rate (with Bachelor's Degree)
77.8%
Employment Rate (75+ y.o.)
4.2%
Employment Rate (Black)
45.6%
Employment Rate (Female)
53.3%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
375
Number of Employment
3909
Annual Average Wages
$ 42929
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 52033
Service-providing (avg pay)
$ 38026
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 45650
Household Income (Median)
$ 66681
Per Capita Income
$ 27053
Per Capita Income Growth (2010-2022)
52.7 %
Gini Index
0.4876*
Poverty Rate
22.2 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov