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Economy Profile

Madison County

  • Alabama State
  • October, 2024
TSAC-CFD-01089

Table of Content

Snapshot

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GDP (2022, Thousands)
$ 32313440
AVG Real Growth (2017-2022)
3.94 %
Unemployment Rate (May, 2024)
2.7 %
Labor Force Size
210675
Number of Businesses
13044
Average Annual Wage
$ 74466

Economy Structure

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

GDP

GDP (2022, Thousands)
$ 32313440
GDP Per Capita
$ 82902
GDP Growth Rate (2022)
3.4 %
Average Growth Rate (2017-2022)
3.94 %
Goods Producing Contribution (%)
16.3%
Service Providing Contribution (%)
61.6%
Goverment Contribution
22.1%
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
210675
Labor Force Growth
1.88%
Unemployment
5585
Unemployment Rate
2.7%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
74.4%
Employment Rate (with Bachelor's Degree)
82.6%
Employment Rate (75+ y.o.)
7%
Employment Rate (Black)
61.4%
Employment Rate (Female)
68.6%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
13044
Number of Employment
224952
Annual Average Wages
$ 74466
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 81677
Service-providing (avg pay)
$ 68458
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 78058
Household Income (Median)
$ 107154
Per Capita Income
$ 44720
Per Capita Income Growth (2010-2022)
49.5 %
Gini Index
0.4695*
Poverty Rate
10.7 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov