-
Covington County, Alabama, has an annual GDP of approximately 1.53 billion dollars, with a GDP per capita of about 40,734 dollars. The county's GDP growth rate has declined by 1.9% over the last year, reflecting a negative trend, which contrasts sharply with Alabama's overall growth rate of 1.7% and the national rate of 1.9%. Over the past 13 years, Covington County has experienced a compound annual growth rate (CAGR) of -0.6%, indicating persistent economic challenges. The county's economy is primarily service-oriented, with 65.5% of its GDP coming from service-providing sectors, which is lower than the national average of 71.2%. Comparatively, Covington County's GDP per capita is significantly lower than that of Jefferson County (86,076 dollars) and Madison County (82,902 dollars), highlighting its economic struggles within the state.
Covington County, AL exhibits an employment rate of 67.1% for individuals aged 20-64, which is slightly below the Alabama state average of 68.7% and significantly lower than the national average of 73.8%. However, the county's employment rate for those with a Bachelor's degree stands at 84.4%, aligning closely with the state rate of 82.6% and surpassing the national figure of 84.3%. The high school graduate employment rate in Covington County is 66.6%, which is above the state average of 63.3%. Notably, the county's employment rates for Black individuals (51.8%) and females (62.3%) are also below state averages (52.5% and 64.3%, respectively), indicating potential areas for improvement in workforce inclusivity and participation. Overall, while Covington County shows strengths in educational attainment, it faces challenges in overall employment rates compared to both state and national benchmarks.
Covington County, AL, exhibits a mean household income of $48,772 and a median household income of $69,704, significantly lower than both the state averages ($59,609 mean, $82,992 median) and national figures ($75,149 mean, $105,833 median). The county's income per capita stands at $28,528, reflecting economic challenges, particularly with 22.5% of households earning less than $20,000, which is notably higher than Alabama's 16.6%. The income inequality, indicated by a Gini index of 0.4908, suggests a moderate level of income disparity. Comparatively, Covington County's economic indicators are among the lowest in Alabama, highlighting a need for targeted economic development strategies to improve income levels and reduce poverty.