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Fayette County, Alabama, presents a challenging economic landscape, with an annual GDP of approximately 416.6 million dollars and a GDP per capita of 25,562 dollars, significantly lower than the state average of 55,999 dollars and the national average of 77,754 dollars. The county's GDP growth rate has declined by 2.6% over the past year, contrasting sharply with Alabama's growth rate of 1.7% and the national rate of 1.9%. Fayette County's economy is heavily reliant on goods-producing sectors, contributing 33.3% to its GDP, which is higher than the state average of 22.2%. However, the overall economic contraction and negative growth trend over the past 13 years (-0.36% CAGR) highlight the need for strategic economic revitalization efforts to align more closely with the growth trajectories seen in neighboring counties like Madison and Mobile, which have experienced more robust economic performance.
Fayette County, AL, exhibits a notably lower employment rate for individuals aged 20-64 at 62%, compared to the state average of 68.7% and the national average of 73.8%. The county's employment rate for those with a Bachelor's degree stands at 77.8%, which, while below the state average of 82.6%, is relatively competitive. However, the high school graduate employment rate is particularly concerning at 57.9%, significantly trailing the state (63.3%) and national averages (67.9%). Additionally, the employment rate for Black residents in Fayette County is 45.6%, which is lower than both the state (52.5%) and national (57.2%) figures. These trends suggest that Fayette County faces challenges in workforce participation and educational attainment, which may hinder economic growth compared to other counties in Alabama.
Fayette County, AL, exhibits a notably lower economic profile compared to both state and national averages. With a mean household income of $45,650 and a median household income of $66,681, it falls significantly below Alabama's state averages of $59,609 and $82,992, respectively. The county's income per capita of $27,053 is also lower than the state average of $33,344, indicating a potential struggle with economic mobility. Furthermore, Fayette County has a high percentage of households earning less than $20,000 (24.1%), which is considerably higher than Alabama's 16.6%. In contrast, the county's percentage of households earning over $200,000 (10.3%) is relatively competitive. Overall, Fayette County's economic indicators suggest challenges in income distribution and economic growth compared to its peers in Alabama.