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Franklin County, Alabama, has demonstrated a notable economic performance with an annual GDP of approximately 1.21 billion dollars and a GDP per capita of 37,886 dollars. The county's GDP growth rate of 5.3% over the last year is significantly higher than Alabama's state growth rate of 1.7% and the national rate of 1.9%. This growth is largely driven by a robust goods-producing sector, which contributes 47.6% to the local economy, surpassing the state average of 22.2%. In comparison to other counties in Alabama, Franklin's GDP per capita is lower than counties like Jefferson and Madison, which have per capita figures of 86,076 and 82,902 dollars, respectively. However, Franklin's growth trajectory suggests a positive trend that could enhance its economic standing in the future.
Franklin County, AL exhibits an employment rate of 68.3% 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 stands out with a high employment rate of 87.9% for those with a Bachelor's degree, surpassing both the state (82.6%) and national (84.3%) figures. The employment rate for high school graduates in Franklin County is 63%, aligning closely with the state average of 63.3%. Notably, the county's employment rate for Black individuals (57.1%) is higher than the state average of 52.5%, indicating a relatively better employment landscape for this demographic. Overall, while Franklin County lags in general employment compared to national standards, its educational attainment reflects a promising potential for economic growth.
Franklin County, AL, exhibits significant economic challenges compared to both state and national averages. With a mean household income of $47,359 and a median household income of $63,747, Franklin County falls below Alabama's state averages of $59,609 and $82,992, respectively. The county's income per capita of $24,874 is notably lower than the state average of $33,344 and the national average of $41,261. Additionally, 19.1% of households earn less than $20,000, which is higher than Alabama's 16.6%. The income inequality, as indicated by a Gini index of 0.4441, is relatively moderate, suggesting a more equitable income distribution compared to other counties like Jefferson (0.5049) and Lee (0.5130). Overall, Franklin County's economic indicators highlight a need for targeted development strategies to improve income levels and reduce poverty.