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Economy Profile

Franklin County

  • Alabama State
  • October, 2024
TSAC-CFD-01059

Table of Content

Snapshot

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GDP (2022, Thousands)
$ 1212774
AVG Real Growth (2017-2022)
1.44 %
Unemployment Rate (May, 2024)
3.1 %
Labor Force Size
14416
Number of Businesses
670
Average Annual Wage
$ 46228

Economy Structure

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

GDP

GDP (2022, Thousands)
$ 1212774
GDP Per Capita
$ 37886
GDP Growth Rate (2022)
5.3 %
Average Growth Rate (2017-2022)
1.44 %
Goods Producing Contribution (%)
47.6%
Service Providing Contribution (%)
38%
Goverment Contribution
14.4%
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
14416
Labor Force Growth
0.64%
Unemployment
443
Unemployment Rate
3.1%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
68.3%
Employment Rate (with Bachelor's Degree)
87.9%
Employment Rate (75+ y.o.)
3.1%
Employment Rate (Black)
57.1%
Employment Rate (Female)
60.6%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
670
Number of Employment
10661
Annual Average Wages
$ 46228
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 52806
Service-providing (avg pay)
$ 37498
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 47359
Household Income (Median)
$ 63747
Per Capita Income
$ 24874
Per Capita Income Growth (2010-2022)
37.5 %
Gini Index
0.4441*
Poverty Rate
16.6 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov