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Geneva County, Alabama, has an annual GDP of approximately 712 million dollars, with a GDP per capita of about 26,731 dollars, significantly lower than the state average of 55,999 dollars and the national average of 77,754 dollars. The county experienced a GDP growth rate of -3.7% in the last year, contrasting with Alabama's growth rate of 1.7% and the national rate of 1.9%. Despite this downturn, Geneva County's goods-producing sector contributes 23.8% to its GDP, which is relatively robust compared to other counties in Alabama, while the service sector accounts for 60.1%. The county's economic challenges are evident, especially when compared to more prosperous counties like Jefferson and Madison, which have higher GDPs and growth rates, indicating a need for economic revitalization strategies in Geneva County.
Geneva County, AL exhibits an employment rate of 65.2% for individuals aged 20-64, which is notably lower than both 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 78.8%, slightly below Alabama's 82.6% but significantly lower than the national figure of 84.3%. Additionally, the employment rate for high school graduates in Geneva County is 60.1%, compared to Alabama's 63.3%. The county also shows a concerning employment rate of just 2.8% for those aged 75 and older, indicating potential challenges for older workers. Overall, Geneva County lags behind many of its peers in Alabama, such as Jefferson and Madison Counties, which have higher employment rates across various educational levels, suggesting a need for targeted economic development initiatives.
Geneva County, AL exhibits significant economic challenges compared to both state and national averages. With a mean household income of $47,608 and a median household income of $63,491, it falls below Alabama's state averages of $59,609 and $82,992, respectively. The county's income per capita of $25,644 is notably lower than the state average of $33,344, indicating a lower standard of living. Additionally, 19.3% of households earn less than $20,000, which is higher than Alabama's 16.6%. In contrast, counties like Madison and Shelby show much stronger economic indicators, with mean household incomes exceeding $78,000. The lower income levels in Geneva County suggest a need for economic development initiatives to improve living standards and reduce income inequality, as reflected in its Gini index of 0.4363, which is more favorable than many neighboring counties.