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Lamar County, Alabama, has an annual GDP of approximately 414.6 million dollars, with a GDP per capita of about 29,861 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 -2.7% in the last year, contrasting with Alabama's growth rate of 1.7% and the national rate of 1.9%. Over the past 13 years, Lamar County's GDP has declined at a compound annual growth rate (CAGR) of -1.18%, indicating persistent economic challenges. The county's government contribution to GDP stands at 11.9%, which is slightly below the state average of 15.5%. Overall, Lamar County's economic performance lags behind both state and national trends, highlighting the need for targeted economic development strategies.
Lamar County, AL, exhibits an employment rate of 63.7% for individuals aged 20-64, which is notably lower than the state average of 68.7% and significantly below the national average of 73.8%. While the county's employment rate for those with a Bachelor's degree (83.8%) is competitive, it still lags behind the national figure of 84.3%. The employment rate for high school graduates in Lamar County (62%) is also below the state average of 63.3%. Additionally, the county shows a stark disparity in employment among Black residents at 42.3%, compared to Alabama's average of 52.5%. Overall, Lamar County faces challenges in employment rates relative to both state and national benchmarks, indicating potential areas for economic development and workforce improvement.
Lamar County, AL, exhibits a mean household income of $49,565 and a median household income of $62,422, both significantly lower than the state averages of $59,609 and $82,992, respectively. The county's income per capita stands at $24,794, which is also below the state average of $33,344. Notably, 21.6% of households earn less than $20,000, a stark contrast to the state rate of 16.6%. However, 11% of households earn over $200,000, which is higher than the state average of 8.7%. Compared to neighboring counties, Lamar County's economic indicators suggest a more challenging economic landscape, particularly in terms of lower income levels and higher poverty rates, highlighting the need for targeted economic development initiatives to improve local living standards.