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Madison County, Alabama, demonstrates a robust economic profile with an annual GDP of approximately 32.3 billion dollars and a GDP per capita of 82,902 dollars, significantly higher than the state average of 55,999 dollars. The county's GDP growth rate of 3.4% over the last year and a compound annual growth rate (CAGR) of 3.94% over the past 13 years indicate a strong upward trend, outpacing Alabama's overall growth rate of 1.7%. The goods-producing sector contributes 16.3% to the GDP, while the service sector accounts for 61.6%, reflecting a balanced economic structure. Comparatively, Madison County's economic indicators are favorable against other counties in Alabama, such as Jefferson County, which has a lower GDP per capita of 86,076 dollars but a similar growth rate. This positions Madison County as a key economic player in the state, driven by a diverse economy and strong growth potential.
Madison County, AL exhibits a robust employment landscape, with a 74.4% employment rate for individuals aged 20-64, surpassing the Alabama state average of 68.7% and closely aligning with the national average of 73.8%. The county's employment rate for those with a bachelor's degree stands at 82.6%, matching the state figure but slightly below the national rate of 84.3%. Notably, Madison County shows a commendable employment rate of 66.7% for high school graduates, which is higher than Alabama's 63.3%. The county also demonstrates a strong employment rate among Black residents at 61.4%, significantly above the state average of 52.5%. Overall, Madison County's employment metrics reflect a competitive position within Alabama, indicating a favorable economic environment compared to other counties in the state.
Madison County, AL stands out with a Mean Household Income of $78,058 and a Median Household Income of $107,154, significantly higher than the state averages of $59,609 and $82,992, respectively. This positions Madison County as one of the wealthier counties in Alabama, with an Income Per Capita of $44,720, also above the state average of $33,344. The county's income distribution is relatively balanced, with 9.4% of households earning over $200K and only 11.3% earning less than $20K, indicating a lower level of income inequality compared to Jefferson County, which has a higher Gini index of 0.5049. Overall, Madison County's economic indicators reflect a robust local economy, likely driven by its proximity to Huntsville, a hub for technology and defense industries.