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Monroe County, Alabama, presents a challenging economic landscape, with an annual GDP of approximately 777 million dollars and a GDP per capita of 39,232 dollars, significantly lower than the state average of 55,999 dollars and the national average of 77,754 dollars. The county's GDP growth rate has declined sharply by 6.5% over the last year, contrasting with Alabama's modest growth of 1.7% and the national rate of 1.9%. Additionally, Monroe County's 13-year compound annual growth rate (CAGR) of -3.52% indicates a long-term economic contraction, while its goods-producing sector contributes 31.5% to the GDP, higher than the state average of 22.2%. This suggests a reliance on manufacturing or agriculture, but the overall economic performance lags behind more prosperous counties like Jefferson and Madison, highlighting the need for strategic economic revitalization efforts.
Monroe County, AL, exhibits significantly lower employment rates compared to both state and national averages. The employment rate for individuals aged 20-64 stands at just 50.2%, well below Alabama's 68.7% and the national average of 73.8%. Furthermore, only 66.6% of those with a Bachelor's degree are employed, compared to Alabama's 82.6% and the national figure of 84.3%. The county's employment rate for high school graduates is also concerning at 51.7%, indicating potential challenges in workforce readiness. Additionally, the employment rate for Black residents is notably low at 30.2%, highlighting disparities within the community. Overall, Monroe County's economic indicators suggest a need for targeted interventions to improve employment opportunities and educational outcomes, especially when compared to more prosperous counties in Alabama.
Monroe County, AL, exhibits significant economic challenges compared to both state and national averages. With a mean household income of $39,965 and a median household income of $57,487, Monroe County falls well below Alabama's state averages of $59,609 and $82,992, respectively. The county's income per capita of $23,090 is also notably lower than the state average of $33,344. Furthermore, 24.6% of households earn less than $20,000, which is considerably higher than Alabama's 16.6%. In contrast, counties like Madison and Shelby show much stronger economic indicators, highlighting Monroe's struggle with income inequality, as reflected in its Gini index of 0.4773. This data underscores the need for targeted economic development initiatives in Monroe County to improve its financial landscape.