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Economy Profile

Morgan County

  • Alabama State
  • October, 2024
TSAC-CFD-01103

Table of Content

Snapshot

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GDP (2022, Thousands)
$ 7308567
AVG Real Growth (2017-2022)
1.62 %
Unemployment Rate (May, 2024)
2.5 %
Labor Force Size
63132
Number of Businesses
3243
Average Annual Wage
$ 58357

Economy Structure

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

GDP

GDP (2022, Thousands)
$ 7308567
GDP Per Capita
$ 59370
GDP Growth Rate (2022)
3.1 %
Average Growth Rate (2017-2022)
1.62 %
Goods Producing Contribution (%)
40.3%
Service Providing Contribution (%)
49.5%
Goverment Contribution
10.2%
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
63132
Labor Force Growth
1.75%
Unemployment
1607
Unemployment Rate
2.5%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
71.1%
Employment Rate (with Bachelor's Degree)
83.5%
Employment Rate (75+ y.o.)
4.7%
Employment Rate (Black)
58.6%
Employment Rate (Female)
63.2%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
3243
Number of Employment
51739
Annual Average Wages
$ 58357
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 79053
Service-providing (avg pay)
$ 46277
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 61588
Household Income (Median)
$ 82600
Per Capita Income
$ 33223
Per Capita Income Growth (2010-2022)
43.9 %
Gini Index
0.4491*
Poverty Rate
13.7 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov