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Morgan County, Alabama, has an annual GDP of approximately 7.3 billion dollars, with a GDP per capita of about 59,370 dollars. The county's GDP growth rate for the last year stands at 3.1%, which is above Alabama's state growth rate of 1.7% and reflects a positive trend compared to the national growth rate of 1.9%. Notably, Morgan County has a significant goods-producing sector, contributing 40.3% to its GDP, which is higher than the state average of 22.2%. This focus on goods production, alongside a service-providing contribution of 49.5%, positions Morgan County favorably within Alabama, especially when compared to counties like Madison, which has a higher GDP but lower goods-producing contribution. Overall, Morgan County demonstrates robust economic activity and growth potential relative to both state and national benchmarks.
Morgan County, AL exhibits a relatively strong employment landscape, with an employment rate of 71.1% for individuals aged 20-64, surpassing the state average of 68.7% but falling short of the national average of 73.8%. The county's employment rate for those with a bachelor's degree stands at 83.5%, aligning closely with Alabama's 82.6% and indicating a well-educated workforce. However, the high school graduate employment rate at 63.3% is slightly above the state average of 63.3%, suggesting room for improvement in job opportunities for this demographic. Notably, Morgan County's employment rates for Black individuals (58.6%) and females (63.2%) are higher than the state averages of 52.5% and 64.3%, respectively, reflecting a more inclusive job market compared to other counties in Alabama. Overall, Morgan County demonstrates a competitive employment environment, particularly for educated individuals.
Morgan County, AL exhibits a mean household income of $61,588 and a median household income of $82,600, positioning it slightly above the state averages of $59,609 and $82,992, respectively. The county's income per capita stands at $33,223, which is also higher than Alabama's average of $33,344. Notably, Morgan County has a lower income inequality, as indicated by its Gini index of 0.4491, compared to the state’s 0.4797. In terms of wealth distribution, 9.7% of households earn over $200,000, which is above the state average of 8.7%, while 13.5% earn less than $20,000, lower than Alabama's 16.6%. Overall, Morgan County demonstrates a relatively stable economic profile, with income levels that are competitive within the state, particularly when compared to counties like Mobile and Calhoun, which have lower income metrics.