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Economy Profile

Russell County

  • Alabama State
  • October, 2024
TSAC-CFD-01113

Table of Content

Snapshot

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GDP (2022, Thousands)
$ 1940406
AVG Real Growth (2017-2022)
1.58 %
Unemployment Rate (May, 2024)
3.6 %
Labor Force Size
23962
Number of Businesses
1178
Average Annual Wage
$ 46603

Economy Structure

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

GDP

GDP (2022, Thousands)
$ 1940406
GDP Per Capita
$ 32973
GDP Growth Rate (2022)
0.6 %
Average Growth Rate (2017-2022)
1.58 %
Goods Producing Contribution (%)
34.9%
Service Providing Contribution (%)
51.9%
Goverment Contribution
13.3%
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
23962
Labor Force Growth
1.77%
Unemployment
869
Unemployment Rate
3.6%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
60.4%
Employment Rate (with Bachelor's Degree)
73.3%
Employment Rate (75+ y.o.)
3.1%
Employment Rate (Black)
51.9%
Employment Rate (Female)
59%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
1178
Number of Employment
14071
Annual Average Wages
$ 46603
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 67119
Service-providing (avg pay)
$ 37266
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 47420
Household Income (Median)
$ 62441
Per Capita Income
$ 25855
Per Capita Income Growth (2010-2022)
48.5 %
Gini Index
0.4664*
Poverty Rate
22.0 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov