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Tallapoosa County, Alabama, has an annual GDP of approximately 1.7 billion dollars, with a GDP per capita of about 41,297 dollars. The county's GDP growth rate for the last year stands at 3%, which aligns with the state's growth rate of 1.7% but is below the national average of 1.9%. Over the past 13 years, Tallapoosa County has experienced a compound annual growth rate (CAGR) of 2.02%, slightly below Alabama's 1.72%. The county's economy is predominantly service-oriented, with 68.4% of its GDP coming from service-providing sectors, which is higher than the state average of 62.3%. In comparison to other counties in Alabama, Tallapoosa's GDP per capita is lower than counties like Jefferson and Madison, indicating potential areas for economic development and growth.
Tallapoosa County, AL, exhibits a notably low employment rate of 59.9% for individuals aged 20-64, significantly trailing behind the state average of 68.7% and the national average of 73.8%. The county's employment rate for those with a Bachelor's degree is also concerning at 66.6%, compared to Alabama's 82.6% and the national figure of 84.3%. Additionally, the employment rate for high school graduates stands at 63.1%, slightly above the state average of 63.3%. The demographic disparities are evident, with only 46% of Black residents employed, lower than Alabama's 52.5%. Overall, Tallapoosa County's employment metrics suggest economic challenges, particularly in attracting and retaining a skilled workforce, which may hinder its competitiveness relative to other counties in Alabama.
Tallapoosa County, AL exhibits a mean household income of $53,282 and a median household income of $71,359, which are notably lower than both the state averages ($59,609 mean, $82,992 median) and the national figures ($75,149 mean, $105,833 median). The county's income per capita stands at $29,682, reflecting economic challenges, particularly with 21.3% of households earning less than $20,000, a higher rate than the state (16.6%) and national (12.1%) averages. Additionally, Tallapoosa's income inequality, indicated by a Gini index of 0.4892, suggests a moderate level of income disparity, slightly above the state average of 0.4797. Compared to neighboring counties, Tallapoosa's economic indicators highlight a need for targeted economic development strategies to improve income levels and reduce poverty.