Economy Profile

Coconino County

TSAC-CFD-04005

Snapshot

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GDP (2022, Thousands)
$ 9080290
AVG Real Growth (2017-2022)
-0.38 %
Unemployment Rate (May, 2024)
4.6 %
Labor Force Size
76350
Number of Businesses
4070
Average Annual Wage
$ 52117

Economy Structure

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

GDP

Coconino County, Arizona, has an annual GDP of approximately 9.1 billion dollars, with a GDP per capita of 62,750 dollars, reflecting a moderate economic standing within the state. The county's GDP growth rate for the last year was 2.8%, which is below Arizona's state growth rate of 3.2% and significantly lower than Maricopa County's impressive 4.1%. Notably, Coconino's GDP growth rate has declined at a compound annual growth rate (CAGR) of -0.38% over the past 13 years, indicating potential long-term economic challenges. The county's economy is primarily service-oriented, contributing 61.9% to the GDP, while goods-producing sectors account for 18.2%. This service reliance is consistent with broader state trends, where service-providing sectors dominate, but Coconino's government contribution of 19.9% is notably higher than the state average of 11%.

GDP (2022, Thousands)
$ 9080290
GDP Per Capita
$ 62750
GDP Growth Rate (2022)
2.8 %
Average Growth Rate (2017-2022)
-0.38 %
Goods Producing Contribution (%)
18.2%
Service Providing Contribution (%)
61.9%
Goverment Contribution
19.9%
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
76350
Labor Force Growth
0.92%
Unemployment
3518
Unemployment Rate
4.6%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Coconino County, AZ, exhibits a relatively strong employment landscape, with a 70.6% employment rate for individuals aged 20-64, slightly below the state average of 72.5% but above the national average of 73.8%. Notably, the county's employment rate for those with a Bachelor's degree stands at 80.6%, which is competitive compared to Arizona's 82.2% and reflects a well-educated workforce. The high school graduate employment rate of 67.5% also surpasses the state average of 66.9%. However, Coconino's employment rates for Black individuals (51.4%) and females (69.4%) are lower than both state and national averages, indicating potential areas for improvement. Compared to neighboring counties, Coconino ranks favorably against Pima (70.5%) and Yavapai (68.3%), suggesting a robust local economy amidst broader regional challenges.

Employment Rate (20-64 y.o.)
70.6%
Employment Rate (with Bachelor's Degree)
80.6%
Employment Rate (75+ y.o.)
6.2%
Employment Rate (Black)
51.4%
Employment Rate (Female)
69.4%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
4070
Number of Employment
63798
Annual Average Wages
$ 52117
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 65161
Service-providing (avg pay)
$ 45311
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Coconino County, AZ, exhibits a mean household income of $67,266 and a median household income of $89,188, which are both below the state averages of $72,581 and $98,569, respectively. The county's income per capita stands at $32,592, indicating a lower economic output per individual compared to the state average of $38,334. Notably, Coconino has a higher percentage of households earning less than $20,000 (14.8%) compared to the state (11.2%), suggesting greater economic disparity. In comparison to other counties in Arizona, Coconino's income levels are higher than those in counties like Mohave and Yuma but lower than Maricopa and Pinal. The income inequality, as indicated by a Gini index of 0.4603, is relatively moderate, reflecting a diverse economic landscape influenced by tourism and education, particularly due to the presence of Northern Arizona University and natural attractions.

Household Income (Mean)
$ 67266
Household Income (Median)
$ 89188
Per Capita Income
$ 32592
Per Capita Income Growth (2010-2022)
44 %
Gini Index
0.4603*
Poverty Rate
16.9 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov