Economy Profile

La Paz County

TSAC-CFD-04012

Snapshot

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GDP (2022, Thousands)
$ 824716
AVG Real Growth (2017-2022)
0.54 %
Unemployment Rate (May, 2024)
5.4 %
Labor Force Size
8828
Number of Businesses
393
Average Annual Wage
$ 49591

Economy Structure

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

GDP

La Paz County, Arizona, has an annual GDP of approximately $825 million and a GDP per capita of $49,440. However, the county experienced a significant economic contraction, with a GDP growth rate of -8.6% over the last year, contrasting sharply with Arizona's overall growth rate of 3.2%. The county's economy is heavily service-oriented, with 67.4% of its GDP coming from service-providing sectors, while goods-producing industries contribute only 8.7%. This reliance on services is similar to the state average of 72.9%, but La Paz's economic performance lags behind more prosperous counties like Maricopa, which boasts a GDP per capita of $79,029 and a growth rate of 4.1%. The challenges faced by La Paz County highlight the disparities within Arizona's economic landscape.

GDP (2022, Thousands)
$ 824716
GDP Per Capita
$ 49440
GDP Growth Rate (2022)
-8.6 %
Average Growth Rate (2017-2022)
0.54 %
Goods Producing Contribution (%)
8.7%
Service Providing Contribution (%)
67.4%
Goverment Contribution
23.9%
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
8828
Labor Force Growth
6.17%
Unemployment
477
Unemployment Rate
5.4%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

La Paz County, AZ, exhibits an employment rate of 63.3% for individuals aged 20-64, which is below both the state average of 72.5% and the national average of 73.8%. The county's employment rate for those with a Bachelor's degree stands at 67.4%, significantly lower than Arizona's 82.2% and the national figure of 84.3%. Notably, the high school graduate employment rate is relatively strong at 73.3%, yet it still lags behind the state and national averages. The employment rate for seniors (75+) is notably higher at 10.5%, indicating a potential demographic trend of older individuals remaining in the workforce. Comparatively, La Paz County ranks lower than neighboring counties like Maricopa and Pima, highlighting challenges in job availability and educational attainment that may hinder economic growth.

Employment Rate (20-64 y.o.)
63.3%
Employment Rate (with Bachelor's Degree)
67.4%
Employment Rate (75+ y.o.)
10.5%
Employment Rate (Black)
26.6%
Employment Rate (Female)
55.5%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
393
Number of Employment
6253
Annual Average Wages
$ 49591
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 59882
Service-providing (avg pay)
$ 44138
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

La Paz County, AZ, exhibits significant economic challenges compared to both state and national averages. With a mean household income of $46,634 and a median household income of $62,044, La Paz falls well below Arizona's mean of $72,581 and median of $98,569. The county's income per capita of $30,399 is also lower than the state average of $38,334. Notably, 24.2% of households earn less than $20,000, a stark contrast to the state’s 11.2%. The income inequality, indicated by a Gini index of 0.4817, is relatively high, suggesting a significant disparity in income distribution. This economic landscape positions La Paz County among the lower-income counties in Arizona, highlighting the need for targeted economic development initiatives to improve living standards and reduce poverty.

Household Income (Mean)
$ 46634
Household Income (Median)
$ 62044
Per Capita Income
$ 30399
Per Capita Income Growth (2010-2022)
43.6 %
Gini Index
0.4817*
Poverty Rate
21.0 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov