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Boone County, Arkansas, has an annual GDP of approximately 1.75 billion dollars and a GDP per capita of about 46,456 dollars. The county's GDP growth rate over the last year was modest at 0.8%, with a compound annual growth rate (CAGR) of 1.86% over the past 13 years, indicating a slow but steady economic expansion. In comparison to the state of Arkansas, which has a GDP per capita of 54,988 dollars and a growth rate of 1.3%, Boone County lags slightly behind. Notably, Boone County's government contribution to GDP stands at 14.8%, which is higher than the state average of 11.7%. This suggests a relatively significant role of government in the local economy, contrasting with more robust growth seen in neighboring counties like Benton County, which experienced a 3.8% growth rate last year.
Boone County, AR exhibits an employment rate of 71.1% for individuals aged 20-64, which is slightly above the Arkansas state average of 69.3% but below the national average of 73.8%. The county's employment rate for those with a Bachelor's degree stands at 81.9%, which is comparable to the state rate of 83.5% and lower than the national figure of 84.3%. Notably, Boone County's employment rate for high school graduates is 63%, aligning closely with the state average of 63.4%. The county's employment rates for Black individuals (47.7%) and females (68.3%) are also lower than both state and national averages, indicating potential areas for improvement in workforce inclusivity. Overall, Boone County's employment metrics suggest a relatively stable labor market, though it lags behind some neighboring counties like Benton and Washington, which have higher employment rates across various demographics.
Boone County, AR, exhibits a mean household income of $52,275 and a median household income of $69,322, which are below the state averages of $56,335 and $79,592, respectively. The county's income per capita stands at $28,886, indicating a lower economic output per individual compared to the state average of $31,868. Notably, Boone County has a lower income inequality, as reflected by its Gini index of 0.4477, compared to the state’s 0.4821. Additionally, 6.5% of households earn over $200,000, while 15.6% earn less than $20,000, suggesting a modest economic stratification. In comparison to neighboring counties like Benton County, which boasts a mean income of $85,269, Boone County's economic indicators highlight a need for growth and development to enhance its economic standing within Arkansas.