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Clay County, Arkansas, exhibits significant economic challenges, with an annual GDP of approximately 454 million dollars and a GDP per capita of 31,244 dollars, both of which are notably lower than the state averages of 165.99 billion dollars and 54,988 dollars, respectively. The county's GDP growth rate has declined sharply by 6.8% over the past year, contrasting with Arkansas's modest growth of 1.3% and the national rate of 1.9%. While goods-producing sectors contribute 19.6% to the local economy, this is below the state average of 22%. The service sector, accounting for 65.7% of Clay County's GDP, aligns closely with state trends but highlights a reliance on services rather than manufacturing. Overall, Clay County's economic performance lags behind both state and national benchmarks, indicating a need for strategic interventions to stimulate growth and improve living standards.
Clay County, AR exhibits an employment rate of 69.5% for individuals aged 20-64, which is slightly above the state average of 69.3% but below the national average of 73.8%. Notably, the county's employment rate for high school graduates stands at 69.3%, significantly higher than Arkansas's average of 63.4%. However, the county's employment rate for those with a bachelor's degree at 82.5% is lower than the state average of 83.5%. A remarkable aspect of Clay County is its high employment rate for Black residents at 83.8%, which surpasses both the state (52.1%) and national (57.2%) figures. This suggests a strong labor market for this demographic in Clay County, contrasting with broader trends in Arkansas and the U.S. Overall, while Clay County shows strengths in educational attainment and demographic employment, it still faces challenges in overall employment compared to national standards.
Clay County, AR, exhibits significant economic challenges compared to both state and national averages. With a mean household income of $44,685 and a median household income of $61,486, Clay County falls below Arkansas's state averages of $56,335 and $79,592, respectively. The county's income per capita of $26,554 is also notably lower than the state average of $31,868. Furthermore, 21% of households earn less than $20,000, which is higher than the state average of 16.3%. In contrast, neighboring counties like Benton and Pulaski boast mean household incomes exceeding $58,000, highlighting Clay County's economic struggles. The income inequality, indicated by a Gini index of 0.4523, suggests a relatively balanced income distribution, yet the overall economic landscape remains concerning, necessitating targeted interventions for improvement.