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Franklin County, Arkansas, has shown a remarkable GDP growth rate of 7.4% over the past year, significantly outpacing the state average of 1.3% and the national rate of 1.9%. With an annual GDP of approximately 555 million dollars and a GDP per capita of 32,364 dollars, Franklin County's economic performance is noteworthy, especially considering its higher goods-producing GDP contribution of 29.6% compared to the state’s 22%. This indicates a robust industrial base relative to other counties in Arkansas, such as Pulaski County, which has a much higher GDP but a lower goods-producing contribution. The county's growth trajectory, with a compound annual growth rate of 1.94% over the past 13 years, suggests a stable economic environment, positioning it favorably within the state’s economic landscape.
Franklin County, AR, exhibits a notably lower employment rate for individuals aged 20-64 at 64.7%, compared to the state average of 69.3% and the national average of 73.8%. The county's employment rate for those with a Bachelor's degree (74.8%) is also below the state (83.5%) and national (84.3%) figures, indicating potential challenges in higher education job placements. Additionally, the employment rate for high school graduates (66.1%) is slightly above the state average (63.4%) but still lags behind national figures (67.9%). The county's employment rate for Black residents (7.4%) is significantly lower than both state (52.1%) and national (57.2%) averages, highlighting disparities in employment opportunities. Overall, Franklin County faces economic challenges relative to both state and national benchmarks, particularly in higher education employment and racial equity.
Franklin County, AR, exhibits a mean household income of $47,695 and a median household income of $62,043, both significantly lower than the state averages of $56,335 and $79,592, respectively. The county's income per capita stands at $25,517, which is also below the state average of $31,868. Notably, 23% of households earn less than $20,000, indicating a higher level of economic distress compared to the state’s 16.3%. In terms of income inequality, Franklin County's Gini index of 0.4520 suggests a more equitable income distribution than the state average of 0.4821. Compared to neighboring counties, Franklin County's economic indicators reflect challenges that may stem from limited job opportunities and lower wage levels, positioning it as one of the less affluent areas in Arkansas.