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Independence County, Arkansas, has an annual GDP of approximately 2.28 billion dollars and a GDP per capita of about 60,040 dollars, reflecting a moderate economic standing within the state. The county's GDP growth rate of 3.1% in the last year is notably higher than Arkansas's overall growth rate of 1.3%, indicating a positive economic momentum. However, its compound annual growth rate (CAGR) of 0.66% over the past 13 years suggests a slower long-term growth trajectory compared to the state’s 2.12%. Independence County's goods-producing sector contributes 32.8% to its GDP, which is significantly higher than the state average of 22%, showcasing a robust manufacturing base. In comparison to other counties, such as Pulaski and Benton, which have higher GDPs and per capita figures, Independence County demonstrates potential for growth, particularly in diversifying its economic contributions.
Independence County, AR exhibits an employment rate of 66.6% for individuals aged 20-64, which is below the Arkansas state average of 69.3% and significantly lower than the national average of 73.8%. However, the county shows a strong employment rate of 85.8% for those with a Bachelor's degree, slightly above the state average of 83.5%. Notably, the employment rate for Black residents in Independence County is 70.8%, which is higher than both the state average of 52.1% and the national average of 57.2%. This suggests a relatively favorable employment landscape for Black individuals in the county compared to broader trends. Overall, while Independence County faces challenges in overall employment rates, it demonstrates strengths in educational attainment and specific demographic employment outcomes.
Independence County, AR, exhibits a Mean Household Income of $52,361 and a Median Household Income of $71,260, both of which are below the state averages of $56,335 and $79,592, respectively. The county's Income Per Capita stands at $27,867, indicating a lower economic output per individual compared to the state average of $31,868. Notably, 18.9% of households earn less than $20,000, which is higher than the state average of 16.3%. The Gini index of 0.4762 suggests a moderate level of income inequality, slightly above the state’s 0.4821. Compared to neighboring counties, Independence County's economic indicators reflect challenges, particularly in income levels, highlighting a need for targeted economic development strategies to improve financial well-being and reduce poverty rates.