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Lafayette County, Arkansas, exhibits a unique economic profile with an annual GDP of approximately 186 million dollars and a GDP per capita of about 29,618 dollars. The county's GDP growth rate over the last year stands at a notable 3.8%, significantly higher than the state's growth rate of 1.3% and the national rate of 1.9%. However, its compound annual growth rate (CAGR) over the past 13 years is a modest 0.08%, indicating long-term stagnation. Lafayette County's economy is heavily reliant on goods-producing sectors, contributing 42.5% to its GDP, which is substantially higher than the state average of 22%. In comparison to other counties in Arkansas, Lafayette's GDP per capita is lower than most, reflecting a need for economic diversification and growth to enhance living standards.
Lafayette County, AR, exhibits significant challenges in employment compared to both state and national averages. With an employment rate of 58.9% for individuals aged 20-64, it falls well below Arkansas's average of 69.3% and the national average of 73.8%. The county's employment rate for high school graduates (53.4%) is notably lower than the state (63.4%) and national (67.9%) figures, indicating potential barriers to workforce participation. Additionally, the employment rate for Black residents in Lafayette County (36.5%) is substantially lower than the state average of 52.1%, highlighting disparities in employment opportunities. Overall, Lafayette County's economic indicators suggest a need for targeted interventions to improve workforce engagement and educational attainment, particularly in comparison to more prosperous counties like Benton and Saline, which boast employment rates above 76%.
Lafayette County, AR, exhibits significant economic challenges compared to both state and national averages. With a mean household income of $40,262 and a median household income of $56,291, Lafayette County falls well below Arkansas's state averages of $56,335 and $79,592, respectively. The county's income per capita of $23,699 is also notably lower than the state average of $31,868. Furthermore, a striking 25% of households earn less than $20,000, indicating a high level of economic distress. In contrast, Benton County, a neighboring county, boasts a mean household income of $85,269, highlighting the stark economic disparities within Arkansas. The county's Gini index of 0.4502 suggests a moderate level of income inequality, but the high percentage of low-income households raises concerns about economic mobility and stability in Lafayette County.