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Miller County, Arkansas, has an annual GDP of approximately 1.66 billion dollars, with a GDP per capita of about 38,828 dollars. The county's GDP growth rate has declined by 3.1% over the last year, reflecting a negative trend that contrasts sharply with the state's growth rate of 1.3% and the national rate of 1.9%. Over the past 13 years, Miller County's compound annual growth rate (CAGR) has also been negative at -0.32%, indicating persistent economic challenges. The county's economy is heavily reliant on goods-producing sectors, contributing 32.3% to its GDP, which is higher than the state average of 22%. However, the service sector's contribution is lower than both state (66.3%) and national (71.2%) averages, suggesting potential areas for economic diversification and growth.
Miller County, AR, exhibits a notably low employment rate of 60.8% for individuals aged 20-64, significantly below the state average of 69.3% and the national average of 73.8%. The county's employment rate for high school graduates stands at 57.1%, which is also lower than Arkansas's 63.4%. While the employment rate for those with a bachelor's degree is relatively strong at 81.7%, it still lags behind the national figure of 84.3%. Comparatively, Miller County's employment rates for Black individuals (50.6%) and females (56.3%) are below both state and national averages, indicating potential challenges in workforce participation and equity. Overall, these figures suggest that Miller County faces significant economic hurdles compared to both state and national benchmarks, highlighting the need for targeted economic development initiatives.
Miller County, AR, exhibits a challenging economic landscape, with a mean household income of $47,613 and a median household income of $66,142, both significantly lower than the state averages of $56,335 and $79,592, respectively. The county's income per capita stands at $26,572, which is also below the state average of $31,868. Notably, 21.7% of households earn less than $20,000, a figure that surpasses the state average of 16.3%, indicating a higher prevalence of low-income households. Comparatively, Miller County's income inequality, as reflected by its Gini index of 0.4820, aligns closely with the state average of 0.4821, suggesting similar economic disparities. Overall, Miller County faces economic challenges that are more pronounced than many of its peers in Arkansas, highlighting the need for targeted economic development initiatives.