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Economy Profile

Salem MSA

  • Oregon State
  • October, 2024
TSAC-CFD-141420

Table of Content

Snapshot

-

GDP (2022, Thousands)
$ 24074818
AVG Real Growth (2017-2022)
3.48 %
Unemployment Rate (May, 2024)
4.4 %
Labor Force Size
218817
Number of Businesses
15625
Average Annual Wage
$ 58387

Economy Structure

Population & Household section gives reader an outlook. of general population profile, structure, and outlook.

GDP

GDP (2022, Thousands)
$ 24074818
GDP Per Capita
$ 55547
GDP Growth Rate (2022)
2.5 %
Average Growth Rate (2017-2022)
3.48 %
Goods Producing Contribution (%)
16%
Service Providing Contribution (%)
59.9%
Goverment Contribution
24.2%
GDP Historical Growth Rate
Source: Bureau of Economic Analysis | CAGDP2, CAGDP11
GDP by Sectors
Source: Bureau of Economic Analysis | CAGDP2, CAGDP11
GDP Growth by Sectors
Source: Bureau of Economic Analysis | CAGDP11

Monthly Employment

Total Labor Force
218817
Labor Force Growth
2.32%
Unemployment
9641
Unemployment Rate
4.4%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
73.3%
Employment Rate (with Bachelor's Degree)
82.8%
Employment Rate (75+ y.o.)
4.7%
Employment Rate (Black)
57.4%
Employment Rate (Female)
69.7%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
15625
Number of Employment
189738
Annual Average Wages
$ 58387
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 56532
Service-providing (avg pay)
$ 51598
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 72154
Household Income (Median)
$ 93506
Per Capita Income
$ 34631
Per Capita Income Growth (2010-2022)
- %
Gini Index
0.4371*
Poverty Rate
12.8 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov