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Montgomery County, MD, boasts an annual GDP of approximately 106.8 billion dollars, with a per capita GDP of 101,028 dollars, significantly higher than both the national average of 77,754 dollars and Maryland's average of 77,919 dollars. However, its GDP growth rate of 1.2% over the last year and a compound annual growth rate (CAGR) of just 0.06% over the past 13 years indicate a stagnation compared to the national growth rate of 1.9% and Maryland's 1.6%. The county's economy is predominantly service-oriented, contributing 69.4% to its GDP, similar to the state average of 68%. In contrast, neighboring Prince George's County has shown a more robust growth rate of 2.3%, highlighting a potential area for Montgomery County to enhance its economic dynamism.
Montgomery County, MD exhibits a robust employment landscape, with an employment rate of 80.7% for individuals aged 20-64, surpassing both the Maryland state average of 77.1% and the national average of 73.8%. The county's employment rate for those with a bachelor's degree stands at 86.1%, slightly below Maryland's 86.4% but significantly higher than the national figure of 84.3%. Notably, Montgomery County also shows a commendable employment rate of 67.5% for Black residents, which is higher than the state average of 62.8%. This indicates a relatively inclusive job market compared to other counties in Maryland, such as Baltimore City, which has a much lower overall employment rate of 70.1%. The county's strong educational attainment and diverse workforce contribute to its economic resilience and attractiveness.
Montgomery County, MD, stands out as a high-income region, with a mean household income of $125,583 and a median household income of $172,866, significantly surpassing both state averages ($98,461 mean, $129,642 median) and national figures ($75,149 mean, $105,833 median). The county's income per capita of $64,126 also reflects its economic strength, although it is lower than the state average of $49,865. Notably, only 6.4% of households earn less than $20,000, indicating a relatively low level of poverty compared to the state (9.1%) and national (12.1%) averages. The income inequality, as measured by the Gini index (0.4689), is moderate, suggesting a more equitable distribution of income than the national average (0.4829). Overall, Montgomery County's economic profile highlights its position as one of Maryland's wealthiest counties, contributing to the state's overall affluence.