LotsCap

Economy Profile

Montgomery County

  • Maryland State
  • October, 2024
TSAC-CFD-24031

Table of Content

Snapshot

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GDP (2022, Thousands)
$ 106777850
AVG Real Growth (2017-2022)
0.06 %
Unemployment Rate (May, 2024)
3 %
Labor Force Size
567425
Number of Businesses
34740
Average Annual Wage
$ 92042

Economy Structure

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

GDP

GDP (2022, Thousands)
$ 106777850
GDP Per Capita
$ 101028
GDP Growth Rate (2022)
1.2 %
Average Growth Rate (2017-2022)
0.06 %
Goods Producing Contribution (%)
10.3%
Service Providing Contribution (%)
69.4%
Goverment Contribution
20.3%
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
567425
Labor Force Growth
1.61%
Unemployment
17158
Unemployment Rate
3%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
80.7%
Employment Rate (with Bachelor's Degree)
86.1%
Employment Rate (75+ y.o.)
10.7%
Employment Rate (Black)
67.5%
Employment Rate (Female)
76.6%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
34740
Number of Employment
458933
Annual Average Wages
$ 92042
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 113897
Service-providing (avg pay)
$ 84829
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 125583
Household Income (Median)
$ 172866
Per Capita Income
$ 64126
Per Capita Income Growth (2010-2022)
35.5 %
Gini Index
0.4689*
Poverty Rate
7.2 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov