Monday, October 3, 2016

Lawrence County Economic Profile for September 2016

The following are some conclusions based upon recent information released from the Bureau of Labor Statistics. I always find it interesting to see how the Lawrence County population compares to the rest of the state.

A few observations:
  •       Lawrence County is 51.6% (45,466) female and 48.4% (42,616) male.
  • ·         Lawrence County has a total population of 88,062 people.
  • ·         Lawrence County is 93.3% white. The state is 82.6% white.
  • ·         Lawrence County is 4.1% black. The state is 11.7% black.
  • ·         36.1% of Lawrence County residents are 55 or older. 31% of the state is 55 or older.
  • ·         The median age in Lawrence County is 44. The median age in the state is 40.
  • ·         Per capita income in Lawrence County ($38,322) is 80% of the state per capita income ($47,679).
  • ·         Lawrence County median family income ($56,065) is 83% of the state median family income ($67,521).
  • ·         Lawrence County unemployment rate of 6.9% is 1.2% higher than the state average of 5.7%.
  • ·         Lawrence County has a labor force of @ 42,400 people.
  • ·         Lawrence County average wages are $38,816 which are 74% of average wages in the state ($52,160).
  • ·         Lawrence County average entry level wages are $20,780 which are 44% of average entry level wages in the state ($46,550).

Conclusion:
  • ·         Lawrence County is an aging community with a diminishing population.
  • ·         Lawrence County unemployment is higher than state unemployment.
  • ·         Lawrence County wage earners make less than the state average.
     This presents some unique challenges for public education. We have a significant portion of the population that does not have anyone in school and therefore has an idea about education that does not exist.

      As wages decrease and population decreases, so do tax revenues. As a function of government, public education relies primarily on real estate tax revenue. A mill of tax will continue to generate less dollars requiring an increase in millage to produce the same revenue.

      Quite a perplexing dichotomy!


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