Median Income

Definition: The household income value at which 50% of households in the county earn less and 50% earn more.

Median household income in this report provides a measure of the typical or “middle” income level in a county as well as the overall economic wellbeing for residents.

One key drawback is that this measure treats all households equally regardless of the number of people in the household. The size of the household has a big impact on how the income is distributed to individuals. Nonetheless, median household income remains a broadly used measure

It is useful in tracking income growth, which is associated with the ability of residents to meet their needs, and comparing economic conditions across counties

Unemployment Rate

Definition: The percentage of the population who do not have a job, are currently available for work and are actively seeking work.

Unemployment has an impact on the individuals who are without work, their families and their communities. The purchasing power of those workers is lost, as are the goods and services they might have produced. People who are unemployed are also at a higher risk of social challenges.

The unemployment rate serves as both a measure of labor availability and an overall indicator of a county’s economic health. While labor availability is an important factor in economic development, high rates of unemployment are considered unfavorable.

Labor Force Participation Rate

Definition: The ratio between the size of the civilian labor force and the overall population 16 years of age and older. People in the labor force are those who are employed or are actively seeking work.

The labor force participation rate measures the supply side of the labor market, including both those currently working and those seeking work.

It is particularly useful in detecting discouraged unemployed workers during economic down turns and in areas that are economically depressed. Higher rates of labor force participation are generally viewed favorably

Use caution interpreting labor force participation at the local level because income types and population age structure can be confounding factors.

Job Growth

Definition:The net change in the estimated number of full-time and part-time jobs being performed between the listed year and the year prior, per 1,000 residents in the county.

Job growth focuses on the change in the number of jobs worked. It does not provide perspective on unfilled or vacant jobs potentially available in communities.

ob growth serves as an essential measure of economic vitality and tracks closely with productivity. Taken in combination with unemployment and labor force participation rate, net job growth provides valuable insights on the overall labor market in a given county and across the state.