Population and Economy

Population Growth
Population is a measure of the number of residents of a geographic location.  Population trends indicate changes in demand for goods and services and in the labor force of the local economy.  Understanding the nature of population trends and dynamics is essential to planning for economic growth.

The population of the District increased by 16.9% from 2000 to 2010. The individual counties’ populations increased in this time, with the exception of Jackson County, which saw a reduction in population over the ten year period of -1.3%.  Over the same time, the State experienced a population growth of 7.5%, while the Southeast region of the United States grew by about 14.3% between 2000 and 2010. Madison County, of course, represents the highest population, yet does not reflect the greatest population increase over the ten year span. Limestone County’s population increased the most, experiencing an increase of 26% in 10 years.

Median Age
Not surprisingly, the populations within the District are experiencing an increasingly aging population like elsewhere in the country. As was noted in the above section, the population of Jackson County declined from 2000 to 2010.  When this is combined with the significant increase in median age, it is clear that it is younger populations who have been leaving the County.

From 1960 to 2010, the median age of the United States has increased steadily from 29.5 to 37.2.  For comparison purposes, it has been noted that the median ages for the countries of Japan, Germany and Canada are somewhat older than that of the United States at 44.6, 43.7 and 40.7 respectively, whereas the median ages for the countries of China, Mexico and Egypt are somewhat younger at 35.2, 26.7 and 24.0 respectively.

Population Density
Along with population growth is an increase in population density. Population density varies greatly within the District from over 400 persons per square mile in Madison County to less than 50 in Jackson County.  Locally, the difference is even greater.  With the bulk of the District population growth in Madison and Limestone counties, the greatest increase in population density is in those counties as well leading to concerns for better planning and infrastructure needs.

Total Personal Income
Total personal income is the measure of the total wealth available to purchase goods and services in a local economy.  According to the Bureau of Economic Analysis (BEA), personal income is the total of all income that is received by all persons from all sources whether by wages and salaries, rental income, dividends and interest, and so on.

Total personal income (in thousands of dollars) was measured within the TARCOG District for the individual counties in 2000 and 2010, and then totaled for the entire district. The greatest increase in total personal income between 2000 and 2010 was in Limestone County with a ten year percent change of 79.5%. Second was Madison County, with a 67.1% increase within the ten year period, as Marshall County represented a 57.8% increase in total personal income and DeKalb and Jackson Counties both experienced the same increase of 34.1%. Total personal income for the entire TARCOG District increased by 61.3% between 2000 to 2010, while the State of Alabama’s total personal income increased by 49.6% over the ten year period.

Per Capita Personal Income
Per Capita Personal Income is calculated as the personal income of the residents of a given area divided by the resident population of the area.  It is broadly representative of the amount of wealth within the local economy standardized by the number of people in the study area. Per capita income has its weakness as a measure, particularly in that it does not account for income distribution.  However, as a benchmarking tool for comparing study areas, it is a straight forward and easily-compared estimate of wealth that accounts for population.

Per capita personal income for Madison County in 2000 was $29,094.  In 2010, it had increased to $40,218, a 38.2% increase over the ten year period. Madison County has the highest per capita income, but ranks only third in overall percentage change increase in the ten year period, with Limestone having the greatest increase at 42.3% and Marshall County second.

Per capita income for Limestone County in 2000 was at $22,459 and by 2010 it had increased 42.3% to $31,948. This ranks it first in greatest per capita increase but second only to Madison in per capita income total for both 2010 and 2000 years.

Marshall County ranked fourth highest per capita income of the five counties in 2000. The total for 2000 was $21,679 and by 2010, it was $30,257, representing a 39.5% increase over this time.

Jackson County ranked third among the counties in per capita income in 2000 at $21,711, and by 2010, it was $29,546, an increase of 36.1%.

DeKalb County ranks last place among the five counties in all three categories.  In 2000, its per capita income was only at $20,719.  In 2010, it was at $25,252, an increase of only 21.9%.

Average Compensation per Job
Total Average Compensation per Job is the sum of wage and salary disbursements and supplements to income, divided by total part-time and full-time employment.  It measures the average compensation per job in the study area, regardless of the distribution of income among earners in different jobs or in full-time or part-time positions.  It is useful as an unrefined measure of job quality.

In keeping with coordinated industrial classification codes, NAICS, the average compensation per job for the TARCOG District was taken from 2001 and 2010, representing only a nine year percent change.  Of the five counties within the TARCOG District, Madison County represented the greatest change in compensation per job numbers within the nine year range, a 45.2% increase from 2001. DeKalb County was second in percent change, with 37.2% increase in compensation per job within the nine year period.

Marshall County followed suit with 32.7% increase, while Jackson County and Limestone County represented an increase of 27.6% and 23.7% respectively.  Overall, the District saw an increase in average compensation per job, with the figures increasing from $35,361,000 to $47,246,000, representing a 33.6% increase from 2001 to 2010. This is compared to a 39.2% increase in average compensation per job for the entire state of Alabama.