Richmond KY Work Force

labor-market-richmond-ky

Labor market counties are composed of counties which significantly exist within the sixty (60) minute drive range of the originating county’s county seat. A county will be included within the radius if the centroid point of a county (a point representing the center of the geographic area of a county) falls within the drive zone. Additionally, all contiguous counties will be classified as part of the labor market with the exception of non-Kentucky contiguous counties which have been excluded by the above mentioned 60-minute drive range and have a border with the Mississippi and/or Ohio Rivers.



Total Available Labor

Available Labor, 2012 Future Labor:
Becoming 18 Years of Age
(2014-2017)
Total Unemployed Potential Labor Supply
Labor Market Area 29,516 25,248 4,268 34,940
Madison County 3,050 3,050 N/A 4,009
Source: U.S. Department of Labor, Bureau of Labor Statistics; Kentucky Cabinet for Economic Development (KCED); U.S. Department of Commerce, Bureau of the Census.
Note: Total Available Labor = Unemployed + Potential Labor Supply.
Unemployed – people currently not employed, but actively seeking work.
Potential Labor Supply: Determined by the national labor force participation rate minus each county’s labor force participation rate. Labor force participation rates are calculated by dividing the labor force by the population. NA (Not Applicable) applies to counties with a labor force participation rate greater than the national average.
Future Labor – people becoming 18 years of age (not part of the total available labor statistics).

Civilian Labor Force

Madison County Labor Market Area
2014 Mar. 2016 2014 Mar. 2016
Civilian Labor Force 44,889 44,668 363,532 360,777
Employed 42,465 42,624 343,559 343,610
Unemployed 2,424 2,044 19,973 17,167
Unemployment Rate (%) 5.4 4.6 5.5 4.8
Source: U.S. Department of Labor, Bureau of Labor Statistics.

Unemployment Rate (%)

Year Madison County Labor Market Area Kentucky U.S.
2010 8.8 9.2 10.5 9.6
2011 7.7 8.5 9.5 8.9
2012 6.7 7.1 8.2 8.1
2013 6.8 7.1 8.3 7.4
2014 5.4 5.5 6.5 6.2
Source: U.S. Department of Labor, Bureau of Labor Statistics.

Commuting Patterns

Residents of Madison County 2014 Percent
Working and Residing In County 15,366 45.9
Commuting Out of County 18,122 54.1
Total Residents 33,488 100.0
Employees in Madison County
Working and Residing In County 15,366 46.3
Commuting Into County 17,835 53.7
Total Employees 33,201 100.0
Source: U.S. Department of Commerce, Bureau of the Census.

Average Weekly Wage, 2014

Madison County Kentucky (Statewide) U.S. Ohio
All Industries $699 $807 $988 $885
Agriculture, Forestry, Fishing and Hunting ND 637 589 603
Mining ND 1,322 1,964 1,352
Construction 848 960 1,058 1,039
Manufacturing 1,002 1,059 1,211 1,105
Trade, Transportation, and Utilities 510 732 827 765
Information 657 943 1,747 1,207
Financial Activities 700 1,122 1,640 1,226
Services 575 681 877 785
Public Administration 891 822 995 948
Other 442 568 667 554
Indiana Illinois Tennessee Virginia
All Industries $1040 $818 $869 $1018
Agriculture, Forestry, Fishing and Hunting 668 689 580 592
Mining 1,405 1,333 1,306 1,343
Construction 1,246 1,010 960 962
Manufacturing 1,267 1,109 1,083 1,086
Trade, Transportation, and Utilities 895 719 797 763
Information 1,492 1,051 1,188 1,742
Financial Activities 1,816 1,104 1,291 1,427
Services 922 682 780 1,026
Public Administration 1,019 798 855 1,048
Other 737 561 608 775

ND = Non-disclosed

Note:  The average weekly wage in 2014 for Natural Resources and Mining (the combined sectors of agriculture and mining) was $852

Source: U.S. Department of Labor, Bureau of Labor Statistics.

 

*The above data was updated July 2016. For the most up-to-date information, check ThinkKentucky.com at:  Work Force