Economic Data : Fairfield County

Total Personal Income

In 2002 Fairfield had a total personal income (TPI) of $503,338. This TPI ranked 38th in the state and accounted for 0.5 percent of the state total. In 1992 the TPI of Fairfield was $309,847 and ranked 37th in the state. The 2002 TPI reflected an increase of 3.2 percent from 2001. The 2001-2002 state change was 2.8 percent and the national change was 2.3 percent. The 1992-2002 average annual growth rate of TPI was 5.0 percent. The average annual growth rate for the state was 5.5 percent and for the nation was 5.2 percent.

Components of Total Personal Income

Total personal income includes net earnings by place of residence; dividends, interest, and rent; and personal current transfer receipts received by the residents of Fairfield. In 2002 net earnings accounted for 62.8 percent of TPI (compared with 64.2 in 1992); dividends, interest, and rent were 13.0 percent (compared with 14.3 in 1992); and personal current transfer receipts were 24.1 percent (compared with 21.5 in 1992). From 2001 to 2002 net earnings increased 1.8 percent; dividends, interest, and rent increased 1.7 percent; and personal current transfer receipts increased 7.8 percent. From 1992 to 2002 net earnings increased on average 4.7 percent each year; dividends, interest, and rent increased on average 4.0 percent; and personal current transfer receipts increased on average 6.2 percent.

Earnings of Place by Work

Earnings of persons employed in Fairfield increased from $314,083 in 2001 to $319,025 in 2002, an increase of 1.6 percent. The 2001-2002 state change was 2.1 percent and the national change was 1.5 percent. The average annual growth rate from the 1992 estimate of $254,220 to the 2002 estimate was 2.3 percent. The average annual growth rate for the state was 5.0 percent and for the nation was 5.3 percent.

Note: All income estimates with the exception of PCPI are in thousands of dollars, not adjusted for inflation.

Per Capita Personal Income
 
In 2002 Fairfield had a per capita personal income (PCPI) of $21,078. This PCPI ranked 30th in the state and was 83 percent of the state average, $25,502, and 68 percent of the national average, $30,906. The 2002 PCPI reflected an increase of 2.3 percent from 2001. The 2001-2002 state change was 1.7 percent and the national change was 1.2 percent. In 1992 the PCPI of Fairfield was $13,704 and ranked 34th in the state. The 1992-2002 average annual growth rate of PCPI was 4.4 percent. The average annual growth rate for the state was 4.2 percent and for the nation was 4.0 percent.

Source:  Bureau of Economic Analysis

Unemployment Rates

Fairfield County has the highest unemployment rate in the Central Midlands area. In August 2004, 13.9% of the county's labor force were unemployed. Despite the high unemployment rate, trends appear optimistic, as this represents an improvement from August 2003, when the county unemployment rate was 17.5%

Source: SC Employment Security Commission