This section shows the Drakesboro Kentucky economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Drakesboro shows it has a Median earnings of $39,911 which is less than most other places in the greater region. The city with the highest median earnings per worker in the area is Beechmont CDP which shows a median earnings of $60,385 (51.3% larger). Comparing median earnings per worker to the United States average of $53,269, Drakesboro is approximately three-fourths the size. Also, versus the state of Kentucky, median earnings per worker of $46,067, Drakesboro is about 15.4% smaller.
In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $65,156 which is the third most of all other places in the local area. The city with the highest median household income in the area is Rochester which indicates a median income of $67,917 (only about 4.2% larger). Comparing median household income to the United States average of $69,021, Drakesboro is about 5.9% smaller. Also, benchmarked against the state of Kentucky, median household income of $55,454, Drakesboro is 17.5% larger.
The next section examines a variety of different income statistics for the Drakesboro metropolitan area. In Figure 3 we see that it has the percentage of earnings less than $10,000 the second smallest in order of median earnings of less than $10,000 of all the other places in the metropolitan area at 2.6% of the total. Dividing median annual worker earnings by the average number of hours worked in a year in Figure 4 shows that it has a Avg Hrly Earnings of $19.24 which is less than most other places in the local area. The city with the highest average hourly earnings in the area is Beechmont CDP which indicates an average hourly earnings of $30.72 (59.7% larger). Comparing average hourly earnings to the United States average of $26.40, Drakesboro is approximately three-fourths the size. Also, measured against the state of Kentucky, average hourly earnings of $22.72, Drakesboro is about 18.1% smaller.
Figure 5 examines the number of self employed people in the Drakesboro metro area based on the number of people who reported any self employment income. Drakesboro depicts it has a Self Employed of 7.9% which is the second most of all the places in the greater region. The city with the highest percentage of people self employed in the area is Beechmont CDP which depicts a percentage self employed of 12.2% (53.9% larger).
The next chart (Figure 7) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 28.1% which is less than most other places in the metro area. The city with the highest households with retirement income in the area is Rochester which shows a households with retirement income of 31.5% (12.3% larger).
The percentage of full-time workers are compared to the number of part-time workers in Figure 8. Drakesboro shows full time employees substantially bigger as the part time employees.
Figure 10 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Drakesboro depicts it has the hightest cost of 98.5 for the cost of grocery items category.
Drakesboro Kentucky Poverty Charts
In Figure 11 the percentage of people earning less than the poverty level is shown and compared across the group of places. Drakesboro shows it has a Percent of Population In Poverty of 19.6% which is the second most percent of people earning less than the poverty level of all the places in the greater Drakesboro region. The city with the highest percent of people earning less than the poverty level in the area is Cleaton CDP which depicts a percent of people in poverty of 32.1% (63.9% larger).
Additionally, Figure 12 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Drakesboro shows it has a Public Assistance Percent of 7.9% which is less than most other places in the local area. The city with the highest households with public assistance in the area is Cleaton CDP which depicts a households with public assistance of 33.7% (approximately 4.3 times bigger).
Drakesboro Kentucky Labor Force Charts
The table in Figure 13, shows Drakesboro employment data in terms of job categories and salary data.
The next two charts look at monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2022, the Covid 19 recession occurred and affects this metric. The monthly unemployment rate shows that from February 2017 to before the disasterous Covid-19 virus Pandemic it went from 7.2% to 5.3% in December 2019. This represents a decrease in the monthly unemployment rate of 26.4%. Since that time, the monthly unemployment rate has gone to 5.3%. This represents an increase in the monthly unemployment rate of very little.
Drakesboro Kentucky Jobs Charts
In the jobs section of economic activity charts in Figure 15 shows the average annual earnings for very high level job industry categories for full time and year round employed.
Figure 16 shows the average median earnings for different categories of jobs.
Drakesboro Kentucky Work Commute Charts
Figure 18 shows a more detailed view of how the population commutes to work for (for example to downtown Drakesboro or elsewhere.) Drakesboro has the largest proportion of people who carpooled at 21% of the total and is ranked #1.
Figure 19 is provided for comparison purposes to the previous chart. It shows how people get to work overall on average in the United States.
The average commute time is shown in Figure 21. Drakesboro shows it has a Avg Commute Time of 26 which is the second most of all the places in the area.
Cities marked with an asterisk ("*") should resemble a city or town but do not have their own government (i.e. Mayor, City Council, etc.) These places should be recognizable by the local community but their boundaries have no legal status. Technically these include both Census Designated Places (CDP) and Census County Divisions (CCD) which are defined by the Census Bureau along with local authorities. (For more information, see:
Census Designated Place or "CDP")
and Census County Division "CCD".)
For comparison purposes, the US national average and the state average value are provided. Additionally, the "Combined Statistical Area" or CSA is shown that is closest to the city, county, or zip code shown. A CSA is a large grouping of adjacent metropolitan areas that identified by the Census Bureau based on social and economic ties. (See: Combined Statistical Area)
Data sources - Mouse over icon in upper right corner of each chart for information.