New Castle Kentucky Income Charts

This section shows the New Castle Kentucky economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, New Castle depicts it has a Median earnings of $32,667 which is the third most median earnings of all other places in the greater New Castle region. The city with the highest median earnings per worker in the area is La Grange which depicts a median earnings of $47,914 (46.7% larger). Comparing median earnings per worker to the United States average of $49,041, New Castle is approximately three-fourths the size. Also, measured against the state of Kentucky, median earnings per worker of $43,234, New Castle is approximately three-fourths the size.

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 $34,750 which is the second smallest in order of median household income of all the other places in the metro area. The city with the highest median household income in the area is La Grange which shows a median income of $59,928 (72.5% larger). Comparing median household income to the United States average of $62,843, New Castle is approximately half the size. Also, measured against the state of Kentucky, median household income of $50,589, New Castle is approximately three-fourths the size.

The next section examines a variety of different income statistics for the New Castle metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings less than $10,000 at 17.3% of the total and is ranked #1. Second, it has the second smallest when ranked by median earnings of less than $10,000 of all the other places in the metro area in terms of earnings between $10,000 and $14,999 at 4.6% of the total. Third, it has one of the largest proportions of earnings between $15,000 and $19,999 at 46.9% of the total and is ranked #3. Only #2 Gratz (48.6%), and #1 Pleasureville (50.2%) are larger.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 39.7 which is in the mid range of other places in the surrounding region. The city with the highest average hours in the area is Gratz which depicts an average hours of 40.9 (only about 3.0% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $15.82 which is the third most average hourly earnings of all other places in the greater New Castle region. The city with the highest average hourly earnings in the area is La Grange which shows an average hourly earnings of $23.33 (47.4% larger). Comparing average hourly earnings to the United States average of $24.31, New Castle is approximately three-fourths the size. Also, compared with the state of Kentucky, average hourly earnings of $21.32, New Castle is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the New Castle metro area based on the number of people who reported any self employment income. New Castle shows it has a Self Employed of 12.4% which is the second most people self employed of all the places in the greater New Castle region. The city with the highest percentage of people self employed in the area is Smithfield which depicts a percentage self employed of 12.7% ( only slightly larger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $53,500 of the total and is ranked #2. The only larger city being La Grange with $76,406. Second, it has less than most other places in the metro area when sorted by median income-25 to 44 years at $28,654 of the total. Third, it has in the mid range of other places in the area in terms of median income-45 to 64 years at $34,250 of the total.

Figure 9 breaks down the source of income and New Castle has the largest proportion of investment and retirement income at 20.9% of the total and is ranked #1.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 28.0% which is the most of all places in the greater New Castle region.

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $53,750 of the total and is ranked #3. Only #2 Eminence ($56,103), and #1 La Grange ($76,159) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. New Castle depicts it has the hightest cost of 99.1 for the cost of utilities category.

New Castle Kentucky Labor Force Charts

The next two charts look at very recent, 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 2020, the Covid 19 recession or great recession occurred and affects this metric. . It shows that from February 2010 to before the disasterous Covid-19 virus Pandemic the monthly unemployment rate went from 9.0% to 3.6% in February 2020. This represents a decrease in the monthly unemployment rate of 60.0%. Since that time, the monthly unemployment rate has gone to 8.3% This represents an increase in the monthly unemployment rate of 130.6%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It depicts that from February 2010 to before the disasterous Coronavirus Pandemic the monthly labor force participation went from 14,081 to 14,479 in February 2020. This represents an increase in the monthly labor force participation of 2.8%. Since that time, the monthly labor force participation has gone to 13,666 This represents a decrease in the monthly labor force participation of 5.6%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows New Castle shows it has a Unemployment Rate of 2.8% which is the largest of all places in the metropolitan area. Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. New Castle depicts it has a Labor Force Participation of 46.4% which is the smallest in order of participation rate of all the other places in the metropolitan area.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). New Castle has the largest proportion of employed at 2.8% of the total and is ranked #1. Second, it has the largest proportion of unemployed at 53.6% of the total and is ranked #1.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. New Castle shows full time employees approximately 4.0 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater New Castle area. New Castle depicts it has a Single Earner Families of 36.2% which is the largest of all places in the greater New Castle region. The percentage of families with no one working is depicted in Figure 22. New Castle depicts it has a Families with No One Working of 23.6% which is the second most families with no one working of all the places in the greater New Castle region. The city with the highest families with no one working in the area is Smithfield which depicts a families with no worker of 42.9% (about twice as large).

New Castle Kentucky Poverty Charts

The next section details economy analysis about poverty for residents of the New Castle community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. New Castle shows it has a Total In Poverty of 271 which is the third most of all other places in the metro area. The city with the highest total people earning less than the poverty level in the area is La Grange which shows a total people earning less than the poverty level of 1,279 (approximately 4.7 times bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. New Castle shows it has a Percent of Population In Poverty of 28.8% which is the second most of all the places in the local area. The city with the highest percent of people earning less than the poverty level in the area is Smithfield which depicts a percent of people in poverty of 58.0% (about twice as large).

In Figure 25 people who are in poverty are broken out by age group. New Castle has the percentage of person in poverty under 12 years the second smallest in order of person in poverty under 12 years of all the other places in the greater region at 3% of the total. Second, it has the smallest proportion of person in poverty 12 to 17 years at 18% of the total. Third, it has the largest proportion of person in poverty 18 to 34 years at 28% of the total and is ranked #1.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. New Castle has the largest proportion of hawaiian poverty rate at 100% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. New Castle has one of the largest proportions of married with children and in poverty at 62% of the total and is ranked #2. The only larger city being Smithfield with 100%. Second, it has one of the largest proportions of unmarried with children and in poverty at 68% of the total and is ranked #2. The only larger city being Smithfield with 100%.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. New Castle has one of the largest proportions of highschool graduate and in poverty at 21% of the total and is ranked #2. The only larger city being Smithfield with 32%. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. New Castle has the largest proportion of people who are in poverty and employed at 8.5% of the total and is ranked #1. Second, it has one of the largest proportions of people who are in poverty and unemployed at 20.7% of the total and is ranked #2. The only larger city being Campbellsburg with 25.0%. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) New Castle depicts it has a Public Assistance Percent of 25.9% which is the third most of all other places in the surrounding region. The city with the highest households with public assistance in the area is Gratz which indicates a households with public assistance of 42.9% (65.8% larger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). New Castle depicts it has a Gini Index of 41.8% which is the third most of all other places in the greater region.

New Castle Kentucky Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the New Castle community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) New Castle has the largest proportion of people who bicycle or walk to work at 8% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown New Castle or elsewhere.) New Castle has the largest proportion of people who work from home at 8% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. New Castle has the percentage of people who leave for work between 12am to 5am less than most other places in the area at 4% of the total. Second, it has the largest proportion of people who leave for work between 7am to 730am at 20% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 8am to 830am at 5% of the total and is ranked #1. Also, it has the smallest proportion of people who leave for work between 11am to 12noon at 4% of the total.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. New Castle has one of the largest proportions of people with commute time of less than 5 minutesutes at 20% of the total and is ranked #2. The only larger city being La Grange with 21%. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 8% of the total and is ranked #2. The only larger city being La Grange with 13%.

The average commute time is shown in Figure 37. New Castle shows it has a Avg Commute Time of 22 which is the smallest when sorted by average commute time of all the other places in the local area. Figure 38 shows the difference between male versus female commuting time. New Castle depicts average commute time in minutes for men about 7.9% smaller as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and New Castle has one of the largest proportions of no vehicle available at 27% of the total and is ranked #3. Only #2 Pleasureville (27%), and #1 Smithfield (31%) are larger. Second, it has less than most other places in the local area in terms of 1 vehicle available at 35% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) New Castle depicts it has a Work in city or place where live of 21% which is the third most people who both work and live in the same city of all other places in the greater New Castle region. The city with the highest people who both work and live in the same city in the area is Eminence which depicts a people who both work and live in the same city of 29% (34.1% larger). Comparing people who both work and live in the same city to the United States average of 42%, New Castle is approximately half the size. Also, benchmarked against the state of Kentucky, people who both work and live in the same city of 52%, New Castle is approximately half the size.

New Castle Kentucky Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. New Castle depicts it has the hightest median earnings of $36,250 for the earnings-production, transportation, material moving occupations aggregate. Similarly, Figure 47 shows the median earnings of women for the job categories and New Castle depicts it has the hightest median earnings of $37,500 for the earnings-sales and office occupations group. The table in Figure 48, shows New Castle employment data in terms of job categories and salary data.

New Castle Kentucky Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. New Castle shows it has the hightest entrepreneurs of 100% for the self employed in sales and office related businesses group.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. New Castle depicts it has the hightest entrepreneurs of 100% for the self employed in professional, scientific, management, administrative services classification.

In Figure 51 the average annual self employment/entrepreneur income is shown. New Castle shows it has a Self Employment Income of $10,129 which is less than most other places in the local area. The city with the highest average annual self employment income in the area is Pleasureville which depicts an average annual self employment income of $24,214 (approximately 2.4 times bigger). Comparing average annual self employment income to the United States average of $39,154, New Castle is approximately a quarter the size. Also, measured against the state of Kentucky, average annual self employment income of $32,419, New Castle is approximately a third the size.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) New Castle shows total number of self-employed men 27.8% larger as the total number of self-employed women.