This section shows the Richmond Kentucky economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Richmond depicts it has a Median earnings of $40,981 which is less than most other places in the metro area. The city with the highest median earnings per worker in the area is Berea which shows a median earnings of $45,483 (11.0% larger). Comparing median earnings per worker to the United States average of $53,269, Richmond is approximately three-fourths the size. Also, compared with the state of Kentucky, median earnings per worker of $46,067, Richmond is about 12.4% 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 $40,221 which is less than most other places in the area. The city with the highest median household income in the area is Nicholasville which depicts a median income of $56,790 (41.2% larger). Comparing median household income to the United States average of $69,021, Richmond is approximately half the size. Also, compared with the state of Kentucky, median household income of $55,454, Richmond is approximately three-fourths the size.
The next section examines a variety of different income statistics for the Richmond metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings between $50,000 and $74,999 at 3.7% 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 $21.65 which is the second most average hourly earnings of all the places in the greater Richmond region. The city with the highest average hourly earnings in the area is Berea which shows an average hourly earnings of $25.43 (17.4% larger). Comparing average hourly earnings to the United States average of $26.40, Richmond is about 21.9% smaller. Also, in comparison with the state of Kentucky, average hourly earnings of $22.72, Richmond is only about 4.9% smaller.
Figure 5 examines the number of self employed people in the Richmond metro area based on the number of people who reported any self employment income. Richmond shows it has a Self Employed of 11.1% which is the third most people self employed of all other places in the greater Richmond region. The city with the highest percentage of people self employed in the area is Lancaster which shows a percentage self employed of 16.0% (43.9% larger).
Figure 6 breaks down the source of income and Richmond has the smallest proportion of investment and retirement income at 8.1% of the total. Second, it has the smallest proportion of social security at 1.1% of the total.
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 15.7% which is the smallest as measured by households with retirement income of all the other places in the metro area. The city with the highest households with retirement income in the area is Irvine which shows a households with retirement income of 28.8% (about twice as large).
The percentage of full-time workers are compared to the number of part-time workers in Figure 8. Richmond depicts full time employees about twice as large as the part time employees.
Similar to the last chart is Figure 9 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. Richmond shows it has the hightest entrepreneurs of 22% for the self employed in arts, entertainment, recreation, accommodation and food services grouping.
Figure 10 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Richmond depicts it has the hightest cost of 97.6 for the cost of transportation group.
Richmond 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. Richmond shows it has a Percent of Population In Poverty of 24.3% which is the third most percent of people earning less than the poverty level of all other places in the greater Richmond region. The city with the highest percent of people earning less than the poverty level in the area is Ravenna which depicts a percent of people in poverty of 34.2% (40.8% 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.) Richmond depicts it has a Public Assistance Percent of 14.8% which is the smallest when ranked by households with public assistance of all the other places in the local area. The city with the highest households with public assistance in the area is Ravenna which shows a households with public assistance of 40.4% (approximately 2.7 times bigger).
Richmond Kentucky Labor Force Charts
The table in Figure 13, shows Richmond 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 depicts that from February 2017 to before the COVID-19 Pandemic it went from 5.6% to 3.7% in December 2019. This represents a decrease in the monthly unemployment rate of 33.9%. Since that time, the monthly unemployment rate has gone to 3.7%. This represents an increase in the monthly unemployment rate of very little.
Richmond 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.
Richmond 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 Richmond community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 17 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Richmond has the largest proportion of people who drive a car or motorcycle to work at 0% of the total and is ranked #1. Figure 18 shows a more detailed view of how the population commutes to work for (for example to downtown Richmond or elsewhere.) Richmond has the largest proportion of people who take the bus at 0% 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. Richmond depicts it has a Avg Commute Time of 21 which is the smallest in order of average commute time of all the other places in the metro 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.