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Hancock County – Industry Affiliation

Picture of valves The array of different industries in a county significantly impacts its economy in various ways, contributing to economic stability, growth, and resilience. Here are some key effects:

  1. Economic Stability and Resilience
    • Diversification Reduces Risk: A county with a diverse range of industries is less vulnerable to economic shocks. If one industry faces a downturn, others can help stabilize the economy.
    • Resilience to Market Fluctuations: Different industries often respond differently to market conditions. For example, while manufacturing might decline during a recession, healthcare or education might remain stable.

  2. Job Creation and Employment
    • Variety of Employment Opportunounties: A mix of industries provides a wide range of job opportunounties, catering to different skill sets and education levels.
    • Reduced Unemployment: Diversification helps maintain lower unemployment rates, as job losses in one sector can be offset by gains in another.

  3. Innovation and Competitiveness
    • Cross-Industry Collaboration: Different industries can foster innovation through collaboration. For example, technology companies working with healthcare providers can lead to advancements in medical technology.
    • Attracting Talent: A diverse industrial base attracts a skilled workforce, enhancing the county's competitiveness and ability to innovate.

  4. Economic Growth and Development
    • Increased GDP: A variety of industries contribute to the county's Gross Domestic Product (GDP), driving overall economic growth.
    • Infrastructure Development: The presence of multiple industries often leads to better infrastructure, such as transportation, utilounties, and communication networks, which further supports economic activounties.

  5. Tax Revenue and Public Services
    • Higher Tax Revenue: A diverse industrial base generates more tax revenue from different sources, including corporate taxes, income taxes, and sales taxes.
    • Funding for Public Services: Increased tax revenue allows the county to invest in public services like education, healthcare, and public safety, improving the quality of life for residents.

  6. Attracting Investment
    • Investor Confidence: A diversified economy is more attractive to investors, as it reduces the risk associated with economic downturns in any single industry.
    • Foreign Direct Investment (FDI): Counties with a variety of industries are more likely to attract FDI, which can further boost economic growth.

  7. Quality of Life
    • Variety of Goods and Services: A diverse economy ensures a wide range of goods and services are available to residents, improving their quality of life.
    • Cultural and Social Benefits: Different industries often bring cultural and social diversity, enriching the county's cultural landscape and community life.

  8. Environmental Impact
    • Sustainable Practices: A mix of industries can promote sustainable practices, as different sectors may adopt varying approaches to environmental responsibility.
    • Balanced Resource Use: Diversification can lead to more balanced use of natural resources, reducing the environmental footprint of the county.

  9. Global Connectivity
    • Trade and Export Opportunounties: A diverse industrial base enhances a county's ability to engage in international trade, exporting a variety of goods and services.
    • Global Networks: Different industries often have global networks, increasing the county's connectivity and integration into the global economy.

In summary, the presence of a diverse array of industries in a county fosters economic stability, growth, and resilience, while also enhancing the quality of life for its residents and attracting investment and talent. This diversification is crucial for sustainable long-term economic development.

A diversification score measures the diversity of the industries in the county. As the value appoaches 100, industry diversity decreases and therefore increasing the risk of economic failure for the county should those limited industries befall a calamity. The industry diversification score for this county is:

17.09

Most common industry excluding Educational Services is:

Manufacturing

 
DescriptionEm­ployed
16 and
Over
Agri­culture/
Mining/
Con­struction
Manufac­turing Whole­sale/
Retail
Transpor­tation Infor­mation Finance/
Insu­rance/
Real Estate
Profes­sional
Services
Manage­ment
Services
Adminis­trative/
Waste Services
Educa­tional
Services
Enter­tainment
Services
Other
Profes­sional
Services
Public
Adminis­tration

Hancock County2,71622544841935111369801781410634157
Georgia (in 000's)5,59843658477240212435445882701,170490259270
National (in 000's)169,61014,45616,89722,6579,8133,20511,37013,3552367,03039,44715,0548,0088,082
Baldwin County17,6241,0551,7842,5569321391,04250108075,4092,204405790
Putnam County10,0021,0256801,6008665978151003142,140934586507
Greene County8,3449118251,13942110565951207211,750878177246
Washington County8,0181,04094686268665296126272412,052646381650
Warren County2,3782436312481413968590153382120134160
Glascock County1,4231213542001042916120193338340112
Taliaferro County662321307339109170511054821127
 
Per Cent to Total Employed 16 and OverDiversity
Index
 

Hancock County17.098.2816.4915.4312.920.411.333.610.000.6329.973.901.255.78
Georgia11.047.7910.4313.807.192.226.338.180.154.8220.898.754.634.83
National11.768.529.9613.365.791.896.707.870.144.1423.268.884.724.77
Baldwin County15.655.9910.1214.505.290.795.912.840.004.5830.6912.512.304.48
Putnam County11.8410.256.8016.008.660.597.815.100.003.1421.409.345.865.07
Greene County11.6910.929.8913.655.051.267.906.140.008.6420.9710.522.122.95
Washington County13.3012.9711.8010.758.560.813.691.570.343.0125.598.064.758.11
Warren County13.7110.2226.5310.435.931.642.862.480.006.4316.065.055.636.73
Glascock County16.028.5024.8814.057.312.041.120.840.001.3423.405.832.817.87
Taliaferro County13.184.8319.6411.035.891.511.362.570.007.7015.867.253.1719.18
 
Comparisons to State Norms % to Total >= 150% % to Total < 50% 

Hancock County 106.33158.18111.82179.7818.2220.9544.130.0012.98143.4644.6227.02119.72
Georgia 100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00
National 109.4095.5396.8380.4885.01105.9896.2991.8985.97111.33101.48101.8998.69
Baldwin County 76.8497.07105.1273.5635.4893.4734.760.0094.98146.91142.9949.5992.84
Putnam County 131.5465.20115.95120.4526.54123.4562.360.0065.12102.42106.77126.44104.99
Greene County 140.1494.8298.9570.1956.61124.8675.040.00179.23100.39120.3245.7861.06
Washington County 166.49113.1477.93119.0236.4758.3619.22222.2362.35122.5092.12102.55167.90
Warren County 131.16254.4675.5982.4873.7845.2130.340.00133.4576.8957.70121.61139.35
Glascock County 109.14238.56101.88101.6791.6817.7810.310.0027.69112.0266.6960.66163.01
Taliaferro County 62.05188.3279.9381.9567.9521.4931.400.00159.7975.9282.9168.46397.33
 
Comparisons to National Norms % to Total >= 150% % to Total < 50% 

Hancock County 97.20165.57115.49223.3821.4319.7745.820.0015.10128.8643.9726.51121.31
Georgia 91.41104.67103.28124.25117.6394.35103.85108.83116.3289.8298.5498.14101.33
National 100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00
Baldwin County 70.24101.61108.5791.4041.7388.1936.100.00110.48131.96140.9048.6794.07
Putnam County 120.2468.24119.75149.6531.21116.4864.760.0075.7491.99105.21124.09106.38
Greene County 128.1099.25102.1987.2166.59117.8177.930.00208.4890.18118.5644.9361.87
Washington County 152.19118.4380.48147.8842.9055.0719.96241.8572.52110.0490.78100.64170.13
Warren County 119.90266.3578.07102.4986.7842.6631.510.00155.2369.0756.86119.35141.20
Glascock County 99.77249.71105.22126.32107.8416.7710.710.0032.21100.6265.7259.54165.18
Taliaferro County 56.72197.1282.55101.8379.9320.2832.610.00185.8768.2081.6967.19402.61


Sources: STI: PopStats