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Economic Indicators for Prince George County

  • Civilian Labor Force (2005): 14,327
  • Unemployment Rate (2005): 4.4%
  • Per Capita Income (2003): $23,502
  • Median Household Income (2003): $49,394

Economic Trends

Employment in Prince George County
Year Employment Net Change % Change
2000 12,812 -- --
2001 13,062 250 1.9%
2002 13,022 -40 -0.31%
2003 13,141 119 0.91%
2004 13,407 266 1.98%
2005 13,698 298 2.12%
Total Change in Employment 886 6.60%

 
Employment & Wages in Prince George County
Year Avg. Establishments Avg. Employment Avg. Weekly Wage
2000 436 9,995 $578
2001 450 10,641 $592
2002 443 11,346 $618
2003 450 10,969 $668
2004 460 11,236 $712

Announced Investment in Prince George County
Year Company Jobs Investment
2000 Extec 30 $0
2000 Ace Hardware 325 $38,500,000
2001 LMR 0 $200,000
2001 Cogentrix 5 $3,000,000
2001 Leroy Holding 12 $1,000,000
2001 US Merchants 25 $7,000,000
2001 LESCO 20 $2,000,000
2002 LMR 25 $0
2002 Service Center Metals 100 $13,000,000
2002 Noland 40 $8,500,000
2003 Standard Motor Products 175 $3,000,000
2005 Sterling Gelatin 20 $2,500,000
2005 Service Center Metals 32 $28,000,000
2005 Reyes Holdings, LLC 120 $7,500,000
2005 Norfolk Southern 40 $11,000,000
2005 Goya Foods 60 $5,100,00
Totals: 1029 $130,300,000

Local Tax Rates (2007)
Assessment
ratio
Nominal Tax rate/
$100 value
Effective tax
rate/ $100 value

Real Estate
Machinery & Tools

original
cost
92.7% $0.80 $0.74
Year 1 60% $1.50 $0.90
Year 2 50% $1.50 $0.75
Year 3 40% $1.50 $0.60
Year 4 30% $1.50 $0.45
Year 5+ 20% $1.50 $0.30

Personal Property Tax
(includes office furniture & fixtures, tools, back-hoes, trailers, autos, and trucks)

100% $4.00 $4.00
Merchant's Capital Tax None
Intangible Personal Property None

 
Business License Fees
fee category Tax Rate/$100 gross receipts
Retailers $0.15
Mail Order Firms $0.15
Wholesalers/Distributors None
Financial Services $0.20
Business Services $0.20

Industrial Utility Tax
Rate/month type
$0.013957/kWh Electric
$30.00 Gas
20% on 1st $200 Telephone

Sales & Use Tax 1.0%

State Tax Rates (2007)
Tax type Amt rate
Corporate Income Tax 6.00%
Personal Income Tax First $3,000 2.00%
Next $2,000 3.00%
Next $12,000 5.00%
Remaining Balance 5.75%
Unemployment Insurance Tax New Employer 2.92%
Minimum 0.52%
Maximum 6.62%
Wage Base $8,000
Sales & Use 4.00%