Beaver Dam Kentucky Income Charts

This section shows the Beaver Dam Kentucky economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Beaver Dam depicts it has a Median earnings of $43,616 which is the highest of all places in the greater Beaver Dam region. Comparing median earnings per worker to the United States average of $49,041, Beaver Dam is about 12.4% smaller. Also, compared to the state of Kentucky, median earnings per worker of $43,234, Beaver Dam is about the same 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 $40,917 which is in the mid point range of other places in the local area. The city with the highest median household income in the area is Rochester which depicts a median income of $60,313 (47.4% larger). Comparing median household income to the United States average of $62,843, Beaver Dam is approximately three-fourths the size. Also, compared to the state of Kentucky, median household income of $50,589, Beaver Dam is about 23.6% smaller.

The next section examines a variety of different income statistics for the Beaver Dam metropolitan area. In Figure 3 we see that it has the percentage of earnings less than $10,000 in the middle range of other places in the greater region at 2.0% of the total. Second, it has the second smallest when sorted by median earnings of less than $10,000 of all the other places in the surrounding region as measured by earnings between $15,000 and $19,999 at 35.8% of the total. Third, it has the largest proportion of earnings between $75,000 and $99,999 at 6.2% of the total and is ranked #1.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 37.2 which is the smallest as measured by average hours of all the other places in the local area. The city with the highest average hours in the area is Rochester which depicts an average hours of 41.4 (11.3% 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 $22.55 which is the highest of all places in the greater region. Comparing average hourly earnings to the United States average of $24.31, Beaver Dam is about 7.8% smaller. Also, benchmarked against the state of Kentucky, average hourly earnings of $21.32, Beaver Dam is only about 5.8% larger.

Figure 7 examines the number of self employed people in the Beaver Dam metro area based on the number of people who reported any self employment income. Beaver Dam depicts it has a Self Employed of 4.3% which is the third most people self employed of all other places in the greater Beaver Dam region. The city with the highest percentage of people self employed in the area is Rochester which indicates a percentage self employed of 6.7% (56.1% larger).

Turning our attention to Figure 8, the median household income by age group, has the percentage of median income-under 25 years in the center range of other places in the greater region at $42,077 of the total. Second, it has one of the largest proportions of median income-45 to 64 years at $38,203 of the total and is ranked #3. Only #2 Rockport ($38,500), and #1 Centertown ($52,500) are larger.

Figure 9 breaks down the source of income and Beaver Dam has the largest proportion of income from wages at 14.9% of the total and is ranked #1. Second, it has the largest proportion of self employment income at 41.8% of the total and is ranked #1. Third, it has the smallest proportion of investment and retirement income at 8.5% of the total.

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 29.8% which is in the middle range of other places in the metropolitan area. The city with the highest households with retirement income in the area is Rochester which depicts a households with retirement income of 38.2% (28.2% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and has the percentage of overall family income in the mid range of other places in the local area at $49,625 of the total.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Beaver Dam depicts it has the hightest cost of 104.3 for the cost of utilities classification.

Beaver Dam 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 depicts that from January 2010 to before the Coronavirus Pandemic the monthly unemployment rate went from 10.7% to 4.7% in March 2020. This represents a decrease in the monthly unemployment rate of 56.1%. Since that time, the monthly unemployment rate has gone to 4.9% This represents an increase in the monthly unemployment rate of 4.3%. 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 January 2010 to before the disasterous Covid-19 virus Pandemic the monthly labor force participation went from 26,487 to 26,643 in March 2020. This represents an increase in the monthly labor force participation of very little. Since that time, the monthly labor force participation has gone to 25,608 This represents a decrease in the monthly labor force participation of 3.9%.

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 Beaver Dam shows it has a Unemployment Rate of 4.8% which is the third most unemployment rate of all other places in the greater Beaver Dam region. The city with the highest unemployment rate in the area is Centertown which shows a rate of 10.2% (about twice as large). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Beaver Dam depicts it has a Labor Force Participation of 48.5% which is the third most of all other places in the metro area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Beaver Dam depicts full time employees 48.0% larger 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 Beaver Dam area. Beaver Dam depicts it has a Single Earner Families of 34.8% which is the second most families with a single earner of all the places in the greater Beaver Dam region. The city with the highest families with a single earner in the area is McHenry which depicts a single earners rate of 35.8% (only about 2.9% larger). The percentage of families with no one working is depicted in Figure 22. Beaver Dam shows it has a Families with No One Working of 35.5% which is the second most families with no one working of all the places in the greater Beaver Dam region. The city with the highest families with no one working in the area is Rochester which shows a families with no worker of 64.0% (about twice as large).

Beaver Dam Kentucky Poverty Charts

The next section details economy analysis about poverty for residents of the Beaver Dam 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. Beaver Dam depicts it has a Total In Poverty of 984 which is more than all other places in the greater Beaver Dam region.

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Beaver Dam depicts it has a Percent of Population In Poverty of 27.6% which is the second most of all the places in the metro area. The city with the highest percent of people earning less than the poverty level in the area is Centertown which depicts a percent of people in poverty of 36.9% (33.5% larger).

In Figure 25 people who are in poverty are broken out by age group. Beaver Dam has the percentage of person in poverty 18 to 34 years the second smallest in order of person in poverty under 12 years of all the other places in the surrounding region at 15% of the total. Second, it has one of the largest proportions of person in poverty 35 to 54 years at 9% of the total and is ranked #3. Only #2 Rockport (25%), and #1 Rosine CDP (77%) are larger.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Beaver Dam has the largest proportion of american indian poverty rate at 100% of the total and is ranked #1. Second, it has the largest proportion of hawaiian poverty rate at 93% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. Beaver Dam has the percentage of married with children and in poverty in the mid point range of other places in the metro area at 58% of the total. Second, it has in the mid point range of other places in the greater region when ranked by unmarried with children and in poverty at 70% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Beaver Dam has one of the largest proportions of less than highschool in poverty at 24% of the total and is ranked #3. Only #2 Rosine CDP (31%), and #1 Centertown (40%) are larger. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Beaver Dam has the percentage of people who are in poverty and unemployed less than most other places in the local area at 8.4% of the total. 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.) Beaver Dam shows it has a Public Assistance Percent of 14.0% which is less than most other places in the metro area. The city with the highest households with public assistance in the area is Centertown which depicts a households with public assistance of 32.9% (approximately 2.4 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Beaver Dam shows it has a Gini Index of 64.0% which is the highest of all places in the greater Beaver Dam region.

Beaver Dam 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 Beaver Dam 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.) Beaver Dam has the largest proportion of people who take public transportation to work at 5% of the total and is ranked #1. Second, it has the largest proportion of people who bicycle or walk to work at 7% 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 Beaver Dam or elsewhere.) Beaver Dam has the percentage of people who carpooled the second smallest when ranked by people who drove alone of all the other places in the local area at 2% of the total. Second, it has the largest proportion of people who walked at 5% of the total and is ranked #1. Third, it has the largest proportion of people who work from home at 7% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Beaver Dam has the percentage of people who leave for work between 12am to 5am the second smallest when sorted by people who leave for work between 12am to 5am of all the other places in the local area at 3% of the total. Second, it has the smallest proportion of people who leave for work between 5am to 530am at 2% of the total. Third, it has the largest proportion of people who leave for work between 7am to 730am at 16% of the total and is ranked #1. Also, it has the largest proportion of people who leave for work between 830 am to 9am at 16% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Beaver Dam has one of the largest proportions of people with commute time of less than 5 minutesutes at 14% of the total and is ranked #2. The only larger city being Hartford with 19%. Second, it has the largest proportion of people with commute time between 5 to 9 minutes at 23% of the total and is ranked #1. Third, it has less than most other places in the local area when sorted by people with commute time between 10 to 14 minutes at 9% of the total. Also, it has the second smallest in order of people with commute time of less than 5 minutes of all the other places in the metro area when ranked by people with commute time between 15 to 19 minutes at 3% of the total.

The average commute time is shown in Figure 37. Beaver Dam depicts it has a Avg Commute Time of 23 which is less than most other places in the greater region. Figure 38 shows the difference between male versus female commuting time. Beaver Dam shows average commute time in minutes for men approximately 2.8 times bigger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Beaver Dam has one of the largest proportions of no vehicle available at 27% of the total and is ranked #2. The only larger city being Rochester with 30%. Second, it has the smallest proportion of 1 vehicle available at 29% of the total. Third, it has the smallest proportion of 3 vehicles available at 2% of the total. Also, it has the largest proportion of 4 vehicles available at 18% of the total and is ranked #1. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Beaver Dam shows it has a Work in city or place where live of 47% which is the highest of all places in the local area. Comparing people who both work and live in the same city to the United States average of 42%, Beaver Dam is 13.3% larger. Also, compared to the state of Kentucky, people who both work and live in the same city of 52%, Beaver Dam is about 10.0% smaller.

Beaver Dam 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. Beaver Dam shows it has the hightest median earnings of $122,932 for the earnings-sales and office occupations classification. Similarly, Figure 47 shows the median earnings of women for the job categories and Beaver Dam shows it has the hightest median earnings of $43,958 for the earnings-production, transportation, material moving occupations classification. The table in Figure 48, shows Beaver Dam employment data in terms of job categories and salary data.

Beaver Dam 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. Beaver Dam shows it has the hightest entrepreneurs of 100% for the self employed in sales and office related businesses aggregate.

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. Beaver Dam shows it has the hightest entrepreneurs of 100% for the self employed in retail trade category.

In Figure 51 the average annual self employment/entrepreneur income is shown. Beaver Dam depicts it has a Self Employment Income of $293,273 which is more than all other places in the surrounding region. Comparing average annual self employment income to the United States average of $39,154, Beaver Dam is substantially bigger. Also, benchmarked against the state of Kentucky, average annual self employment income of $32,419, Beaver Dam is very much bigger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Beaver Dam depicts total number of self-employed men markedly bigger as the total number of self-employed women.