Loretto Kentucky Income Charts

This section shows the Loretto Kentucky economy using the most recent economic analysis from the 2021 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Loretto depicts it has a Median earnings of $35,294 which is in the center range of other places in the local area. The city with the highest median earnings per worker in the area is Springfield which depicts a median earnings of $40,944 (16.0% larger). Comparing median earnings per worker to the United States average of $50,459, Loretto is approximately three-fourths the size. Also, benchmarked against the state of Kentucky, median earnings per worker of $44,129, Loretto 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 $35,833 which is in the middle range of other places in the greater region. The city with the highest median household income in the area is New Haven which depicts a median income of $52,917 (47.7% larger). Comparing median household income to the United States average of $64,994, Loretto is approximately half the size. Also, measured against the state of Kentucky, median household income of $52,238, Loretto is approximately three-fourths the size.

The next section examines a variety of different income statistics for the Loretto metropolitan area. In Figure 3 we see that it has the percentage of earnings less than $10,000 the second smallest when sorted by median earnings of less than $10,000 of all the other places in the area at 1.4% of the total.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 40.6 which is the second most average hours of all the places in the greater Loretto region. The city with the highest average hours in the area is Raywick which depicts an average hours of 41.0 ( about the same size). 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 $16.72 which is less than most other places in the local area. The city with the highest average hourly earnings in the area is Springfield which depicts an average hourly earnings of $20.50 (22.7% larger). Comparing average hourly earnings to the United States average of $25.01, Loretto is approximately three-fourths the size. Also, in comparison with the state of Kentucky, average hourly earnings of $21.76, Loretto is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the Loretto metro area based on the number of people who reported any self employment income. Loretto shows it has a Self Employed of 4.6% which is less than most other places in the local area. The city with the highest percentage of people self employed in the area is Lebanon which shows a percentage self employed of 11.1% (approximately 2.4 times bigger).

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 $50,714 of the total and is ranked #3. Only #2 Springfield ($55,880), and #1 Bardstown ($66,667) are larger. Second, it has one of the largest proportions of median income-25 to 44 years at $46,875 of the total and is ranked #2. The only larger city being New Haven with $51,250. Third, it has in the mid range of other places in the metro area in terms of median income-45 to 64 years at $29,196 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 24.4% which is the third most households with retirement income of all other places in the greater Loretto region. The city with the highest households with retirement income in the area is New Hope CDP which shows a households with retirement income of 60.5% (approximately 2.5 times bigger).

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 less than most other places in the surrounding region at $46,250 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. Loretto depicts it has the hightest cost of 99.1 for the cost of utilities group.

Loretto 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 January 2010 to before the disasterous COVID-19 Pandemic the monthly unemployment rate went from 10.1% to 4.9% in March 2020. This represents a decrease in the monthly unemployment rate of 51.5%. Since that time, the monthly unemployment rate has gone to 4.1% This represents a decrease in the monthly unemployment rate of 16.3%. 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 indicates that from January 2010 to before the disasterous COVID-19 Pandemic the monthly labor force participation went from 12,832 to 13,888 in March 2020. This represents an increase in the monthly labor force participation of 8.2%. Since that time, the monthly labor force participation has gone to 13,387 This represents a decrease in the monthly labor force participation of 3.6%.

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 Loretto shows it has a Unemployment Rate of 3.2% which is the third most unemployment rate of all other places in the greater Loretto region. The city with the highest unemployment rate in the area is Raywick which depicts a rate of 13.0% (approximately 4.1 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Loretto depicts it has a Labor Force Participation of 55.6% which is in the center range of other places in the area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Loretto depicts full time employees appreciably 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 Loretto area. Loretto depicts it has a Single Earner Families of 28.7% which is in the mid point range of other places in the local area. The city with the highest families with a single earner in the area is New Haven which depicts a single earners rate of 32.6% (13.5% larger). The percentage of families with no one working is depicted in Figure 22. Loretto shows it has a Families with No One Working of 31.5% which is ranked #1 of all places in the greater Loretto region.

Loretto Kentucky Poverty Charts

The next section details economy analysis about poverty for residents of the Loretto 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. Loretto depicts it has a Total In Poverty of 85 which is less than most other places in the local area. The city with the highest total people earning less than the poverty level in the area is Lebanon which depicts a total people earning less than the poverty level of 1,577 ( considerably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Loretto depicts it has a Percent of Population In Poverty of 11.8% which is less than most other places in the surrounding region. The city with the highest percent of people earning less than the poverty level in the area is Raywick which shows a percent of people in poverty of 32.4% (approximately 2.7 times bigger).

In Figure 25 people who are in poverty are broken out by age group. Loretto has one of the largest proportions of person in poverty 18 to 34 years at 26% of the total and is ranked #3. Only #2 New Haven (26%), and #1 Raywick (35%) are larger. Second, it has the largest proportion of person in poverty 55 to 64 years at 25% of the total and is ranked #1.

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

Figure 27 shows key poverty statistics for groups based on marriage status. Loretto has the percentage of married with children and in poverty the second smallest when sorted by married with children and in poverty of all the other places in the local area at 10% of the total. Second, it has the second smallest as measured by married with children and in poverty of all the other places in the surrounding region when ranked by unmarried with children and in poverty at 13% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Loretto has the percentage of highschool graduate and in poverty the second smallest as measured by less than highschool in poverty of all the other places in the area at 7% of the total. Second, it has the largest proportion of has some college and in poverty at 12% of the total and is ranked #1. 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.) Loretto shows it has a Public Assistance Percent of 25.6% which is the highest of all places in the greater Loretto region.

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Loretto depicts it has a Gini Index of 39.8% which is the second smallest when ranked by the gini index of all the other places in the local area.

Loretto Kentucky Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Loretto or elsewhere.) Loretto has one of the largest proportions of people who drove alone at 85% of the total and is ranked #3. Only #2 New Haven (86%), and #1 Raywick (88%) are larger.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Loretto has the largest proportion of people who leave for work between 9am to 10am at 4% of the total and is ranked #1. Second, it has the largest proportion of people who leave for work between 12noon to 4pm at 18% 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. Loretto has the percentage of people with commute time of less than 5 minutesutes the second smallest in order of people with commute time of less than 5 minutes of all the other places in the local area at 7% of the total. Second, it has less than most other places in the greater region when sorted by people with commute time between 5 to 9 minutes at 4% of the total. Third, it has one of the largest proportions of people with commute time between 10 to 14 minutes at 21% of the total and is ranked #2. The only larger city being Raywick with 35%. Also, it has one of the largest proportions of people with commute time between 15 to 19 minutes at 23% of the total and is ranked #2. The only larger city being New Haven with 32%. In addition, it has the largest proportion of people with commute time between 60 to 89 minutes at 6% of the total and is ranked #1.

The average commute time is shown in Figure 37. Loretto shows it has a Avg Commute Time of 30 which is the largest of all places in the greater Loretto region. Figure 38 shows the difference between male versus female commuting time. Loretto depicts average commute time in minutes for men 19.3% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Loretto has the percentage of no vehicle available in the intermediate range of other places in the local area at 24% of the total. Second, it has one of the largest proportions of 1 vehicle available at 43% of the total and is ranked #3. Only #2 Bardstown (44%), and #1 Springfield (47%) are larger. Third, it has one of the largest proportions of 3 vehicles available at 11% of the total and is ranked #2. The only larger city being Raywick with 15%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Loretto depicts it has a Work in city or place where live of 6% which is the second smallest in terms of people who both work and live in the same city of all the other places in the area. The city with the highest people who both work and live in the same city in the area is Lebanon which shows a people who both work and live in the same city of 64% ( considerably bigger). Comparing people who both work and live in the same city to the United States average of 43%, Loretto is approximately an eigth the size. Also, compared to the state of Kentucky, people who both work and live in the same city of 45%, Loretto is approximately an eigth the size.

Loretto 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. Loretto depicts it has the hightest median earnings of $50,250 for the earnings-natural resources, construction, maintenance occupations classification. Similarly, Figure 47 shows the median earnings of women for the job categories and Loretto shows it has the hightest median earnings of $51,250 for the management, business, and financial occupations classification. The table in Figure 48, shows Loretto employment data in terms of job categories and salary data.

Loretto 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. Loretto depicts it has the hightest entrepreneurs of 71% for the self employed in sales and office related businesses grouping.

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. Loretto depicts it has the hightest entrepreneurs of 43% for the self employed in retail trade aggregate.

In Figure 51 the average annual self employment/entrepreneur income is shown. Loretto depicts it has a Self Employment Income of $7,692 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 Bardstown which depicts an average annual self employment income of $34,744 (approximately 4.5 times bigger). Comparing average annual self employment income to the United States average of $40,101, Loretto is approximately a fifth the size. Also, measured against the state of Kentucky, average annual self employment income of $33,049, Loretto is approximately a quarter the size.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Loretto depicts total number of self-employed men approximately a third the size as the total number of self-employed women.