Loretto Kentucky Income Charts

This section shows the Loretto Kentucky economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Loretto shows it has a Median earnings of $36,563 which is in the mid range of other places in the local area. The city with the highest median earnings per worker in the area is New Hope CDP which shows a median earnings of $43,875 (20.0% larger). Comparing median earnings per worker to the United States average of $49,041, Loretto is approximately three-fourths the size. Also, compared with the state of Kentucky, median earnings per worker of $43,234, Loretto is about 18.2% 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 $41,979 which is the third most median income of all other places in the greater Loretto region. The city with the highest median household income in the area is Bardstown which depicts a median income of $54,328 (29.4% larger). Comparing median household income to the United States average of $62,843, Loretto is approximately three-fourths the size. Also, measured against the state of Kentucky, median household income of $50,589, Loretto is about 20.5% smaller.

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 local area at 3.4% of the total. Second, it has the smallest proportion of earnings between $10,000 and $14,999 at 5.1% 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 39.9 which is the second most of all the places in the surrounding region. The city with the highest average hours in the area is Bardstown which depicts an average hours of 40.5 ( only slightly 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 $17.62 which is the third most average hourly earnings of all other places in the greater Loretto region. The city with the highest average hourly earnings in the area is New Haven which depicts an average hourly earnings of $19.18 (8.8% larger). Comparing average hourly earnings to the United States average of $24.31, Loretto is approximately three-fourths the size. Also, in comparison with the state of Kentucky, average hourly earnings of $21.32, Loretto is about 21.0% smaller.

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 depicts it has a Self Employed of 9.0% which is the highest of all places in the greater Loretto region.

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 $66,250 of the total and is ranked #2. The only larger city being Bardstown with $69,472. Second, it has the largest proportion of median income-25 to 44 years at $56,250 of the total and is ranked #1. Third, it has less than most other places in the surrounding region as measured by median income-45 to 64 years at $29,375 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 22.5% 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 depicts a households with retirement income of 40.4% (79.6% 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 less than most other places in the greater region at $47,500 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 classification.

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 depicts that from January 2010 to before the disasterous Coronavirus Pandemic the monthly unemployment rate went from 10.1% to 4.6% in March 2020. This represents a decrease in the monthly unemployment rate of 54.5%. Since that time, the monthly unemployment rate has gone to 4.6% This represents an increase in the monthly unemployment rate of very little. 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 12,832 to 13,987 in March 2020. This represents an increase in the monthly labor force participation of 9.0%. Since that time, the monthly labor force participation has gone to 13,394 This represents a decrease in the monthly labor force participation of 4.2%.

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 2.7% which is the second smallest when ranked by unemployment rate of all the other places in the metro area. The city with the highest unemployment rate in the area is Lebanon which depicts a rate of 10.1% (approximately 3.8 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 60.2% which is in the mid point range of other places in the local area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Loretto shows full time employees very much 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 shows it has a Single Earner Families of 29.6% which is less than most other places in the metro area. The city with the highest families with a single earner in the area is Lebanon which depicts a single earners rate of 37.9% (28.0% larger). The percentage of families with no one working is depicted in Figure 22. Loretto depicts it has a Families with No One Working of 20.0% 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 metro area. The city with the highest total people earning less than the poverty level in the area is Lebanon which shows a total people earning less than the poverty level of 1,740 ( quite a bit 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 11.1% which is the second smallest when sorted by percent of people earning less than the poverty level of all the other places in the surrounding region. The city with the highest percent of people earning less than the poverty level in the area is Lebanon which depicts a percent of people in poverty of 31.8% (approximately 2.9 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 31% of the total and is ranked #3. Only #2 New Haven (35%), and #1 Raywick (41%) are larger. Second, it has the largest proportion of person in poverty 55 to 64 years at 19% 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 in terms of married with children and in poverty of all the other places in the greater region at 9% of the total. Second, it has the second smallest when ranked 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 11% 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 less than most other places in the metro area at 10% 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.) Loretto depicts it has a Public Assistance Percent of 26.0% which is the largest 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 37.6% which is the second smallest as measured by the gini index of all the other places in the area.

Loretto 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 Loretto 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.) Loretto has the largest proportion of people who take public transportation to work at 5% 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 Loretto or elsewhere.) Loretto has the largest proportion of people who walked at 5% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Loretto has one of the largest proportions of people who leave for work between 12am to 5am at 6% of the total and is ranked #3. Only #2 Springfield (8%), and #1 New Haven (8%) are larger. Second, it has one of the largest proportions of people who leave for work between 5am to 530am at 6% of the total and is ranked #3. Only #2 Lebanon (15%), and #1 New Hope CDP (31%) are larger. Third, it has the largest proportion of people who leave for work between 9am to 10am at 4% of the total and is ranked #1. Also, it has one of the largest proportions of people who leave for work between 12noon to 4pm at 16% of the total and is ranked #2. The only larger city being Bardstown with 17%.

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 less than most other places in the greater region at 8% of the total. Second, it has less than most other places in the metro area 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 34%. Also, it has one of the largest proportions of people with commute time between 60 to 89 minutes at 6% of the total and is ranked #2. The only larger city being Raywick with 8%.

The average commute time is shown in Figure 37. Loretto shows it has a Avg Commute Time of 28 which is the second most of all the places in the local area. Figure 38 shows the difference between male versus female commuting time. Loretto depicts average commute time in minutes for men only about 4.4% 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 mid point range of other places in the metropolitan area at 22% of the total. Second, it has the largest proportion of 3 vehicles available at 17% 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.) Loretto shows it has a Work in city or place where live of 13% which is in the center range of other places in the metro 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 61% (approximately 4.6 times bigger). Comparing people who both work and live in the same city to the United States average of 42%, Loretto is approximately a third the size. Also, in comparison with the state of Kentucky, people who both work and live in the same city of 52%, Loretto is approximately a quarter 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 shows it has the hightest median earnings of $50,625 for the earnings-natural resources, construction, maintenance occupations group. Similarly, Figure 47 shows the median earnings of women for the job categories and Loretto depicts it has the hightest median earnings of $51,111 for the management, business, and financial occupations aggregate. 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 67% for the self employed in sales and office related businesses group.

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 shows it has the hightest entrepreneurs of 33% for the self employed in manufacturing aggregate.

In Figure 51 the average annual self employment/entrepreneur income is shown. Loretto depicts it has a Self Employment Income of $18,619 which is in the mid range of other places in the metropolitan area. The city with the highest average annual self employment income in the area is Bardstown which shows an average annual self employment income of $37,409 (about twice as large). Comparing average annual self employment income to the United States average of $39,154, Loretto is approximately half the size. Also, in comparison with the state of Kentucky, average annual self employment income of $32,419, Loretto is approximately half 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 6.7% larger as the total number of self-employed women.