Norwood CDP Michigan Income Charts

This section shows the Norwood CDP Michigan economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Norwood CDP depicts it has a Median earnings of $43,438 which is the largest of all places in the greater Norwood CDP region. Comparing median earnings per worker to the United States average of $49,041, Norwood CDP is about 12.9% smaller. Also, compared with the state of Michigan, median earnings per worker of $48,618, Norwood CDP is about 11.9% 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 $67,031 which is the second most median income of all the places in the greater Norwood CDP region. The place with the highest median household income in the area is Eastport CDP which depicts a median income of $81,563 (21.7% larger). Comparing median household income to the United States average of $62,843, Norwood CDP is 6.7% larger. Also, benchmarked against the state of Michigan, median household income of $57,144, Norwood CDP is 17.3% larger.

The next section examines a variety of different income statistics for the Norwood CDP 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 metro area at 4.8% of the total. Second, it has the smallest proportion of earnings between $20,000 and $49,999 at 8.9% of the total. Third, it has the largest proportion of earnings between $50,000 and $74,999 at 12.9% 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 41.1 which is the second most of all the places in the local area. The place with the highest average hours in the area is Eastport CDP which depicts an average hours of 41.3 ( 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 $20.32 which is in the center range of other places in the metropolitan area. The place with the highest average hourly earnings in the area is Ironton CDP which shows an average hourly earnings of $22.71 (11.7% larger). Comparing average hourly earnings to the United States average of $24.31, Norwood CDP is about 19.6% smaller. Also, in comparison with the state of Michigan, average hourly earnings of $24.48, Norwood CDP is about 20.4% smaller.

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-45 to 64 years at $71,250 of the total and is ranked #2. The only larger place being Eastport CDP with $81,563.

Figure 9 breaks down the source of income and Norwood CDP has the largest proportion of social security at 1.9% of the total and is ranked #1.

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 18.8% which is the smallest in order of households with retirement income of all the other places in the local area. The place with the highest households with retirement income in the area is Eastport CDP which shows a households with retirement income of 35.9% (about twice as large).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $72,917 of the total and is ranked #2. The only larger place being Eastport CDP with $82,794.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Norwood CDP shows it has the hightest cost of 118.6 for the cost of utilities grouping.

Norwood CDP Michigan 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 February 2010 to before the disasterous COVID-19 Pandemic the monthly unemployment rate went from 16.8% to 6.0% in February 2020. This represents a decrease in the monthly unemployment rate of 64.3%. Since that time, the monthly unemployment rate has gone to 5.9% This represents a decrease 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 shows that from February 2010 to before the disasterous Coronavirus Pandemic the monthly labor force participation went from 17,816 to 15,469 in February 2020. This represents a decrease in the monthly labor force participation of 13.2%. Since that time, the monthly labor force participation has gone to 14,667 This represents a decrease in the monthly labor force participation of 5.2%.

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 Norwood CDP shows it has a Unemployment Rate of 5.8% which is the most of all places in the greater Norwood CDP region. Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Norwood CDP depicts it has a Labor Force Participation of 63.6% which is the second most participation rates of all the places in the greater Norwood CDP region.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). Norwood CDP has the largest proportion of employed at 5.8% of the total and is ranked #1.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Norwood CDP depicts full time employees approximately 3.8 times 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 Norwood CDP area. Norwood CDP depicts it has a Single Earner Families of 8.1% which is the smallest when ranked by families with a single earner of all the other places in the area. The place with the highest families with a single earner in the area is Ironton CDP which shows a single earners rate of 34.2% (approximately 4.2 times bigger). The percentage of families with no one working is depicted in Figure 22. Norwood CDP depicts it has a Families with No One Working of 33.9% which is the third most families with no one working of all other places in the greater Norwood CDP region. The place with the highest families with no one working in the area is Ironton CDP which shows a families with no worker of 36.8% (8.8% larger).

Norwood CDP Michigan Poverty Charts

The next section details economy analysis about poverty for residents of the Norwood CDP 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. Norwood CDP shows it has a Total In Poverty of 4 which is the smallest when sorted by total people earning less than the poverty level of all the other places in the greater region. The place with the highest total people earning less than the poverty level in the area is East Jordan which shows a total people earning less than the poverty level of 480 ( considerably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Norwood CDP depicts it has a Percent of Population In Poverty of 2.1% which is the smallest in terms of percent of people earning less than the poverty level of all the other places in the local area. The place with the highest percent of people earning less than the poverty level in the area is Ironton CDP which depicts a percent of people in poverty of 24.6% ( considerably bigger).

In Figure 25 people who are in poverty are broken out by age group. Norwood CDP has the largest proportion of person in poverty 18 to 34 years at 100% of the total and is ranked #1. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Norwood CDP has the largest proportion of people who are in poverty and employed at 100.0% 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.) Norwood CDP shows it has a Public Assistance Percent of 7.1% which is in the middle range of other places in the metropolitan area. The place with the highest households with public assistance in the area is Charlevoix which depicts a households with public assistance of 20.4% (approximately 2.9 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Norwood CDP shows it has a Gini Index of 35.6% which is the second smallest when sorted by the gini index of all the other places in the metro area.

Norwood CDP Michigan Work Commute Charts

In Figure 35 is shown a frequency distribution of the time that people leave for work. Norwood CDP has the smallest proportion of people who leave for work between 530 am to 6am at 3% of the total. Second, it has the largest proportion of people who leave for work between 6am to 630am at 35% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 9am to 10am at 14% 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. Norwood CDP has the smallest proportion of people with commute time of less than 5 minutesutes at 5% of the total. Second, it has the smallest proportion of people with commute time between 5 to 9 minutes at 8% of the total. Third, it has the largest proportion of people with commute time between 10 to 14 minutes at 19% of the total and is ranked #1. Also, it has the largest proportion of people with commute time between 25 to 29 minutes at 12% of the total and is ranked #1. In addition, it has the largest proportion of people with commute time between 35 to 39 minutes at 29% of the total and is ranked #1. Furthermore, it has the largest proportion of people with commute time between 60 to 89 minutes at 4% of the total and is ranked #1.

The average commute time is shown in Figure 37. Norwood CDP depicts it has a Avg Commute Time of 30 which is ranked #1 of all places in the metropolitan area. Figure 38 shows the difference between male versus female commuting time. Norwood CDP depicts average commute time in minutes for men approximately three-fourths the size as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Norwood CDP has the percentage of no vehicle available the second smallest in terms of no vehicle available of all the other places in the metropolitan area at 5% of the total. Second, it has the smallest proportion of 1 vehicle available at 31% of the total. Third, it has the largest proportion of 2 vehicles available at 57% 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.) Norwood CDP shows it has a Work in city or place where live of 5% which is the smallest when ranked by people who both work and live in the same city of all the other places in the metro area. The place with the highest people who both work and live in the same city in the area is Eastport CDP which depicts a people who both work and live in the same city of 42% ( substantially bigger). Comparing people who both work and live in the same city to the United States average of 42%, Norwood CDP is approximately an eigth the size. Also, in comparison with the state of Michigan, people who both work and live in the same city of 30%, Norwood CDP is approximately a sixth the size.

Norwood CDP Michigan 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. Norwood CDP depicts it has the hightest median earnings of $44,500 for the management, business, and financial occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and Norwood CDP depicts it has the hightest median earnings of $51,250 for the earnings-education, legal, community service, arts, media occupations classification. The table in Figure 48, shows Norwood CDP employment data in terms of job categories and salary data.

Norwood CDP Michigan 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. Norwood CDP depicts it has the hightest entrepreneurs of 64% for the self employed management, business, science, and arts 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. Norwood CDP depicts it has the hightest entrepreneurs of 45% for the self employed in construction classification.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Norwood CDP depicts total number of self-employed men approximately 4.5 times bigger as the total number of self-employed women.