Albert Lea Minnesota Income Charts

This section shows the Albert Lea Minnesota economy using the most recent economic analysis from the 2021 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Albert Lea depicts it has a Median earnings of $41,232 which is in the center range of other places in the greater region. The city with the highest median earnings per worker in the area is Manchester which depicts a median earnings of $46,250 (12.2% larger). Comparing median earnings per worker to the United States average of $50,459, Albert Lea is about 22.4% smaller. Also, benchmarked against the state of Minnesota, median earnings per worker of $54,146, Albert Lea 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 $45,929 which is less than most other places in the greater region. The city with the highest median household income in the area is Conger which depicts a median income of $57,708 (25.6% larger). Comparing median household income to the United States average of $64,994, Albert Lea is approximately three-fourths the size. Also, measured against the state of Minnesota, median household income of $73,382, Albert Lea is approximately three-fourths the size.

The next section examines a variety of different income statistics for the Albert Lea metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings between $75,000 and $99,999 at 3.8% 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 37.5 which is the second 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 Conger which depicts an average hours of 40.5 (8.0% 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 $21.14 which is in the mid point range of other places in the area. The city with the highest average hourly earnings in the area is Manchester which shows an average hourly earnings of $24.98 (18.2% larger). Comparing average hourly earnings to the United States average of $25.01, Albert Lea is about 18.3% smaller. Also, compared to the state of Minnesota, average hourly earnings of $27.19, Albert Lea is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the Albert Lea metro area based on the number of people who reported any self employment income. Albert Lea shows it has a Self Employed of 7.8% which is less than most other places in the metro area. The city with the highest percentage of people self employed in the area is Manchester which depicts a percentage self employed of 29.2% (approximately 3.7 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 $50,958 of the total and is ranked #3. Only #2 Conger ($54,375), and #1 Glenville ($58,929) are larger. Second, it has in the center range of other places in the metro area as measured by median income-25 to 44 years at $59,355 of the total. Third, it has in the middle range of other places in the greater region when sorted by median income-45 to 64 years at $35,557 of the total.

Figure 9 breaks down the source of income and Albert Lea has the largest proportion of self employment income at 16.1% 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 23.1% which is the second most households with retirement income of all the places in the greater Albert Lea region. The city with the highest households with retirement income in the area is Conger which depicts a households with retirement income of 28.8% (24.5% 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 point range of other places in the greater region at $60,011 of the total. Second, it has one of the largest proportions of american indian family income at $29,184 of the total and is ranked #2. The only larger city being Clarks Grove with $55,714. Third, it has the largest proportion of hawaiian family income at $39,497 of the total and is ranked #1.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Albert Lea depicts it has the hightest cost of 105.6 for the cost of utilities grouping.

Albert Lea Minnesota 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 Covid-19 virus Pandemic the monthly unemployment rate went from 9.8% to 4.4% in March 2020. This represents a decrease in the monthly unemployment rate of 55.1%. Since that time, the monthly unemployment rate has gone to 2.0% This represents a decrease in the monthly unemployment rate of 54.5%. 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 January 2010 to before the disasterous COVID Pandemic the monthly labor force participation went from 14,473 to 14,152 in March 2020. This represents a decrease in the monthly labor force participation of 2.2%. Since that time, the monthly labor force participation has gone to 14,331 This represents an increase in the monthly labor force participation of very little.

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 Albert Lea depicts it has a Unemployment Rate of 2.5% which is the second most unemployment rate of all the places in the greater Albert Lea region. The city with the highest unemployment rate in the area is Twin Lakes which depicts a rate of 3.0% (18.8% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Albert Lea indicates it has a Labor Force Participation of 58.9% which is the smallest when ranked by participation rate of all the other places in the surrounding 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). Albert Lea has the largest proportion of unemployed at 41.1% 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. Albert Lea depicts full time employees approximately 3.1 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 Albert Lea area. Albert Lea shows it has a Single Earner Families of 23.0% which is in the middle range of other places in the area. The city with the highest families with a single earner in the area is Twin Lakes which shows a single earners rate of 47.8% (about twice as large). The percentage of families with no one working is depicted in Figure 22. Albert Lea depicts it has a Families with No One Working of 24.3% which is the second most families with no one working of all the places in the greater Albert Lea region. The city with the highest families with no one working in the area is Twin Lakes which depicts a families with no worker of 30.4% (25.3% larger).

Albert Lea Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the Albert Lea 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. Albert Lea depicts it has a Total In Poverty of 1,994 which is more than all other places in the greater Albert Lea region.

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Albert Lea shows it has a Percent of Population In Poverty of 11.5% which is in the middle range of other places in the metro area. The city with the highest percent of people earning less than the poverty level in the area is Manchester which depicts a percent of people in poverty of 30.4% (approximately 2.6 times bigger).

In Figure 25 people who are in poverty are broken out by age group. Albert Lea has the percentage of person in poverty 18 to 34 years less than most other places in the metro area at 25% of the total. Second, it has one of the largest proportions of person in poverty 55 to 64 years at 17% of the total and is ranked #3. Only #2 Twin Lakes (18%), and #1 Glenville (24%) are larger.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Albert Lea has the largest proportion of white poverty rate at 47% of the total and is ranked #1. Second, it has the largest proportion of black poverty rate at 61% of the total and is ranked #1. Third, it has the largest proportion of american indian poverty rate at 50% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. Albert Lea has the percentage of married with children and in poverty in the center range of other places in the greater region at 23% of the total. Second, it has in the center range of other places in the metro area in order of unmarried with children and in poverty at 19% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Albert Lea has one of the largest proportions of less than highschool in poverty at 16% of the total and is ranked #2. The only larger city being Hayward with 24%. Second, it has in the mid point range of other places in the greater region in order of highschool graduate and in poverty at 6% of the total. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Albert Lea has the largest proportion of people who are in poverty and employed at 3.2% 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.) Albert Lea depicts it has a Public Assistance Percent of 10.5% which is in the center range of other places in the greater region. The city with the highest households with public assistance in the area is Twin Lakes which depicts a households with public assistance of 26.4% (approximately 2.5 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Albert Lea depicts it has a Gini Index of 42.4% which is the second most of all the places in the greater region.

Albert Lea Minnesota 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 Albert Lea 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.) Albert Lea has the largest proportion of people who drive a car or motorcycle to work at 1% 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 Albert Lea or elsewhere.) Albert Lea has the largest proportion of people who take the bus at 1% of the total and is ranked #1. Second, it has the largest proportion of people who bike at 1% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Albert Lea has the largest proportion of people who leave for work between 10am to 11am at 1% 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. Albert Lea has the largest proportion of people with commute time of less than 5 minutesutes at 29% of the total and is ranked #1. Second, it has the largest proportion of people with commute time between 5 to 9 minutes at 25% of the total and is ranked #1. Third, it has the smallest proportion of people with commute time between 10 to 14 minutes at 13% of the total. Also, it has the smallest proportion of people with commute time between 15 to 19 minutes at 6% of the total.

The average commute time is shown in Figure 37. Albert Lea shows it has a Avg Commute Time of 18 which is the second smallest when sorted by average commute time of all the other places in the local area. Figure 38 shows the difference between male versus female commuting time. Albert Lea depicts average commute time in minutes for men 44.8% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Albert Lea has one of the largest proportions of no vehicle available at 21% of the total and is ranked #3. Only #2 Manchester (33%), and #1 Twin Lakes (48%) are larger. Second, it has the largest proportion of 1 vehicle available at 47% of the total and is ranked #1. Third, it has the second smallest when ranked by no vehicle available of all the other places in the local area as measured by 2 vehicles available at 18% of the total. Also, it has the second smallest in order of no vehicle available of all the other places in the metro area as measured by 4 vehicles available at 2% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Albert Lea depicts it has a Work in city or place where live of 76% which is ranked #1 of all places in the metropolitan area. Comparing people who both work and live in the same city to the United States average of 43%, Albert Lea is 77.5% larger. Also, compared to the state of Minnesota, people who both work and live in the same city of 36%, Albert Lea is about twice as large.

Albert Lea Minnesota 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. Albert Lea shows it has the hightest median earnings of $76,591 for the earnings-computer, engineering, and science occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and Albert Lea depicts it has the hightest median earnings of $67,222 for the earnings-healthcare practitioners and tech occupations aggregate. The table in Figure 48, shows Albert Lea employment data in terms of job categories and salary data.

Albert Lea Minnesota 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. Albert Lea shows it has the hightest entrepreneurs of 62% for the self employed management, business, science, and arts 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. Albert Lea shows it has the hightest entrepreneurs of 22% for the self employed in construction category.

In Figure 51 the average annual self employment/entrepreneur income is shown. Albert Lea depicts it has a Self Employment Income of $17,866 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 Glenville which shows an average annual self employment income of $37,500 (about twice as large). Comparing average annual self employment income to the United States average of $40,101, Albert Lea is approximately half the size. Also, in contrast to the state of Minnesota, average annual self employment income of $37,348, Albert Lea is approximately half the size.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Albert Lea indicates total number of self-employed men 49.3% larger as the total number of self-employed women.