Elbow Lake Minnesota Income Charts

This section shows the Elbow Lake Minnesota economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Elbow Lake indicates it has a Median earnings of $40,478 which is the third most median earnings of all other places in the greater Elbow Lake region. The city with the highest median earnings per worker in the area is Ashby which depicts a median earnings of $44,583 (10.1% larger). Comparing median earnings per worker to the United States average of $49,041, Elbow Lake is about 21.2% smaller. Also, versus the state of Minnesota, median earnings per worker of $52,993, Elbow Lake 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 $57,746 which is the most of all places in the greater Elbow Lake region. Comparing median household income to the United States average of $62,843, Elbow Lake is about 8.8% smaller. Also, in comparison with the state of Minnesota, median household income of $71,306, Elbow Lake is about 23.5% smaller.

The next section examines a variety of different income statistics for the Elbow Lake metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings between $15,000 and $19,999 at 34.5% of the total. Second, it has the largest proportion of earnings between $75,000 and $99,999 at 5.0% 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 40.0 which is in the mid range of other places in the local area. The city with the highest average hours in the area is Hoffman which depicts an average hours of 41.9 (only about 4.7% 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 $19.46 which is the second most average hourly earnings of all the places in the greater Elbow Lake region. The city with the highest average hourly earnings in the area is Ashby which indicates an average hourly earnings of $23.30 (19.7% larger). Comparing average hourly earnings to the United States average of $24.31, Elbow Lake is about 24.9% smaller. Also, compared to the state of Minnesota, average hourly earnings of $26.61, Elbow Lake is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the Elbow Lake metro area based on the number of people who reported any self employment income. Elbow Lake shows it has a Self Employed of 14.1% 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 Hoffman which shows a percentage self employed of 19.0% (35.1% 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 mid range of other places in the metropolitan area at $59,489 of the total. Second, it has one of the largest proportions of median income-25 to 44 years at $61,111 of the total and is ranked #2. The only larger city being Ashby with $63,333. Third, it has the largest proportion of median income-45 to 64 years at $40,167 of the total and is ranked #1.

Figure 9 breaks down the source of income and Elbow Lake has the largest proportion of self employment income at 17.7% 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 15.6% which is less than most other places in the greater region. The city with the highest households with retirement income in the area is Ashby which depicts a households with retirement income of 26.3% (68.6% larger).

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 $61,806 of the total and is ranked #3. Only #2 Dalton ($62,500), and #1 Evansville ($63,750) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Elbow Lake shows it has the hightest cost of 117.2 for the cost of utilities aggregate.

Elbow Lake 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 February 2010 to before the disasterous COVID Pandemic the monthly unemployment rate went from 4.6% to 2.4% in February 2020. This represents a decrease in the monthly unemployment rate of 47.8%. Since that time, the monthly unemployment rate has gone to 2.6% This represents an increase in the monthly unemployment rate of 8.3%. 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 February 2010 to before the disasterous COVID-19 Pandemic the monthly labor force participation went from 21,732 to 24,812 in February 2020. This represents an increase in the monthly labor force participation of 14.2%. Since that time, the monthly labor force participation has gone to 24,550 This represents a decrease 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 Elbow Lake depicts it has a Unemployment Rate of 1.9% which is the second smallest in order of unemployment rate of all the other places in the greater region. The city with the highest unemployment rate in the area is Dalton which shows a rate of 7.9% (approximately 4.3 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Elbow Lake depicts it has a Labor Force Participation of 68.9% which is the second most participation rates of all the places in the greater Elbow Lake region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Elbow Lake 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 Elbow Lake area. Elbow Lake depicts it has a Single Earner Families of 23.9% which is the second most families with a single earner of all the places in the greater Elbow Lake region. The city with the highest families with a single earner in the area is Hoffman which depicts a single earners rate of 34.2% (43.0% larger). The percentage of families with no one working is depicted in Figure 22. Elbow Lake shows it has a Families with No One Working of 13.6% which is less than most other places in the greater region. The city with the highest families with no one working in the area is Wendell which depicts a families with no worker of 36.0% (approximately 2.6 times bigger).

Elbow Lake Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the Elbow Lake 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. Elbow Lake depicts it has a Total In Poverty of 91 which is the third most total people earning less than the poverty level of all other places in the greater Elbow Lake region. The city with the highest total people earning less than the poverty level in the area is Hoffman which depicts a total people earning less than the poverty level of 95 (only about 4.4% larger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Elbow Lake depicts it has a Percent of Population In Poverty of 7.2% which is the smallest when ranked by percent of people earning less than the poverty level of all the other places in the local area. The city with the highest percent of people earning less than the poverty level in the area is Barrett which shows a percent of people in poverty of 22.6% (approximately 3.1 times bigger).

In Figure 25 people who are in poverty are broken out by age group. Elbow Lake has the smallest proportion of person in poverty under 12 years at 2% of the total. Second, it has the largest proportion of person in poverty 12 to 17 years at 41% of the total and is ranked #1. Third, it has the smallest proportion of person in poverty 18 to 34 years at 9% of the total. Also, it has one of the largest proportions of person in poverty 55 to 64 years at 27% of the total and is ranked #2. The only larger city being Evansville with 32%.

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

Figure 27 shows key poverty statistics for groups based on marriage status. Elbow Lake has the smallest proportion of married with children and in poverty at 12% of the total. Second, it has the second smallest in order of married with children and in poverty of all the other places in the greater region when ranked by unmarried with children and in poverty at 17% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Elbow Lake has the smallest proportion of less than highschool in poverty at 10% of the total. Second, it has the smallest proportion of highschool graduate and in poverty at 1% of the total. Third, it has the largest proportion of has some college and in poverty at 8% 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.) Elbow Lake shows it has a Public Assistance Percent of 9.5% which is in the mid range of other places in the metro area. The city with the highest households with public assistance in the area is Dalton which depicts a households with public assistance of 25.6% (approximately 2.7 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Elbow Lake depicts it has a Gini Index of 41.5% which is the third most the gini index of all other places in the greater Elbow Lake region.

Elbow Lake 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 Elbow Lake 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.) Elbow Lake has the largest proportion of people who drive a car or motorcycle to work at 0% 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 Elbow Lake or elsewhere.) Elbow Lake has the largest proportion of people who carpooled at 9% of the total and is ranked #1. Second, it has the largest proportion of people who take the bus at 0% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Elbow Lake has the smallest proportion of people who leave for work between 830 am to 9am at 2% of the total. Second, it has the smallest proportion of people who leave for work between 9am to 10am at 1% of the total. Third, it has the largest proportion of people who leave for work between 12noon to 4pm at 10% 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. Elbow Lake has the largest proportion of people with commute time of less than 5 minutesutes at 25% of the total and is ranked #1. Second, it has the second smallest in order of people with commute time of less than 5 minutes of all the other places in the area when ranked by people with commute time between 5 to 9 minutes at 6% of the total. Third, it has the second smallest when sorted by people with commute time of less than 5 minutes of all the other places in the local area when ranked by people with commute time between 10 to 14 minutes at 3% of the total. Also, it has the smallest proportion of people with commute time between 15 to 19 minutes at 7% of the total. In addition, it has the largest proportion of people with commute time between 35 to 39 minutes at 8% of the total and is ranked #1. Furthermore, it has the largest proportion of people with commute time between 40 to 44 minutes at 8% of the total and is ranked #1.

The average commute time is shown in Figure 37. Elbow Lake depicts it has a Avg Commute Time of 22 which is less than most other places in the greater region. Figure 38 shows the difference between male versus female commuting time. Elbow Lake depicts average commute time in minutes for men 60.3% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Elbow Lake has one of the largest proportions of no vehicle available at 25% of the total and is ranked #2. The only larger city being Ashby with 28%. Second, it has the second smallest when ranked by no vehicle available of all the other places in the greater region when ranked by 3 vehicles available at 4% of the total. Third, it has less than most other places in the local area as measured by 4 vehicles available at 1% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Elbow Lake shows it has a Work in city or place where live of 45% which is the largest of all places in the greater Elbow Lake region. Comparing people who both work and live in the same city to the United States average of 42%, Elbow Lake is 8.5% larger. Also, in comparison with the state of Minnesota, people who both work and live in the same city of 34%, Elbow Lake is 33.5% larger.

Elbow Lake 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. Elbow Lake shows it has the hightest median earnings of $250,001 for the earnings-healthcare practitioners and tech occupations group. Similarly, Figure 47 shows the median earnings of women for the job categories and Elbow Lake depicts it has the hightest median earnings of $37,917 for the earnings-healthcare practitioners and tech occupations group. The table in Figure 48, shows Elbow Lake employment data in terms of job categories and salary data.

Elbow Lake 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. Elbow Lake depicts it has the hightest entrepreneurs of 58% for the self employed in sales and office related businesses classification.

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. Elbow Lake depicts it has the hightest entrepreneurs of 58% for the self employed in finance, insurance, real estate, rental and leasing category.

In Figure 51 the average annual self employment/entrepreneur income is shown. Elbow Lake depicts it has a Self Employment Income of $14,911 which is less than most other places in the greater region. The city with the highest average annual self employment income in the area is Hoffman which depicts an average annual self employment income of $28,935 (about twice as large). Comparing average annual self employment income to the United States average of $39,154, Elbow Lake is approximately a third the size. Also, in comparison with the state of Minnesota, average annual self employment income of $36,330, Elbow Lake is approximately half the size.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Elbow Lake depicts total number of self-employed men 9.7% larger as the total number of self-employed women.