Minnesota Lake Minnesota Income Charts

This section shows the Minnesota Lake Minnesota economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Minnesota Lake depicts it has a Median earnings of $52,222 which is the largest of all places in the greater Minnesota Lake region. Comparing median earnings per worker to the United States average of $53,269, Minnesota Lake is about the same size. Also, compared to the state of Minnesota, median earnings per worker of $57,586, Minnesota Lake is about 10.3% 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 $59,861 which is in the mid range of other places in the metro area. The city with the highest median household income in the area is Easton which shows a median income of $73,500 (22.8% larger). Comparing median household income to the United States average of $69,021, Minnesota Lake is about 15.3% smaller. Also, compared to the state of Minnesota, median household income of $77,706, Minnesota Lake is approximately three-fourths the size.

The next section examines a variety of different income statistics for the Minnesota Lake metropolitan area. In Figure 3 we see that it has the percentage of earnings between $10,000 and $14,999 the second smallest in order of median earnings of less than $10,000 of all the other places in the greater region at 1.9% 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 39.0 which is less than most other places in the surrounding region. The city with the highest average hours in the area is Easton which shows an average hours of 43.2 (10.8% 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 $25.75 which is is the uppermost of the places in the greater Minnesota Lake region. Comparing average hourly earnings to the United States average of $26.40, Minnesota Lake is only about 2.5% smaller. Also, versus the state of Minnesota, average hourly earnings of $28.99, Minnesota Lake is about 12.6% smaller.

Figure 7 examines the number of self employed people in the Minnesota Lake metro area based on the number of people who reported any self employment income. Minnesota Lake depicts it has a Self Employed of 4.1% which is the smallest as measured by percentage of people self employed of all the other places in the greater region. The city with the highest percentage of people self employed in the area is Waldorf which depicts a percentage self employed of 19.5% (approximately 4.7 times bigger).

Turning our attention to Figure 8, the median household income by age group, has the percentage of median income-under 25 years less than most other places in the greater region at $60,500 of the total. Second, it has in the mid range of other places in the local area in order of median income-25 to 44 years at $75,250 of the total. Third, it has in the mid range of other places in the greater region in terms of median income-45 to 64 years at $43,750 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 19.5% which is the second most households with retirement income of all the places in the greater Minnesota Lake region. The city with the highest households with retirement income in the area is Wells which shows a households with retirement income of 26.9% (38.1% 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 $76,429 of the total and is ranked #3. Only #2 Mapleton ($80,329), and #1 Easton ($81,250) 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. Minnesota Lake shows it has the hightest cost of 113.5 for the cost of utilities category.

Minnesota 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 Coronavirus Pandemic the monthly unemployment rate went from 7.1% to 3.0% in February 2020. This represents a decrease in the monthly unemployment rate of 57.7%. Since that time, the monthly unemployment rate has gone to 1.9% This represents a decrease in the monthly unemployment rate of 36.7%. 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 COVID Pandemic the monthly labor force participation went from 24,115 to 26,959 in March 2020. This represents an increase in the monthly labor force participation of 11.8%. Since that time, the monthly labor force participation has gone to 26,010 This represents a decrease in the monthly labor force participation of 3.5%.

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 Minnesota Lake depicts it has a Unemployment Rate of 3.9% which is the highest of all places in the greater Minnesota Lake region. Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Minnesota Lake shows it has a Labor Force Participation of 70.5% which is less than most 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). Minnesota Lake has the largest proportion of employed at 3.9% 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. Minnesota Lake shows full time employees approximately 4.4 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 Minnesota Lake area. Minnesota Lake depicts it has a Single Earner Families of 21.0% which is the second most families with a single earner of all the places in the greater Minnesota Lake region. The city with the highest families with a single earner in the area is Waldorf which shows a single earners rate of 52.8% (approximately 2.5 times bigger). The percentage of families with no one working is depicted in Figure 22. Minnesota Lake shows it has a Families with No One Working of 8.0% which is the second smallest when sorted by families with no one working of all the other places in the metro area. The city with the highest families with no one working in the area is Wells which depicts a families with no worker of 29.2% (approximately 3.7 times bigger).

Minnesota Lake Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the Minnesota 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. Minnesota Lake indicates it has a Total In Poverty of 50 which is the third most total people earning less than the poverty level of all other places in the greater Minnesota Lake region. The city with the highest total people earning less than the poverty level in the area is Wells which depicts a total people earning less than the poverty level of 263 ( very much bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Minnesota Lake shows it has a Percent of Population In Poverty of 8.3% which is the third most percent of people earning less than the poverty level of all other places in the greater Minnesota Lake region. The city with the highest percent of people earning less than the poverty level in the area is Delavan which shows a percent of people in poverty of 14.8% (78.0% larger).

In Figure 25 people who are in poverty are broken out by age group. Minnesota Lake has the percentage of person in poverty 12 to 17 years less than most other places in the metro area at 18% of the total. Second, it has the largest proportion of person in poverty 35 to 54 years at 26% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. Minnesota Lake has one of the largest proportions of married with children and in poverty at 37% of the total and is ranked #2. The only larger city being Delavan with 88%. Second, it has one of the largest proportions of unmarried with children and in poverty at 45% of the total and is ranked #2. The only larger city being Delavan with 88%. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Minnesota Lake has the largest proportion of people who are in poverty and employed at 4.0% of the total and is ranked #1. Second, it has one of the largest proportions of people who are in poverty and unemployed at 12.0% of the total and is ranked #2. The only larger city being Waldorf with 18.2%. 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.) Minnesota Lake depicts it has a Public Assistance Percent of 1.5% which is the second smallest when ranked by households with public assistance of all the other places in the metro area. The city with the highest households with public assistance in the area is Waldorf which shows a households with public assistance of 17.2% ( substantially bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Minnesota Lake depicts it has a Gini Index of 38.3% which is the largest of all places in the greater Minnesota Lake region.

Minnesota Lake Minnesota Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Minnesota Lake or elsewhere.) Minnesota Lake has one of the largest proportions of people who drove alone at 90% of the total and is ranked #2. The only larger city being Delavan with 91%.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Minnesota Lake has one of the largest proportions of people who leave for work between 12am to 5am at 9% of the total and is ranked #2. The only larger city being Waldorf with 13%. Second, it has the largest proportion of people who leave for work between 5am to 530am at 11% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 8am to 830am at 2% 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. Minnesota Lake has one of the largest proportions of people with commute time of less than 5 minutesutes at 9% of the total and is ranked #3. Only #2 Mapleton (13%), and #1 Wells (31%) are larger. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 13% of the total and is ranked #2. The only larger city being Easton with 17%. Third, it has the smallest proportion of people with commute time between 15 to 19 minutes at 3% of the total. Also, it has the largest proportion of people with commute time between 30 to 34 minutes at 14% of the total and is ranked #1.

The average commute time is shown in Figure 37. Minnesota Lake shows it has a Avg Commute Time of 33 which is the second most of all the places in the surrounding region. Figure 38 shows the difference between male versus female commuting time. Minnesota Lake shows average commute time in minutes for men 42.8% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Minnesota Lake has the percentage of no vehicle available in the mid range of other places in the area at 22% of the total. Second, it has the second smallest in order of no vehicle available of all the other places in the metro area when sorted by 1 vehicle available at 36% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Minnesota Lake depicts it has a Work in city or place where live of 14% which is in the mid range of other places in the greater region. The city with the highest people who both work and live in the same city in the area is Wells which depicts a people who both work and live in the same city of 53% (approximately 3.9 times bigger). Comparing people who both work and live in the same city to the United States average of 44%, Minnesota Lake is approximately a third the size. Also, in contrast to the state of Minnesota, people who both work and live in the same city of 38%, Minnesota Lake is approximately a third the size.

Minnesota 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. Minnesota Lake shows it has the hightest median earnings of $54,464 for the earnings-sales and office occupations aggregate. Similarly, Figure 47 shows the median earnings of women for the job categories and Minnesota Lake shows it has the hightest median earnings of $73,750 for the earnings-healthcare practitioners and tech occupations classification. The table in Figure 48, shows Minnesota Lake employment data in terms of job categories and salary data.

Minnesota 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. Minnesota Lake shows it has the hightest entrepreneurs of 50% 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. Minnesota Lake depicts it has the hightest entrepreneurs of 58% for the self employed in construction grouping.

In Figure 51 the average annual self employment/entrepreneur income is shown. Minnesota Lake depicts it has a Self Employment Income of $27,173 which is the second most average annual self employment income of all the places in the greater Minnesota Lake region. The city with the highest average annual self employment income in the area is Mapleton which depicts an average annual self employment income of $32,538 (19.7% larger). Comparing average annual self employment income to the United States average of $42,141, Minnesota Lake is approximately three-fourths the size. Also, in comparison with the state of Minnesota, average annual self employment income of $39,413, Minnesota Lake is approximately three-fourths the size.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Minnesota Lake depicts total number of self-employed men about the same size as the total number of self-employed women.