New London Minnesota Income Charts

This section shows the New London Minnesota economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, New London depicts it has a Median earnings of $41,500 which is in the mid range of other places in the greater region. The city with the highest median earnings per worker in the area is Spicer which depicts a median earnings of $47,552 (14.6% larger). Comparing median earnings per worker to the United States average of $49,041, New London is about 18.2% smaller. Also, versus the state of Minnesota, median earnings per worker of $52,993, New London 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 $53,456 which is the third most median income of all other places in the greater New London region. The city with the highest median household income in the area is Kandiyohi which shows a median income of $58,636 (9.7% larger). Comparing median household income to the United States average of $62,843, New London is about 17.6% smaller. Also, compared with the state of Minnesota, median household income of $71,306, New London is approximately three-fourths the size.

The next section examines a variety of different income statistics for the New London metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings between $15,000 and $19,999 at 41.9% 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 40.0 which is the third most of all other places in the greater region. The city with the highest average hours in the area is Lake Henry which depicts an average hours of 43.3 (8.3% 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 $19.95 which is in the mid range of other places in the local area. The city with the highest average hourly earnings in the area is Spicer which depicts an average hourly earnings of $23.27 (16.6% larger). Comparing average hourly earnings to the United States average of $24.31, New London is about 21.8% smaller. Also, compared to the state of Minnesota, average hourly earnings of $26.61, New London is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the New London metro area based on the number of people who reported any self employment income. New London depicts it has a Self Employed of 9.6% which is the third most people self employed of all other places in the greater New London region. The city with the highest percentage of people self employed in the area is Kandiyohi which shows a percentage self employed of 16.8% (76.2% 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 center range of other places in the metro area at $58,558 of the total. Second, it has in the middle range of other places in the local area in terms of median income-25 to 44 years at $71,667 of the total. Third, it has less than most other places in the metropolitan area as measured by median income-45 to 64 years at $35,625 of the total.

Figure 9 breaks down the source of income and New London has the largest proportion of self employment income at 23.3% of the total and is ranked #1. Second, it has the largest proportion of investment and retirement income at 13.6% 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 18.9% which is the third most of all other places in the metro area. The city with the highest households with retirement income in the area is Paynesville which depicts a households with retirement income of 22.9% (21.2% 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 $64,583 of the total and is ranked #3. Only #2 Kandiyohi ($68,750), and #1 Spicer ($89,333) 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. New London depicts it has the hightest cost of 117.2 for the cost of utilities group.

New London 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 indicates that from February 2010 to before the Wuhan Coronavirus Pandemic the monthly unemployment rate went from 8.7% to 3.7% in February 2020. This represents a decrease in the monthly unemployment rate of 57.5%. Since that time, the monthly unemployment rate has gone to 5.6% This represents an increase in the monthly unemployment rate of 51.4%. 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 Coronavirus Pandemic the monthly labor force participation went from 35,906 to 37,176 in February 2020. This represents an increase in the monthly labor force participation of 3.5%. Since that time, the monthly labor force participation has gone to 37,265 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 New London depicts it has a Unemployment Rate of 0.3% which is the smallest when sorted by unemployment rate of all the other places in the metropolitan area. The city with the highest unemployment rate in the area is Willmar which shows a rate of 3.2% ( quite a bit bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. New London depicts it has a Labor Force Participation of 56.3% which is the smallest when ranked by participation rate of all the other places in the local area.

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). New London has the smallest proportion of employed at 0.3% of the total. Second, it has the largest proportion of unemployed at 43.7% 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. New London shows full time employees approximately 3.3 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 New London area. New London depicts it has a Single Earner Families of 21.2% which is the third most families with a single earner of all other places in the greater New London region. The city with the highest families with a single earner in the area is Lake Henry which depicts a single earners rate of 60.0% (approximately 2.8 times bigger). The percentage of families with no one working is depicted in Figure 22. New London 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 New London region. The city with the highest families with no one working in the area is Belgrade which indicates a families with no worker of 28.3% (16.4% larger).

New London Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the New London 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. New London depicts it has a Total In Poverty of 121 which is in the middle range of other places in the surrounding region. The city with the highest total people earning less than the poverty level in the area is Willmar which depicts a total people earning less than the poverty level of 3,008 ( substantially bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. New London depicts it has a Percent of Population In Poverty of 10.7% which is in the center range of other places in the area. The city with the highest percent of people earning less than the poverty level in the area is Belgrade which shows a percent of people in poverty of 18.2% (70.6% larger).

In Figure 25 people who are in poverty are broken out by age group. New London has the percentage of person in poverty 12 to 17 years less than most other places in the metro area at 21% of the total. Second, it has the second smallest in terms of person in poverty under 12 years of all the other places in the local area in order of person in poverty 18 to 34 years at 9% of the total.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. New London has one of the largest proportions of hawaiian poverty rate at 90% of the total and is ranked #2. The only larger city being Kandiyohi with 100%.

Figure 27 shows key poverty statistics for groups based on marriage status. New London has one of the largest proportions of married with children and in poverty at 62% of the total and is ranked #2. The only larger city being Kandiyohi with 75%. Second, it has one of the largest proportions of unmarried with children and in poverty at 65% of the total and is ranked #2. The only larger city being Kandiyohi with 100%. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. New London has one of the largest proportions of people who are in poverty and unemployed at 15.7% of the total and is ranked #2. The only larger city being Paynesville with 16.0%. 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.) New London depicts it has a Public Assistance Percent of 8.0% which is the smallest when sorted by households with public assistance of all the other places in the greater region. The city with the highest households with public assistance in the area is Willmar which shows a households with public assistance of 16.0% (about twice as large).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). New London shows it has a Gini Index of 47.6% which is ranked #1 of all places in the greater New London region.

New London Minnesota Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown New London or elsewhere.) New London has the smallest proportion of people who carpooled at 3% of the total.

In Figure 35 is shown a frequency distribution of the time that people leave for work. New London has the percentage of people who leave for work between 12am to 5am less than most other places in the metro area at 3% of the total. Second, it has the largest proportion of people who leave for work between 530 am to 6am at 11% of the total and is ranked #1. Third, it has the smallest proportion of people who leave for work between 630 am to 7am at 8% of the total. Also, it has the largest proportion of people who leave for work between 7am to 730am at 26% 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. New London has the percentage of people with commute time of less than 5 minutesutes in the mid range of other places in the metro area at 15% of the total. Second, it has the second smallest in terms of people with commute time of less than 5 minutes of all the other places in the local area when sorted by people with commute time between 5 to 9 minutes at 9% of the total. Third, it has the largest proportion of people with commute time between 15 to 19 minutes at 26% of the total and is ranked #1. Also, it has the smallest proportion of people with commute time between 60 to 89 minutes at 1% of the total.

The average commute time is shown in Figure 37. New London depicts it has a Avg Commute Time of 19 which is less than most other places in the metro area. Figure 38 shows the difference between male versus female commuting time. New London depicts average commute time in minutes for men only about 3.4% smaller as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and New London has the percentage of no vehicle available less than most other places in the greater region at 19% of the total. Second, it has the second smallest when sorted by no vehicle available of all the other places in the local area in terms of 1 vehicle available at 42% of the total. Third, it has one of the largest proportions of 2 vehicles available at 30% of the total and is ranked #2. The only larger city being Lake Henry with 31%. Also, it has less than most other places in the local area as measured by 3 vehicles available at 6% of the total. In addition, it has the second smallest as measured by no vehicle available of all the other places in the surrounding region when sorted by 4 vehicles available at 3% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) New London shows it has a Work in city or place where live of 19% which is less than most 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 Willmar which depicts a people who both work and live in the same city of 80% (approximately 4.2 times bigger). Comparing people who both work and live in the same city to the United States average of 42%, New London is approximately half the size. Also, measured against the state of Minnesota, people who both work and live in the same city of 34%, New London is approximately half the size.

New London 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. New London shows it has the hightest median earnings of $66,071 for the earnings-sales and office occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and New London depicts it has the hightest median earnings of $57,917 for the earnings-education, legal, community service, arts, media occupations aggregate. The table in Figure 48, shows New London employment data in terms of job categories and salary data.

New London 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. New London shows it has the hightest entrepreneurs of 45% for the self employed management, business, science, and arts businesses aggregate.

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. New London depicts it has the hightest entrepreneurs of 40% for the self employed in manufacturing category.

In Figure 51 the average annual self employment/entrepreneur income is shown. New London depicts it has a Self Employment Income of $34,953 which is the second most of all the places in the greater region. The city with the highest average annual self employment income in the area is Paynesville which depicts an average annual self employment income of $51,488 (47.3% larger). Comparing average annual self employment income to the United States average of $39,154, New London is about 12.0% smaller. Also, in comparison with the state of Minnesota, average annual self employment income of $36,330, New London is only about 3.9% smaller.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) New London shows total number of self-employed men 53.8% larger as the total number of self-employed women.