Park Rapids Minnesota Income Charts

This section shows the Park Rapids Minnesota economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Park Rapids depicts it has a Median earnings of $38,564 which is less than most other places in the local area. The city with the highest median earnings per worker in the area is Menahga which shows a median earnings of $55,212 (43.2% larger). Comparing median earnings per worker to the United States average of $53,269, Park Rapids is approximately three-fourths the size. Also, in contrast to the state of Minnesota, median earnings per worker of $57,586, Park Rapids 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 $41,170 which is less than most other places in the metro area. The city with the highest median household income in the area is Wolf Lake which depicts a median income of $63,750 (54.8% larger). Comparing median household income to the United States average of $69,021, Park Rapids is approximately three-fourths the size. Also, in contrast to the state of Minnesota, median household income of $77,706, Park Rapids is approximately half the size.

The next section examines a variety of different income statistics for the Park Rapids metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings between $10,000 and $14,999 at 9.1% 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 37.4 which is the second smallest in order of average hours of all the other places in the local area. The city with the highest average hours in the area is Nevis which depicts an average hours of 41.9 (12.0% 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 $19.83 which is the third most average hourly earnings of all other places in the greater Park Rapids region. The city with the highest average hourly earnings in the area is Menahga which depicts an average hourly earnings of $27.02 (36.2% larger). Comparing average hourly earnings to the United States average of $26.40, Park Rapids is approximately three-fourths the size. Also, benchmarked against the state of Minnesota, average hourly earnings of $28.99, Park Rapids is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the Park Rapids metro area based on the number of people who reported any self employment income. Park Rapids depicts it has a Self Employed of 10.1% which is in the mid range of other places in the metro area. The city with the highest percentage of people self employed in the area is Wolf Lake which shows a percentage self employed of 42.9% (approximately 4.2 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 $60,500 of the total and is ranked #3. Only #2 Menahga ($62,841), and #1 Akeley ($67,917) are larger. Second, it has less than most other places in the greater region when sorted by median income-25 to 44 years at $38,068 of the total. Third, it has one of the largest proportions of median income-45 to 64 years at $36,250 of the total and is ranked #3. Only #2 Pine Point CDP ($40,417), and #1 Osage CDP ($66,250) are larger.

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 24.2% which is in the mid point range of other places in the metro area. The city with the highest households with retirement income in the area is Menahga which shows a households with retirement income of 32.2% (33.0% 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 $58,621 of the total and is ranked #3. Only #2 Osage CDP ($61,250), and #1 Wolf Lake ($66,250) 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. Park Rapids shows it has the hightest cost of 117.2 for the cost of utilities category.

Park Rapids Minnesota Labor Force Charts

The next two charts look at 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 2022, the Covid 19 recession occurred and affects this metric. The monthly unemployment rate depicts that from February 2017 to before the COVID-19 Pandemic it went from 4.6% to 3.5% in December 2019. This represents a decrease in the monthly unemployment rate of 23.9%. Since that time, the monthly unemployment rate has gone to 3.5%. This represents an increase 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. The monthly labor force participation depicts that from January 2017 to before the COVID-19 Pandemic it went from 36,762 to 37,550 in November 2019. This represents an increase in the monthly labor force participation of 2.1%. Since that time, the monthly labor force participation has gone to 37,550. 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 Park Rapids depicts it has a Unemployment Rate of 2.8% which is the third most unemployment rate of all other places in the greater Park Rapids region. The city with the highest unemployment rate in the area is Akeley which depicts a rate of 7.9% (approximately 2.8 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Park Rapids depicts it has a Labor Force Participation of 62.3% which is the third most participation rates of all other places in the greater Park Rapids region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Park Rapids depicts full time employees approximately 2.3 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 Park Rapids area. Park Rapids shows it has a Single Earner Families of 18.0% which is the second smallest in order of families with a single earner of all the other places in the metro area. The city with the highest families with a single earner in the area is Pine Point CDP which depicts a single earners rate of 76.5% (approximately 4.3 times bigger). The percentage of families with no one working is depicted in Figure 22. Park Rapids shows it has a Families with No One Working of 31.4% which is the third most families with no one working of all other places in the greater Park Rapids region. The city with the highest families with no one working in the area is Osage CDP which shows a families with no worker of 46.0% (46.8% larger).

Park Rapids Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the Park Rapids 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. Park Rapids shows it has a Total In Poverty of 751 which is the most of all places in the greater Park Rapids region.

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Park Rapids shows it has a Percent of Population In Poverty of 19.6% which is the third most percent of people earning less than the poverty level of all other places in the greater Park Rapids region. The city with the highest percent of people earning less than the poverty level in the area is Pine Point CDP which depicts a percent of people in poverty of 40.7% (about twice as large).

In Figure 25 people who are in poverty are broken out by age group. Park Rapids has the largest proportion of person in poverty 12 to 17 years at 31% of the total and is ranked #1. Second, it has the smallest proportion of person in poverty 35 to 54 years at 10% of the total.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Park Rapids has the largest proportion of white poverty rate at 12% of the total and is ranked #1. Second, it has one of the largest proportions of hawaiian poverty rate at 64% of the total and is ranked #2. The only larger city being Nevis with 71%.

Figure 27 shows key poverty statistics for groups based on marriage status. Park Rapids has one of the largest proportions of unmarried with children and in poverty at 26% of the total and is ranked #3. Only #2 Akeley (27%), and #1 Pine Point CDP (71%) are larger.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Park Rapids has the largest proportion of highschool graduate and in poverty at 25% of the total and is ranked #1. Second, it has in the mid point range of other places in the metropolitan area in terms of has some college and in poverty at 1% of the total. 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.) Park Rapids depicts it has a Public Assistance Percent of 22.4% which is the third most of all other places in the metropolitan area. The city with the highest households with public assistance in the area is Pine Point CDP which shows a households with public assistance of 53.0% (approximately 2.4 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Park Rapids shows it has a Gini Index of 42.6% which is the largest of all places in the greater Park Rapids region.

Park Rapids Minnesota Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Park Rapids or elsewhere.) Park Rapids has the largest proportion of people who bike at 1% of the total and is ranked #1. Second, it has the largest proportion of people who took a taxicab, motorcycle or other 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. Park Rapids has the percentage of people who leave for work between 12am to 5am the second smallest as measured by people who leave for work between 12am to 5am of all the other places in the greater region at 2% of the total. Second, it has the largest proportion of people who leave for work between 6am to 630am at 17% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 10am to 11am at 9% 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. Park Rapids has one of the largest proportions of people with commute time of less than 5 minutesutes at 34% of the total and is ranked #2. The only larger city being Wolf Lake with 49%. Second, it has the largest proportion of people with commute time between 5 to 9 minutes at 21% of the total and is ranked #1. Third, it has less than most other places in the metro area in terms of people with commute time between 15 to 19 minutes at 4% of the total. Also, it has the smallest proportion of people with commute time between 20 to 24 minutes at 1% of the total. In addition, it has in the center range of other places in the metro area as measured by people with commute time between 45 to 59 minutes at 1% of the total. Furthermore, it has the largest proportion of people with commute time between 60 to 89 minutes at 6% of the total and is ranked #1.

The average commute time is shown in Figure 37. Park Rapids depicts it has a Avg Commute Time of 20 which is the second smallest in order of average commute time of all the other places in the metro area. Figure 38 shows the difference between male versus female commuting time. Park Rapids shows average commute time in minutes for men approximately 2.6 times bigger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Park Rapids has one of the largest proportions of no vehicle available at 21% of the total and is ranked #2. The only larger city being Pine Point CDP with 56%. Second, it has one of the largest proportions of 1 vehicle available at 43% of the total and is ranked #3. Only #2 Osage CDP (43%), and #1 Menahga (49%) are larger. Third, it has in the mid range of other places in the local area when ranked by 3 vehicles available at 4% of the total. Also, it has one of the largest proportions of 4 vehicles available at 5% of the total and is ranked #2. The only larger city being Osage CDP with 18%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Park Rapids shows it has a Work in city or place where live of 71% which is the most of all places in the greater Park Rapids region. Comparing people who both work and live in the same city to the United States average of 44%, Park Rapids is 61.2% larger. Also, compared to the state of Minnesota, people who both work and live in the same city of 38%, Park Rapids is about twice as large.

Park Rapids 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. Park Rapids depicts it has the hightest median earnings of $71,500 for the management, business, and financial occupations aggregate. Similarly, Figure 47 shows the median earnings of women for the job categories and Park Rapids depicts it has the hightest median earnings of $50,156 for the earnings-healthcare practitioners and tech occupations aggregate. The table in Figure 48, shows Park Rapids employment data in terms of job categories and salary data.

Park Rapids 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. Park Rapids depicts it has the hightest entrepreneurs of 49% 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. Park Rapids depicts it has the hightest entrepreneurs of 32% for the self employed in educational services, health care and social assistance grouping.

In Figure 51 the average annual self employment/entrepreneur income is shown. Park Rapids shows it has a Self Employment Income of $43,601 which is the highest of all places in the greater Park Rapids region. Comparing average annual self employment income to the United States average of $42,141, Park Rapids is only about 3.5% larger. Also, benchmarked against the state of Minnesota, average annual self employment income of $39,413, Park Rapids is 10.6% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Park Rapids depicts total number of self-employed men approximately 3.5 times bigger as the total number of self-employed women.