Silver Lake Minnesota Income Charts

This section shows the Silver 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, Silver Lake shows it has a Median earnings of $51,818 which is the highest of all places in the metro area. Comparing median earnings per worker to the United States average of $49,041, Silver Lake is only about 5.7% larger. Also, in comparison with the state of Minnesota, median earnings per worker of $52,993, Silver Lake is only about 2.3% 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 $64,479 which is the second most median income of all the places in the greater Silver Lake region. The city with the highest median household income in the area is Biscay which shows a median income of $68,750 (6.6% larger). Comparing median household income to the United States average of $62,843, Silver Lake is only about 2.6% larger. Also, compared with the state of Minnesota, median household income of $71,306, Silver Lake is about 10.6% smaller.

The next section examines a variety of different income statistics for the Silver Lake metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings less than $10,000 at 5.5% of the total. Second, it has the second smallest in order of median earnings of less than $10,000 of all the other places in the metropolitan area when sorted by earnings between $10,000 and $14,999 at 2.5% of the total. Third, it has the largest proportion of earnings between $50,000 and $74,999 at 15.2% 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 38.2 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 Biscay which depicts an average hours of 40.6 (6.3% 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 $26.09 which is more than all other places in the greater Silver Lake region. Comparing average hourly earnings to the United States average of $24.31, Silver Lake is 7.3% larger. Also, measured against the state of Minnesota, average hourly earnings of $26.61, Silver Lake is about the same size.

Figure 7 examines the number of self employed people in the Silver Lake metro area based on the number of people who reported any self employment income. Silver Lake shows it has a Self Employed of 12.4% which is the third most people self employed of all other places in the greater Silver Lake region. The city with the highest percentage of people self employed in the area is Glencoe which depicts a percentage self employed of 16.2% (30.4% larger).

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 $75,313 of the total and is ranked #2. The only larger city being New Germany with $77,679. Second, it has the largest proportion of median income-25 to 44 years at $92,188 of the total and is ranked #1. Third, it has the smallest proportion of median income-45 to 64 years at $20,875 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 18.6% which is the second most of all the places in the metro area. The city with the highest households with retirement income in the area is Hutchinson which shows a households with retirement income of 19.6% (only about 5.2% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has the largest proportion of overall family income at $87,813 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. Silver Lake depicts it has the hightest cost of 117.2 for the cost of utilities classification.

Silver 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 shows that from February 2010 to before the Wuhan virus Pandemic the monthly unemployment rate went from 6.5% to 2.2% in February 2020. This represents a decrease in the monthly unemployment rate of 66.2%. Since that time, the monthly unemployment rate has gone to 3.7% This represents an increase in the monthly unemployment rate of 68.2%. 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 virus Pandemic the monthly labor force participation went from 27,869 to 31,030 in February 2020. This represents an increase in the monthly labor force participation of 11.3%. Since that time, the monthly labor force participation has gone to 29,856 This represents a decrease in the monthly labor force participation of 3.8%.

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 Silver Lake depicts it has a Unemployment Rate of 0.6% which is the second smallest when sorted by unemployment rate of all the other places in the surrounding region. The city with the highest unemployment rate in the area is New Germany which shows a rate of 6.7% ( very much bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Silver Lake shows it has a Labor Force Participation of 72.6% which is the third most participation rates of all other places in the greater Silver Lake region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Silver Lake indicates full time employees very much 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 Silver Lake area. Silver Lake depicts it has a Single Earner Families of 22.0% which is the third most families with a single earner of all other places in the greater Silver Lake region. The city with the highest families with a single earner in the area is Glencoe which depicts a single earners rate of 27.6% (25.4% larger). The percentage of families with no one working is depicted in Figure 22. Silver Lake shows it has a Families with No One Working of 13.6% which is the second most families with no one working of all the places in the greater Silver Lake region. The city with the highest families with no one working in the area is Glencoe which depicts a families with no worker of 18.5% (36.1% larger).

Silver Lake Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the Silver 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. Silver Lake depicts it has a Total In Poverty of 82 which is less than most other places in the surrounding region. The city with the highest total people earning less than the poverty level in the area is Hutchinson which depicts a total people earning less than the poverty level of 1,235 ( appreciably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Silver Lake depicts it has a Percent of Population In Poverty of 8.7% which is the second smallest in terms of 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 Lester Prairie which shows a percent of people in poverty of 13.8% (57.9% larger).

In Figure 25 people who are in poverty are broken out by age group. Silver Lake has the largest proportion of person in poverty under 12 years at 21% of the total and is ranked #1. Second, it has the second smallest when ranked by person in poverty under 12 years of all the other places in the metro area in terms of person in poverty 12 to 17 years at 11% of the total. Third, it has the largest proportion of person in poverty 18 to 34 years at 28% of the total and is ranked #1. Also, it has the largest proportion of person in poverty 35 to 54 years at 12% of the total and is ranked #1. In addition, 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 Winsted (31%), and #1 Biscay (100%) are larger.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Silver Lake has the smallest proportion of less than highschool in poverty at 4% of the total. Second, it has the largest proportion of highschool graduate and in poverty at 13% 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.) Silver Lake depicts it has a Public Assistance Percent of 3.4% which is the second smallest when ranked by households with public assistance of all the other places in the local area. The city with the highest households with public assistance in the area is Lester Prairie which shows a households with public assistance of 9.7% (approximately 2.9 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Silver Lake depicts it has a Gini Index of 38.0% which is less than most other places in the area.

Silver 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 Silver 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.) Silver Lake has the largest proportion of people who take public transportation to work at 4% of the total and is ranked #1. Second, it has the largest proportion of people who bicycle or walk to work at 8% 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 Silver Lake or elsewhere.) Silver Lake has the smallest proportion of people who drove alone at 77% of the total. Second, it has the largest proportion of people who walked at 4% of the total and is ranked #1. Third, it has the largest proportion of people who work from home at 8% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Silver Lake has one of the largest proportions of people who leave for work between 12am to 5am at 8% of the total and is ranked #3. Only #2 Glencoe (10%), and #1 Winsted (13%) are larger. Second, it has the smallest proportion of people who leave for work between 5am to 530am at 4% of the total. Third, it has the largest proportion of people who leave for work between 7am to 730am at 17% of the total and is ranked #1. Also, it has the smallest proportion of people who leave for work between 12noon to 4pm at 4% of the total.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Silver Lake has the percentage of people with commute time of less than 5 minutesutes in the mid range of other places in the greater region at 11% of the total. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 14% of the total and is ranked #2. The only larger city being Hutchinson with 21%. Third, it has the largest proportion of people with commute time between 10 to 14 minutes at 22% of the total and is ranked #1. Also, it has one of the largest proportions of people with commute time between 45 to 59 minutes at 15% of the total and is ranked #2. The only larger city being Biscay with 19%.

The average commute time is shown in Figure 37. Silver Lake shows it has a Avg Commute Time of 28 which is the second smallest when ranked by average commute time of all the other places in the metro area. Figure 38 shows the difference between male versus female commuting time. Silver Lake depicts average commute time in minutes for men 58.4% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Silver Lake has the percentage of no vehicle available the second smallest when ranked by no vehicle available of all the other places in the surrounding region at 8% of the total. Second, it has the largest proportion of 1 vehicle available at 54% of the total and is ranked #1. Third, it has one of the largest proportions of 3 vehicles available at 15% of the total and is ranked #3. Only #2 Winsted (16%), and #1 New Germany (18%) are larger. Also, it has the second smallest in order of no vehicle available of all the other places in the surrounding region in terms of 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.) Silver Lake depicts it has a Work in city or place where live of 15% which is less than most 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 Hutchinson which shows a people who both work and live in the same city of 69% (approximately 4.6 times bigger). Comparing people who both work and live in the same city to the United States average of 42%, Silver Lake is approximately a third the size. Also, compared to the state of Minnesota, people who both work and live in the same city of 34%, Silver Lake is approximately half the size.

Silver 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. Silver Lake shows it has the hightest median earnings of $95,625 for the earnings-computer, engineering, and science occupations group. Similarly, Figure 47 shows the median earnings of women for the job categories and Silver Lake depicts it has the hightest median earnings of $50,417 for the management, business, and financial occupations grouping. The table in Figure 48, shows Silver Lake employment data in terms of job categories and salary data.

Silver 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. Silver Lake shows it has the hightest entrepreneurs of 100% for the self employed in service 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. Silver Lake depicts it has the hightest entrepreneurs of 100% for the self employed in arts, entertainment, recreation, accommodation and food services grouping.

In Figure 51 the average annual self employment/entrepreneur income is shown. Silver Lake shows it has a Self Employment Income of $21,081 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 Hutchinson which depicts an average annual self employment income of $68,998 (approximately 3.3 times bigger). Comparing average annual self employment income to the United States average of $39,154, Silver Lake is approximately half the size. Also, versus the state of Minnesota, average annual self employment income of $36,330, Silver 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.) Silver Lake depicts total number of self-employed men about 9.1% smaller as the total number of self-employed women.