The Lakes CDP Minnesota Income Charts

This section shows the The Lakes CDP Minnesota economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, The Lakes CDP shows it has a Median earnings of $67,083 which is the largest of all places in the greater The Lakes CDP region. Comparing median earnings per worker to the United States average of $53,269, The Lakes CDP is 25.9% larger. Also, measured against the state of Minnesota, median earnings per worker of $57,586, The Lakes CDP is 16.5% larger.

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 $88,750 which is at the top of all other places in the local area. Comparing median household income to the United States average of $69,021, The Lakes CDP is 28.6% larger. Also, measured against the state of Minnesota, median household income of $77,706, The Lakes CDP is 14.2% larger.

The next section examines a variety of different income statistics for the The Lakes CDP metropolitan area. In Figure 3 we see that it has the percentage of earnings less than $10,000 less than most other places in the local area at 5.2% of the total. Second, it has the smallest proportion of earnings between $15,000 and $19,999 at 20.2% of the total. Third, it has the largest proportion of earnings between $75,000 and $99,999 at 16.1% 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 41.0 which is the third most average hours of all other places in the greater The Lakes CDP region. The place with the highest average hours in the area is Hadley which shows an average hours of 43.8 (6.8% 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 $31.46 which is at the top of all other places in the greater The Lakes CDP region. Comparing average hourly earnings to the United States average of $26.40, The Lakes CDP is 19.2% larger. Also, versus the state of Minnesota, average hourly earnings of $28.99, The Lakes CDP is 8.5% larger.

Figure 7 examines the number of self employed people in the The Lakes CDP metro area based on the number of people who reported any self employment income. The Lakes CDP depicts it has a Self Employed of 20.4% which is the second most of all the places in the local area. The place with the highest percentage of people self employed in the area is Avoca which depicts a percentage self employed of 21.3% (only about 4.4% 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 $81,250 of the total and is ranked #2. The only larger place being Avoca with $107,500. Second, it has the largest proportion of median income-25 to 44 years at $114,028 of the total and is ranked #1. Third, it has one of the largest proportions of median income-45 to 64 years at $69,000 of the total and is ranked #2. The only larger place being Hadley with $78,750.

Figure 9 breaks down the source of income and The Lakes CDP has the largest proportion of income from wages at 12.8% 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 35.5% which is the most of all places in the greater The Lakes CDP region.

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 $102,500 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. The Lakes CDP depicts it has the hightest cost of 123.2 for the cost of housing classification.

The Lakes CDP 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 disasterous Covid-19 virus Pandemic the monthly unemployment rate went from 5.9% to 2.7% in February 2020. This represents a decrease in the monthly unemployment rate of 54.2%. Since that time, the monthly unemployment rate has gone to 2.0% This represents a decrease in the monthly unemployment rate of 25.9%. 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 Coronavirus Pandemic the monthly labor force participation went from 89,808 to 106,267 in March 2020. This represents an increase in the monthly labor force participation of 18.3%. Since that time, the monthly labor force participation has gone to 113,645 This represents an increase in the monthly labor force participation of 6.9%.

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 The Lakes CDP depicts it has a Unemployment Rate of 1.6% which is the second smallest in order of unemployment rate of all the other places in the greater region. The place with the highest unemployment rate in the area is Garvin which depicts a rate of 4.9% (approximately 3.1 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. The Lakes CDP depicts it has a Labor Force Participation of 52.0% which is the second smallest as measured by participation rate of all the other places in the metro area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. The Lakes CDP depicts full time employees approximately 3.8 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 The Lakes CDP area. The Lakes CDP depicts it has a Single Earner Families of 32.7% which is the third most of all other places in the local area. The place with the highest families with a single earner in the area is Hadley which depicts a single earners rate of 38.5% (17.7% larger). The percentage of families with no one working is depicted in Figure 22. The Lakes CDP depicts it has a Families with No One Working of 26.8% which is the third most families with no one working of all other places in the greater The Lakes CDP region. The place with the highest families with no one working in the area is Garvin which depicts a families with no worker of 45.8% (70.8% larger).

The Lakes CDP Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the The Lakes CDP 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. The Lakes CDP depicts it has a Total In Poverty of 20 which is in the middle range of other places in the metro area. The place with the highest total people earning less than the poverty level in the area is Tracy which shows a total people earning less than the poverty level of 227 ( substantially bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. The Lakes CDP shows it has a Percent of Population In Poverty of 3.0% which is the second smallest when sorted by percent of people earning less than the poverty level of all the other places in the metropolitan area. The place with the highest percent of people earning less than the poverty level in the area is Currie which depicts a percent of people in poverty of 15.2% (approximately 5.0 times bigger).

In Figure 25 people who are in poverty are broken out by age group. The Lakes CDP has the largest proportion of person in poverty under 12 years at 10% of the total and is ranked #1. Second, it has one of the largest proportions of person in poverty 18 to 34 years at 20% of the total and is ranked #2. The only larger place being Tracy with 26%. Third, it has less than most other places in the local area in terms of person in poverty 35 to 54 years at 10% of the total. Also, it has one of the largest proportions of person in poverty 55 to 64 years at 50% of the total and is ranked #2. The only larger place being Hadley with 100%.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. The Lakes CDP 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. The Lakes CDP has one of the largest proportions of married with children and in poverty at 33% of the total and is ranked #2. The only larger place being Garvin with 100%. Second, it has the largest proportion of unmarried female with children and in poverty at 38% of the total and is ranked #1. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. The Lakes CDP has the largest proportion of people who are in poverty and employed at 5.0% of the total and is ranked #1. Second, it has one of the largest proportions of people who are in poverty and unemployed at 20.0% of the total and is ranked #3. Only #2 Tracy (21.6%), and #1 Avoca (50.0%) are larger. 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.) The Lakes CDP indicates it has a Public Assistance Percent of 2.8% which is the smallest in order of households with public assistance of all the other places in the metro area. The place with the highest households with public assistance in the area is Slayton which shows a households with public assistance of 14.5% ( substantially bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). The Lakes CDP depicts it has a Gini Index of 42.0% which is the third most the gini index of all other places in the greater The Lakes CDP region.

The Lakes CDP 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 The Lakes CDP 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.) The Lakes CDP has the largest proportion of people who bicycle or walk to work at 11% 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 The Lakes CDP or elsewhere.) The Lakes CDP has the largest proportion of people who work from home at 11% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. The Lakes CDP has the smallest proportion of people who leave for work between 5am to 530am at 1% of the total. Second, it has the largest proportion of people who leave for work between 630 am to 7am at 20% 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. The Lakes CDP has the percentage of people with commute time of less than 5 minutesutes less than most other places in the metropolitan area at 9% of the total. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 11% of the total and is ranked #3. Only #2 Hadley (12%), and #1 Avoca (15%) are larger. Third, it has the largest proportion of people with commute time between 10 to 14 minutes at 23% of the total and is ranked #1. Also, it has the largest proportion of people with commute time between 45 to 59 minutes at 6% of the total and is ranked #1.

The average commute time is shown in Figure 37. The Lakes CDP shows it has a Avg Commute Time of 27 which is the second most of all the places in the greater region. Figure 38 shows the difference between male versus female commuting time. The Lakes CDP depicts average commute time in minutes for men 34.2% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and The Lakes CDP has the percentage of no vehicle available less than most other places in the metro area at 10% of the total. Second, it has one of the largest proportions of 3 vehicles available at 15% of the total and is ranked #2. The only larger place being Avoca with 16%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) The Lakes CDP shows it has a Work in city or place where live of 14% which is the smallest in terms of people who both work and live in the same city of all the other places in the metro area. The place with the highest people who both work and live in the same city in the area is Slayton which shows a people who both work and live in the same city of 54% (approximately 3.7 times bigger). Comparing people who both work and live in the same city to the United States average of 44%, The Lakes CDP is approximately a third the size. Also, compared to the state of Minnesota, people who both work and live in the same city of 38%, The Lakes CDP is approximately a third the size.

The Lakes CDP 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. The Lakes CDP shows it has the hightest median earnings of $108,750 for the earnings-computer, engineering, and science occupations group. Similarly, Figure 47 shows the median earnings of women for the job categories and The Lakes CDP shows it has the hightest median earnings of $82,917 for the management, business, and financial occupations classification. The table in Figure 48, shows The Lakes CDP employment data in terms of job categories and salary data.

The Lakes CDP 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. The Lakes CDP indicates it has the hightest entrepreneurs of 44% 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. The Lakes CDP shows it has the hightest entrepreneurs of 28% for the self employed in retail trade category.

In Figure 51 the average annual self employment/entrepreneur income is shown. The Lakes CDP shows it has a Self Employment Income of $68,726 which is more than all other places in the metro area. Comparing average annual self employment income to the United States average of $42,141, The Lakes CDP is 63.1% larger. Also, versus the state of Minnesota, average annual self employment income of $39,413, The Lakes CDP is 74.4% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) The Lakes CDP depicts total number of self-employed men substantially bigger as the total number of self-employed women.