Wood Lake Minnesota Income Charts

This section shows the Wood Lake Minnesota economy using the most recent economic analysis from the 2019 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Wood Lake depicts it has a median earnings per worker of $34,722 which is the smallest as measured by median earnings per worker of all the other places in the greater region. The city with the highest median earnings per worker in the area is Granite Falls which depicts a median earnings of $43,162 (24.3% larger). Comparing median earnings per worker to the United States average of $47,712, Wood Lake is approximately three-fourths the size. Also, in comparison with the state of Minnesota, median earnings per worker of $51,758, Wood Lake 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 $49,583 which is the third most median income of all other places in the greater Wood Lake region. The city with the highest median household income in the area is Hanley Falls which shows a median income of $57,813 (16.6% larger). Comparing median household income to the United States average of $60,293, Wood Lake is about 21.6% smaller. Also, benchmarked against the state of Minnesota, median household income of $68,411, Wood Lake is approximately three-fourths the size.

The next section examines a variety of different income statistics for the Wood Lake metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings less than $10,000 at 8.7% of the total. Second, it has the largest proportion of earnings between $20,000 and $49,999 at 51.3% of the total and is ranked #1. Third, it has the largest proportion of earnings between $50,000 and $74,999 at 24.3% of the total and is ranked #1. Also, it has the smallest proportion of earnings between $75,000 and $99,999 at 1.9% of the total. In addition, it has the second smallest as measured by median earnings of less than $10,000 of all the other places in the area when sorted by earnings of $100,000 more at 1.5% of the total.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has an average hours of 41.6 which is more than all other places in the greater Wood Lake region. Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has an average hourly earnings of $16.05 which is the smallest in order of average hourly earnings of all the other places in the area. The city with the highest average hourly earnings in the area is Granite Falls which shows an average hourly earnings of $22.62 (40.9% larger). Comparing average hourly earnings to the United States average of $23.71, Wood Lake is approximately three-fourths the size. Also, compared with the state of Minnesota, average hourly earnings of $25.99, Wood Lake is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the Wood Lake metro area based on the number of people who reported any self employment income. Wood Lake shows it has a percentage of people self employed of 7.6% which is the second 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 Vesta which depicts a percentage self employed of 16.9% (approximately 2.2 times bigger).

Turning our attention to Figure 8, the median household income by age group, it has the largest proportion of median income-under 25 years at $53,750 of the total and is ranked #1. Second, it has less than most other places in the metro area in order of median income-25 to 44 years at $46,250 of the total. Third, it has less than most other places in the area as measured by median income-45 to 64 years at $49,000 of the total. Also, it has one of the largest proportions of median income-65 years and over at $43,125 of the total and is ranked #2. The only larger city being Hanley Falls with $43,750.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a households with retirement income of 16.7% which is the third most households with retirement income of all other places in the greater Wood Lake region. The city with the highest households with retirement income in the area is Granite Falls which depicts a households with retirement income of 19.8% (18.8% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and has the percentage of overall family income less than most other places in the local area at $55,313 of the total. Second, it has in the mid range of other places in the local area in terms of white family income at $59,063 of the total. Third, it has the largest proportion of american indian family income at $48,125 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. Wood Lake depicts it has the hightest cost of 113.5 for the cost of utilities classification.

Wood 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 COVID-19 Pandemic the monthly unemployment rate went from 8.7% to 3.5% in December 2019. This represents a decrease in the monthly unemployment rate of 59.8%. 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. It shows that from January 2010 to before the disasterous Covid-19 virus Pandemic the monthly labor force participation went from 35,579 to 37,550 in November 2019. This represents an increase in the monthly labor force participation of 5.5%. 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 Wood Lake shows it has an unemployment rate of 1.4% which is in the mid range of other places in the metro area. The city with the highest unemployment rate in the area is Hanley Falls which depicts a rate of 5.5% (approximately 4.0 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Wood Lake shows it has a participation rate of 71.9% which is the third most participation rates of all other places in the greater Wood Lake 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). Wood Lake has the percentage of not in labor force less than most other places in the local area at 28.1% of the total.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Wood Lake depicts 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 Wood Lake area. Wood Lake depicts it has a families with a single earner of 25.7% which is less than most other places in the greater region. The city with the highest families with a single earner in the area is Granite Falls which shows a single earners rate of 34.7% (35.0% larger). The percentage of families with no one working is depicted in Figure 22. Wood Lake depicts it has a families with no one working of 10.5% which is in the mid range of other places in the greater region. The city with the highest families with no one working in the area is Echo which depicts a families with no worker of 22.4% (about twice as large).

Wood Lake Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the Wood 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. Wood Lake depicts it has a total people earning less than the poverty level of 73 which is the third most of all other places in the local area. The city with the highest total people earning less than the poverty level in the area is Granite Falls which depicts a total people earning less than the poverty level of 526 ( considerably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Wood Lake depicts it has a percent of people earning less than the poverty level of 16.2% which is the third most percent of people earning less than the poverty level of all other places in the greater Wood Lake region. The city with the highest percent of people earning less than the poverty level in the area is Echo which depicts a percent of people in poverty of 24.2% (49.2% larger).

In Figure 25 people who are in poverty are broken out by age group. Wood Lake has the percentage of person in poverty under 12 years the second smallest when sorted by person in poverty under 12 years of all the other places in the local area at 14% of the total. Second, it has one of the largest proportions of person in poverty 12 to 17 years at 18% of the total and is ranked #2. The only larger city being Vesta with 31%. Third, it has one of the largest proportions of person in poverty 35 to 54 years at 36% of the total and is ranked #2. The only larger city being Cottonwood with 43%. Also, it has the second smallest in order of person in poverty under 12 years of all the other places in the area in order of person in poverty 65+ years at 4% of the total.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Wood Lake has the percentage of white poverty rate the second smallest in order of white poverty rate of all the other places in the greater region at 5% of the total. Second, it has the largest proportion of black poverty rate at 100% of the total and is ranked #1. Third, it has the largest proportion of asian poverty rate at 100% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. Wood Lake has one of the largest proportions of married with children and in poverty at 24% of the total and is ranked #2. The only larger city being Echo with 33%.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Wood Lake has one of the largest proportions of less than highschool in poverty at 30% of the total and is ranked #3. Only #2 Vesta (35%), and #1 Echo (40%) are larger. Second, it has the largest proportion of highschool graduate and in poverty at 22% 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. Wood Lake has the percentage of people who are in poverty and not in labor force less than most other places in the metropolitan area at 11.0% 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.) Wood Lake depicts it has a households with public assistance of 15.7% which is more than all other places in the greater Wood Lake region.

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Wood Lake depicts it has a the gini index of 35.2% which is the second smallest in order of the gini index of all the other places in the local area.

Wood 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 Wood 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.) Wood Lake has the smallest proportion of people who drive a car or motorcycle to work at 85% of the total. Second, it has the largest proportion of people who bicycle or walk to work at 10% 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 Wood Lake or elsewhere.) Wood Lake has the smallest proportion of people who drove alone at 74% of the total. Second, it has the largest proportion of people who bike at 5% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Wood Lake has the percentage of people who leave for work between 12am to 5am less than most other places in the metro area at 2% of the total. Second, it has the largest proportion of people who leave for work between 5am to 530am at 15% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 530 am to 6am at 9% of the total and is ranked #1. Also, it has the smallest proportion of people who leave for work between 6am to 630am at 4% of the total. In addition, it has the largest proportion of people who leave for work between 630 am to 7am at 15% of the total and is ranked #1. Furthermore, it has one of the largest proportions of people who leave for work between 4pm to midnight at 13% of the total and is ranked #2. The only larger city being Echo with 18%.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Wood Lake has the percentage of people with commute time of less than 5 minutesutes the second smallest in terms of people with commute time of less than 5 minutes of all the other places in the area at 10% of the total. Second, it has in the mid range of other places in the greater region as measured by people with commute time between 5 to 9 minutes at 12% of the total. Third, it has one of the largest proportions of people with commute time between 10 to 14 minutes at 18% of the total and is ranked #2. The only larger city being Hanley Falls with 28%. Also, it has the largest proportion of people with commute time between 15 to 19 minutes at 25% of the total and is ranked #1.

The average commute time is shown in Figure 37. Wood Lake shows it has an average commute time of 18 which is less than most other places in the metro area. Figure 38 shows the difference between male versus female commuting time. Wood Lake shows average commute time in minutes for men 61.5% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Wood Lake has the largest proportion of no vehicle available at 6% of the total and is ranked #1. Second, it has in the mid range of other places in the greater region in order of 1 vehicle available at 12% of the total. Third, it has the second smallest when ranked by no vehicle available of all the other places in the metro area in order of 4 vehicles available at 3% of the total. Also, it has one of the largest proportions of 5 or more vehicles available at 10% of the total and is ranked #2. The only larger city being Echo with 11%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Wood Lake shows it has a people who both work and live in the same city of 17% which is less than most other places in the area. The city with the highest people who both work and live in the same city in the area is Granite Falls which shows a people who both work and live in the same city of 54% (approximately 3.3 times bigger). Comparing people who both work and live in the same city to the United States average of 42%, Wood Lake is approximately half the size. Also, compared to the state of Minnesota, people who both work and live in the same city of 34%, Wood Lake is approximately half the size.

Wood 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. Wood Lake shows it has the hightest median earnings of $60,625 for the earnings-sales and office occupations group. Similarly, Figure 47 shows the median earnings of women for the job categories and Wood Lake depicts it has the hightest median earnings of $47,250 for the management, business, and financial occupations classification. The table in Figure 48, shows Wood Lake employment data in terms of job categories and salary data.

Wood 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. Wood Lake depicts it has the hightest entrepreneurs of 50% 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. Wood Lake shows it has the hightest entrepreneurs of 50% for the self employed in agriculture, forestry, fishing and hunting, and mining category.

In Figure 51 the average annual self employment/entrepreneur income is shown. Wood Lake shows it has an average annual self employment income of $32,493 which is in the mid point range of other places in the greater region. The city with the highest average annual self employment income in the area is Cottonwood which depicts an average annual self employment income of $38,203 (17.6% larger). Comparing average annual self employment income to the United States average of $37,819, Wood Lake is about 16.4% smaller. Also, measured against the state of Minnesota, average annual self employment income of $35,396, Wood Lake is about 8.9% smaller.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Wood Lake depicts total number of self-employed men approximately 2.2 times bigger as the total number of self-employed women.