Wood Lake Minnesota Income Charts

This section shows the Wood 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, Wood Lake depicts it has a Median earnings of $32,120 which is the smallest when sorted 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 $46,719 (45.5% larger). Comparing median earnings per worker to the United States average of $49,041, Wood Lake is approximately three-fourths the size. Also, in comparison with the state of Minnesota, median earnings per worker of $52,993, 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 $49,063 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 Granite Falls which depicts a median income of $58,690 (19.6% larger). Comparing median household income to the United States average of $62,843, Wood Lake is approximately three-fourths the size. Also, versus the state of Minnesota, median household income of $71,306, 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 percentage of earnings less than $10,000 the second smallest when sorted by median earnings of less than $10,000 of all the other places in the metropolitan area at 6.0% of the total. Second, it has the largest proportion of earnings between $15,000 and $19,999 at 54.8% 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 42.6 which is at the top of 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 a Avg Hrly Earnings of $14.50 which is the smallest in terms of average hourly earnings of all the other places in the metro area. The city with the highest average hourly earnings in the area is Granite Falls which depicts an average hourly earnings of $24.22 (67.0% larger). Comparing average hourly earnings to the United States average of $24.31, Wood Lake is approximately three-fourths the size. Also, benchmarked against the state of Minnesota, average hourly earnings of $26.61, Wood Lake is approximately half 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 depicts it has a Self Employed of 9.1% which is in the middle range of other places in the local area. The city with the highest percentage of people self employed in the area is Hazel Run which shows a percentage self employed of 20.0% (about twice as large).

Turning our attention to Figure 8, the median household income by age group, has the percentage of median income-under 25 years in the middle range of other places in the local area at $44,688 of the total. Second, it has less than most other places in the area as measured by median income-25 to 44 years at $52,500 of the total. Third, it has less than most other places in the area in order of median income-45 to 64 years at $33,125 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 10.7% which is the smallest as measured by households with retirement income of all the other places in the greater region. The city with the highest households with retirement income in the area is Hazel Run which depicts a households with retirement income of 23.3% (about twice as large).

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 $63,750 of the total. Second, it has the largest proportion of black family income at $41,406 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 shows it has the hightest cost of 113.5 for the cost of utilities aggregate.

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 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 5.4% This represents an increase in the monthly unemployment rate of 45.9%. 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 disasterous Covid-19 virus 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 37,513 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 depicts it has a Unemployment Rate of 1.1% which is in the mid point range of other places in the metro area. The city with the highest unemployment rate in the area is Hanley Falls which shows a rate of 6.0% ( considerably 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 Labor Force Participation of 69.9% which is the third most participation rates of all other places in the greater Wood Lake region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Wood Lake depicts full time employees appreciably 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 shows it has a Single Earner Families of 29.3% which is the third most families with a single earner of all other places in the greater Wood Lake region. The city with the highest families with a single earner in the area is Hazel Run which indicates a single earners rate of 36.4% (24.1% 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 6.1% which is the second smallest as measured by families with no one working of all the other places in the greater region. The city with the highest families with no one working in the area is Hazel Run which depicts a families with no worker of 27.3% (approximately 4.5 times bigger).

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 shows it has a Total In Poverty of 65 which is in the mid range of other places in the greater region. The city with the highest total people earning less than the poverty level in the area is Granite Falls which shows a total people earning less than the poverty level of 402 ( appreciably 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 Population In Poverty of 15.4% 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 Echo which shows a percent of people in poverty of 28.6% (about twice as large).

In Figure 25 people who are in poverty are broken out by age group. Wood Lake has one of the largest proportions of person in poverty under 12 years at 14% of the total and is ranked #2. The only larger city being Echo with 16%. Second, it has in the middle range of other places in the local area in terms of person in poverty 12 to 17 years at 23% of the total. Third, it has one of the largest proportions of person in poverty 18 to 34 years at 29% of the total and is ranked #2. The only larger city being Cottonwood with 46%. Also, it has the largest proportion of person in poverty 35 to 54 years at 12% of the total and is ranked #1.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Wood Lake has the largest proportion of white poverty rate at 100% of the total and is ranked #1. Second, it has the largest proportion of american indian poverty rate at 100% of the total and is ranked #1.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Wood Lake has the largest proportion of less than highschool in poverty at 20% of the total and is ranked #1. Second, it has the second smallest in order of less than highschool in poverty of all the other places in the metro area as measured by highschool graduate and in poverty at 4% of the total. 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 smallest proportion of people who are in poverty and unemployed at 12.3% 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 Public Assistance Percent of 14.7% 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 Gini Index of 35.6% which is less than most other places in the greater region.

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 largest proportion of people who take public transportation to work at 9% 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 largest proportion of people who bike at 6% 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 one of the largest proportions of people who leave for work between 12am to 5am at 12% of the total and is ranked #2. The only larger city being Echo with 12%. Second, it has the largest proportion of people who leave for work between 5am to 530am at 9% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 6am to 630am at 18% of the total and is ranked #1. Also, it has the smallest proportion of people who leave for work between 11am to 12noon 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. Wood Lake has one of the largest proportions of people with commute time of less than 5 minutesutes at 11% of the total and is ranked #3. Only #2 Cottonwood (20%), and #1 Granite Falls (29%) are larger. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 18% of the total and is ranked #2. The only larger city being Hanley Falls with 31%. Third, it has the largest proportion of people with commute time between 10 to 14 minutes at 21% of the total and is ranked #1. Also, it has the second smallest as measured by people with commute time of less than 5 minutes of all the other places in the metro area in terms of people with commute time between 15 to 19 minutes at 12% of the total.

The average commute time is shown in Figure 37. Wood Lake depicts it has a Avg Commute Time of 21 which is the third most average commute time of all other places in the greater Wood Lake region. Figure 38 shows the difference between male versus female commuting time. Wood Lake depicts average commute time in minutes for men 30.0% 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 percentage of no vehicle available the second smallest when ranked by no vehicle available of all the other places in the local area at 11% of the total. Second, it has one of the largest proportions of 1 vehicle available at 48% of the total and is ranked #3. Only #2 Cottonwood (53%), and #1 Hanley Falls (55%) are larger. Third, it has the second smallest when ranked by no vehicle available of all the other places in the metro area as measured by 3 vehicles available at 3% of the total. Also, it has one of the largest proportions of 4 vehicles available at 9% of the total and is ranked #2. The only larger city being Cottonwood with 9%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Wood Lake depicts it has a Work in city or place where live of 13% which is the second smallest as measured by people who both work and live in the same city of all the other places in the local 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 51% (approximately 4.0 times bigger). Comparing people who both work and live in the same city to the United States average of 42%, Wood Lake is approximately a third the size. Also, measured against the state of Minnesota, people who both work and live in the same city of 34%, Wood Lake is approximately a third 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 depicts it has the hightest median earnings of $58,750 for the management, business, and financial occupations grouping. Similarly, Figure 47 shows the median earnings of women for the job categories and Wood Lake depicts it has the hightest median earnings of $49,375 for the management, business, and financial occupations category. 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 shows it has the hightest entrepreneurs of 67% for the self employed in production, transportation, and material moving 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. Wood Lake shows it has the hightest entrepreneurs of 67% for the self employed in transportation, warehousing, and utilities category.

In Figure 51 the average annual self employment/entrepreneur income is shown. Wood Lake shows it has a Self Employment Income of $19,606 which is less than most other places in the greater region. The city with the highest average annual self employment income in the area is Cottonwood which indicates an average annual self employment income of $36,310 (about twice as large). Comparing average annual self employment income to the United States average of $39,154, Wood Lake is approximately half the size. Also, benchmarked against the state of Minnesota, average annual self employment income of $36,330, Wood 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.) Wood Lake shows total number of self-employed men approximately 2.3 times bigger as the total number of self-employed women.