This section shows the Silver Springs CDP Nevada economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Silver Springs CDP depicts it has a Median earnings of $52,679 which is in the mid range of other places in the greater region. The place with the highest median earnings per worker in the area is Silver City CDP which depicts a median earnings of $125,833 (approximately 2.4 times bigger). Comparing median earnings per worker to the United States average of $53,269, Silver Springs CDP is about the same size. Also, in contrast to the state of Nevada, median earnings per worker of $47,225, Silver Springs CDP is 11.5% 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 $44,286 which is the smallest when ranked by median household income of all the other places in the greater region. The place with the highest median household income in the area is Virginia City CDP which shows a median income of $116,368 (approximately 2.6 times bigger). Comparing median household income to the United States average of $69,021, Silver Springs CDP is approximately three-fourths the size. Also, compared with the state of Nevada, median household income of $65,686, Silver Springs CDP is approximately three-fourths the size. Dividing median annual worker earnings by the average number of hours worked in a year in Figure 4 shows that it has a Avg Hrly Earnings of $24.47 which is the third most average hourly earnings of all other places in the greater Silver Springs CDP region. The place with the highest average hourly earnings in the area is Virginia City CDP which depicts an average hourly earnings of $40.77 (66.6% larger). Comparing average hourly earnings to the United States average of $26.40, Silver Springs CDP is about 7.9% smaller. Also, versus the state of Nevada, average hourly earnings of $23.35, Silver Springs CDP is only about 4.8% larger.
Figure 5 examines the number of self employed people in the Silver Springs CDP metro area based on the number of people who reported any self employment income. Silver Springs CDP depicts it has a Self Employed of 6.3% which is less than most other places in the metro area. The place with the highest percentage of people self employed in the area is Virginia City CDP which depicts a percentage self employed of 10.0% (58.7% larger).
Figure 6 breaks down the source of income and Silver Springs CDP has the largest proportion of investment and retirement income at 19.7% of the total and is ranked #1. Second, it has the largest proportion of social security at 3.7% of the total and is ranked #1.
The next chart (Figure 7) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 23.8% which is the second smallest in terms of households with retirement income of all the other places in the area. The place with the highest households with retirement income in the area is Silver City CDP which shows a households with retirement income of 51.3% (about twice as large).
The percentage of full-time workers are compared to the number of part-time workers in Figure 8. Silver Springs CDP depicts full time employees very much bigger as the part time employees.
Similar to the last chart is Figure 9 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 Springs CDP shows it has the hightest entrepreneurs of 60% for the self employed in information category.
Figure 10 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Silver Springs CDP shows it has the hightest cost of 107.3 for the cost of transportation grouping.
Silver Springs CDP Nevada Poverty Charts
In Figure 11 the percentage of people earning less than the poverty level is shown and compared across the group of places. Silver Springs CDP depicts it has a Percent of Population In Poverty of 15.8% which is the third most of all other places in the local area. The place with the highest percent of people earning less than the poverty level in the area is Wadsworth CDP which shows a percent of people in poverty of 20.2% (28.2% larger).
Additionally, Figure 12 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 Springs CDP depicts it has a Public Assistance Percent of 22.1% which is the second most households with public assistance of all the places in the greater Silver Springs CDP region. The place with the highest households with public assistance in the area is Silver City CDP which depicts a households with public assistance of 23.1% (only about 4.2% larger).
Silver Springs CDP Nevada Labor Force Charts
The table in Figure 13, shows Silver Springs CDP employment data in terms of job categories and salary data.
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 Coronavirus Pandemic it went from 4.8% to 2.7% in December 2019. This represents a decrease in the monthly unemployment rate of 43.7%. Since that time, the monthly unemployment rate has gone to 2.7%. This represents an increase in the monthly unemployment rate of very little.
Silver Springs CDP Nevada Jobs Charts
In the jobs section of economic activity charts in Figure 15 shows the average annual earnings for very high level job industry categories for full time and year round employed.
Figure 16 shows the average median earnings for different categories of jobs.
Silver Springs CDP Nevada 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 Springs CDP community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 17 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Silver Springs CDP has the largest proportion of people who drive a car or motorcycle to work at 3% of the total and is ranked #1. Figure 18 shows a more detailed view of how the population commutes to work for (for example to downtown Silver Springs CDP or elsewhere.) Silver Springs CDP has the largest proportion of people who take Light rail, streetcar or trolley at 2% of the total and is ranked #1.
Figure 19 is provided for comparison purposes to the previous chart. It shows how people get to work overall on average in the United States.
The average commute time is shown in Figure 21. Silver Springs CDP depicts it has a Avg Commute Time of 35 which is the most of all places in the metro area.
Cities marked with an asterisk ("*") should resemble a city or town but do not have their own government (i.e. Mayor, City Council, etc.) These places should be recognizable by the local community but their boundaries have no legal status. Technically these include both Census Designated Places (CDP) and Census County Divisions (CCD) which are defined by the Census Bureau along with local authorities. (For more information, see:
Census Designated Place or "CDP")
and Census County Division "CCD".)
For comparison purposes, the US national average and the state average value are provided. Additionally, the "Combined Statistical Area" or CSA is shown that is closest to the city, county, or zip code shown. A CSA is a large grouping of adjacent metropolitan areas that identified by the Census Bureau based on social and economic ties. (See: Combined Statistical Area)
Data sources - Mouse over icon in upper right corner of each chart for information.