Cove CDP Utah Income Charts

This section shows the Cove CDP Utah economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Cove CDP shows it has a Median earnings of $67,713 which is the largest of all places in the greater Cove CDP region. Comparing median earnings per worker to the United States average of $49,041, Cove CDP is 38.1% larger. Also, compared to the state of Utah, median earnings per worker of $48,166, Cove CDP is 40.6% 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 $47,273 which is the second smallest in order of median household income of all the other places in the area. The place with the highest median household income in the area is Smithfield which depicts a median income of $71,118 (50.4% larger). Comparing median household income to the United States average of $62,843, Cove CDP is approximately three-fourths the size. Also, compared to the state of Utah, median household income of $71,621, Cove CDP is approximately three-fourths the size.

The next section examines a variety of different income statistics for the Cove CDP metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings less than $10,000 at 32.3% of the total and is ranked #1. Second, it has the smallest proportion of earnings between $15,000 and $19,999 at 5.8% of the total. Third, it has the largest proportion of earnings between $20,000 and $49,999 at 41.3% 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 33.5 which is the smallest in terms of average hours of all the other places in the surrounding region. The place with the highest average hours in the area is Trenton which depicts an average hours of 38.8 (15.8% 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 $38.87 which is the highest of all places in the metro area. Comparing average hourly earnings to the United States average of $24.31, Cove CDP is 59.9% larger. Also, benchmarked against the state of Utah, average hourly earnings of $24.90, Cove CDP is 56.1% larger.

Figure 7 examines the number of self employed people in the Cove CDP metro area based on the number of people who reported any self employment income. Cove CDP shows it has a Self Employed of 8.9% which is the smallest as measured by percentage of people self employed of all the other places in the local area. The place with the highest percentage of people self employed in the area is Cornish which depicts a percentage self employed of 26.9% (approximately 3.0 times bigger).

Turning our attention to Figure 8, the median household income by age group, has the smallest proportion of median income-under 25 years at $37,361 of the total. Second, it has less than most other places in the local area when sorted by median income-45 to 64 years at $41,500 of the total.

Figure 9 breaks down the source of income and Cove CDP has the largest proportion of investment and retirement income at 11.7% 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 24.1% which is more than all other places in the greater Cove CDP region.

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 $59,063 of the total.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Cove CDP depicts it has the hightest cost of 113.7 for the cost of miscellaneous items category.

Cove CDP Utah 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 virus Pandemic the monthly unemployment rate went from 6.2% to 2.3% in February 2020. This represents a decrease in the monthly unemployment rate of 62.9%. Since that time, the monthly unemployment rate has gone to 2.4% This represents an increase in the monthly unemployment rate of 4.3%. 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 February 2010 to before the disasterous COVID-19 Pandemic the monthly labor force participation went from 26,016 to 28,437 in February 2020. This represents an increase in the monthly labor force participation of 9.3%. Since that time, the monthly labor force participation has gone to 28,999 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 Cove CDP depicts it has a Unemployment Rate of 5.2% which is more than all other places in the greater Cove CDP region. Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Cove CDP depicts it has a Labor Force Participation of 65.4% which is the second smallest in terms of participation rate of all the other places in the area.

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). Cove CDP has the largest proportion of employed at 5.2% of the total and is ranked #1.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Cove CDP depicts full time employees 27.9% larger as the part time employees.

The percentage of families with no one working is depicted in Figure 22. Cove CDP shows it has a Families with No One Working of 26.7% which is the most of all places in the area.

Cove CDP Utah Poverty Charts

The next section details economy analysis about poverty for residents of the Cove 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. Cove CDP shows it has a Total In Poverty of 28 which is the second smallest when ranked by total people earning less than the poverty level of all the other places in the surrounding region. The place with the highest total people earning less than the poverty level in the area is Smithfield which depicts a total people earning less than the poverty level of 913 ( appreciably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Cove CDP shows it has a Percent of Population In Poverty of 10.7% which is the third most of all other places in the metropolitan area. The place with the highest percent of people earning less than the poverty level in the area is Trenton which depicts a percent of people in poverty of 17.1% (60.3% larger).

In Figure 25 people who are in poverty are broken out by age group. Cove CDP has the largest proportion of person in poverty 18 to 34 years at 61% of the total and is ranked #1. Second, it has one of the largest proportions of person in poverty 35 to 54 years at 39% of the total and is ranked #2. The only larger place being Cornish with 42%.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Cove CDP has the largest proportion of highschool graduate and in poverty at 39% 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. Cove CDP has the largest proportion of people who are in poverty and employed at 39.3% of the total and is ranked #1. Second, it has the largest proportion of people who are in poverty and unemployed at 60.7% of the total and is ranked #1.

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Cove CDP depicts it has a Gini Index of 36.5% which is ranked #1 of all places in the greater Cove CDP region.

Cove CDP Utah 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 Cove 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.) Cove CDP has the largest proportion of people who bicycle or walk to work at 17% 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 Cove CDP or elsewhere.) Cove CDP has the smallest proportion of people who drove alone at 59% of the total. Second, it has the largest proportion of people who carpooled at 24% of the total and is ranked #1. Third, it has the largest proportion of people who work from home at 17% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Cove CDP has the largest proportion of people who leave for work between 12am to 5am at 9% of the total and is ranked #1. Second, it has the largest proportion of people who leave for work between 5am to 530am at 16% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 7am to 730am at 18% of the total and is ranked #1. Also, it has the largest proportion of people who leave for work between 8am to 830am at 9% of the total and is ranked #1. In addition, it has the largest proportion of people who leave for work between 830 am to 9am at 16% of the total and is ranked #1. Furthermore, it has the largest proportion of people who leave for work between 12noon to 4pm at 12% 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. Cove CDP has one of the largest proportions of people with commute time between 5 to 9 minutes at 16% of the total and is ranked #3. Only #2 Franklin (24%), and #1 Smithfield (25%) are larger. Second, it has the largest proportion of people with commute time between 10 to 14 minutes at 36% of the total and is ranked #1. Third, it has the largest proportion of people with commute time between 60 to 89 minutes at 17% of the total and is ranked #1.

The average commute time is shown in Figure 37. Cove CDP depicts it has a Avg Commute Time of 35 which is the highest of all places in the greater Cove CDP region. Figure 38 shows the difference between male versus female commuting time. Cove CDP shows average commute time in minutes for men 58.8% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Cove CDP has the largest proportion of no vehicle available at 14% of the total and is ranked #1. Second, it has one of the largest proportions of 1 vehicle available at 44% of the total and is ranked #2. The only larger place being Trenton with 44%. Third, it has the smallest proportion of 2 vehicles available at 9% of the total. Also, it has the largest proportion of 3 vehicles available at 32% of the total and is ranked #1. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Cove CDP depicts it has a Work in city or place where live of 17% which is less than most other places in the surrounding region. The place with the highest people who both work and live in the same city in the area is Lewiston which depicts a people who both work and live in the same city of 33% (about twice as large). Comparing people who both work and live in the same city to the United States average of 42%, Cove CDP is approximately half the size. Also, compared to the state of Utah, people who both work and live in the same city of 32%, Cove CDP is approximately half the size.

Cove CDP Utah 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. Cove CDP depicts it has the hightest median earnings of $68,375 for the management, business, and financial occupations classification. The table in Figure 48, shows Cove CDP employment data in terms of job categories and salary data.

Cove CDP Utah 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. Cove CDP indicates it has the hightest entrepreneurs of 100% 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. Cove CDP shows it has the hightest entrepreneurs of 100% for the self employed in professional, scientific, management, administrative services grouping.