Silver Summit CDP Utah Income Charts

This section shows the Silver Summit 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, Silver Summit CDP shows it has a Median earnings of $74,726 which is the second most of all the places in the metro area. The place with the highest median earnings per worker in the area is Snyderville CDP which depicts a median earnings of $85,269 (14.1% larger). Comparing median earnings per worker to the United States average of $49,041, Silver Summit CDP is 52.4% larger. Also, versus the state of Utah, median earnings per worker of $48,166, Silver Summit CDP is 55.1% 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 $147,404 which is ranked #1 of all places in the greater Silver Summit CDP region. Comparing median household income to the United States average of $62,843, Silver Summit CDP is approximately 2.3 times bigger. Also, versus the state of Utah, median household income of $71,621, Silver Summit CDP is about twice as large.

The next section examines a variety of different income statistics for the Silver Summit 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 greater region at 4.3% of the total. Second, it has the smallest proportion of earnings between $10,000 and $14,999 at 2.6% of the total. Third, it has less than most other places in the local area when ranked by earnings between $15,000 and $19,999 at 21.3% of the total. Also, it has the largest proportion of earnings between $75,000 and $99,999 at 30.6% 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 38.8 which is the third most of all other places in the metropolitan area. The place with the highest average hours in the area is Snyderville CDP which depicts an average hours of 39.2 ( only slightly 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 $37.04 which is the second most average hourly earnings of all the places in the greater Silver Summit CDP region. The place with the highest average hourly earnings in the area is Snyderville CDP which depicts an average hourly earnings of $41.83 (12.9% larger). Comparing average hourly earnings to the United States average of $24.31, Silver Summit CDP is 52.4% larger. Also, compared to the state of Utah, average hourly earnings of $24.90, Silver Summit CDP is 48.7% larger.

Figure 7 examines the number of self employed people in the Silver Summit CDP metro area based on the number of people who reported any self employment income. Silver Summit CDP shows it has a Self Employed of 23.7% which is the second most people self employed of all the places in the greater Silver Summit CDP region. The place with the highest percentage of people self employed in the area is Snyderville CDP which depicts a percentage self employed of 26.2% (10.5% larger).

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 $154,063 of the total and is ranked #1. Second, it has the largest proportion of median income-25 to 44 years at $174,318 of the total and is ranked #1. Third, it has in the mid point range of other places in the local area as measured by median income-45 to 64 years at $93,600 of the total.

Figure 9 breaks down the source of income and Silver Summit CDP has the largest proportion of income from wages at 15.2% of the total and is ranked #1. Second, it has the smallest proportion of investment and retirement income at 2.0% 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 12.2% which is the second smallest in terms of households with retirement income of all the other places in the local area. The place with the highest households with retirement income in the area is Summit Park CDP which depicts a households with retirement income of 19.0% (55.3% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $160,646 of the total and is ranked #2. The only larger place being Snyderville CDP with $169,828.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Silver Summit CDP depicts it has the hightest cost of 377.8 for the cost of housing classification.

Silver Summit 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 Coronavirus Pandemic the monthly unemployment rate went from 6.9% to 2.8% in February 2020. This represents a decrease in the monthly unemployment rate of 59.4%. Since that time, the monthly unemployment rate has gone to 4.6% This represents an increase in the monthly unemployment rate of 64.3%. 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 Wuhan Coronavirus Pandemic the monthly labor force participation went from 13,040 to 16,211 in February 2020. This represents an increase in the monthly labor force participation of 24.3%. Since that time, the monthly labor force participation has gone to 16,343 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 Silver Summit CDP shows it has a Unemployment Rate of 0.6% which is less than most other places in the local area. The place with the highest unemployment rate in the area is Summit Park CDP which shows a rate of 3.0% (approximately 4.8 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Silver Summit CDP shows it has a Labor Force Participation of 68.2% which is the smallest when ranked by participation rate of all the other places in the greater 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). Silver Summit CDP has the largest proportion of unemployed at 31.8% 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. Silver Summit CDP depicts full time employees approximately 2.6 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 Silver Summit CDP area. Silver Summit CDP depicts it has a Single Earner Families of 21.0% which is less than most other places in the local area. The place with the highest families with a single earner in the area is Park City which depicts a single earners rate of 27.3% (30.2% larger). The percentage of families with no one working is depicted in Figure 22. Silver Summit CDP shows it has a Families with No One Working of 10.0% which is the smallest when ranked by families with no one working of all the other places in the local area. The place with the highest families with no one working in the area is Peoa CDP which shows a families with no worker of 37.5% (approximately 3.7 times bigger).

Silver Summit CDP Utah Poverty Charts

The next section details economy analysis about poverty for residents of the Silver Summit 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. Silver Summit CDP shows it has a Total In Poverty of 13 which is the second smallest as measured by total people earning less than the poverty level of all the other places in the local area. The place with the highest total people earning less than the poverty level in the area is Park City which depicts a total people earning less than the poverty level of 737 ( very much bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Silver Summit CDP shows it has a Percent of Population In Poverty of 0.3% which is the second smallest when ranked by percent of people earning less than the poverty level of all the other places in the metro area. The place with the highest percent of people earning less than the poverty level in the area is Hideout which depicts a percent of people in poverty of 27.8% ( markedly bigger).

In Figure 25 people who are in poverty are broken out by age group. Silver Summit CDP has one of the largest proportions of person in poverty 12 to 17 years at 38% of the total and is ranked #3. Only #2 Park City (44%), and #1 Wanship CDP (56%) are larger. Second, it has the largest proportion of person in poverty 55 to 64 years at 62% of the total and is ranked #1.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Silver Summit CDP has the percentage of hawaiian poverty rate in the mid range of other places in the greater region at 2% of the total.

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Silver Summit CDP indicates it has a Gini Index of 52.4% which is the second most of all the places in the metro area.

Silver Summit CDP Utah Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Silver Summit CDP or elsewhere.) Silver Summit CDP has one of the largest proportions of people who drove alone at 77% of the total and is ranked #2. The only larger place being Peoa CDP with 95%. Second, it has the largest proportion of people who take a Subway or elevated rail at 0% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Silver Summit CDP has the largest proportion of people who leave for work between 5am to 530am at 7% of the total and is ranked #1. Second, it has the largest proportion of people who leave for work between 10am to 11am at 1% 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. Silver Summit CDP has one of the largest proportions of people with commute time of less than 5 minutesutes at 15% of the total and is ranked #3. Only #2 Snyderville CDP (19%), and #1 Park City (23%) are larger. Second, it has in the mid range of other places in the metropolitan area in order of people with commute time between 5 to 9 minutes at 13% of the total. Third, it has the largest proportion of people with commute time between 30 to 34 minutes at 8% of the total and is ranked #1.

The average commute time is shown in Figure 37. Silver Summit CDP depicts it has a Avg Commute Time of 23 which is in the mid range of other places in the local area. Figure 38 shows the difference between male versus female commuting time. Silver Summit CDP shows average commute time in minutes for men 48.5% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Silver Summit CDP has the percentage of no vehicle available the second smallest in order of no vehicle available of all the other places in the area at 7% of the total. Second, it has one of the largest proportions of 3 vehicles available at 17% of the total and is ranked #2. The only larger place being Peoa CDP with 19%. Third, it has one of the largest proportions of 4 vehicles available at 15% of the total and is ranked #2. The only larger place being Wanship CDP with 78%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Silver Summit CDP depicts it has a Work in city or place where live of 22% which is in the mid range of other places in the local area. The place with the highest people who both work and live in the same city in the area is Park City which depicts a people who both work and live in the same city of 72% (approximately 3.2 times bigger). Comparing people who both work and live in the same city to the United States average of 42%, Silver Summit CDP is approximately half the size. Also, versus the state of Utah, people who both work and live in the same city of 32%, Silver Summit CDP is approximately three-fourths the size.

Silver Summit 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. Silver Summit CDP shows it has the hightest median earnings of $152,321 for the management, business, and financial occupations grouping. Similarly, Figure 47 shows the median earnings of women for the job categories and Silver Summit CDP depicts it has the hightest median earnings of $115,568 for the management, business, and financial occupations aggregate. The table in Figure 48, shows Silver Summit CDP employment data in terms of job categories and salary data.

Silver Summit 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. Silver Summit CDP depicts it has the hightest entrepreneurs of 53% 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. Silver Summit CDP shows it has the hightest entrepreneurs of 27% for the self employed in professional, scientific, management, administrative services aggregate.

In Figure 51 the average annual self employment/entrepreneur income is shown. Silver Summit CDP shows it has a Self Employment Income of $152,027 which is more than all other places in the greater Silver Summit CDP region. Comparing average annual self employment income to the United States average of $39,154, Silver Summit CDP is approximately 3.9 times bigger. Also, versus the state of Utah, average annual self employment income of $33,077, Silver Summit CDP is approximately 4.6 times bigger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Silver Summit CDP shows total number of self-employed men 67.5% larger as the total number of self-employed women.