2. CCSR-HRSR 09-04-2012 SPEC JOINT

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EMPLOYMENT ANALYSIS Employment Growth Trends Since employment growth generally fuels household growth, employment trends are a reliable indicator of housing demand. Typically, households prefer to live near work for convenience. However, housing is often less expensive in smaller towns, making longer commutes attractive for households concerned about housing affordability. The graphs on the following page depict recent employment growth trends for Sherburne County and are shown in Tables E-1 and E-2. Table E-1 presents resident employment data for Sherburne County from 2000 through April 2012. Resident employment data is calculated as an annual average and reveals the work force and number of employed persons living in the County. It is important to note that not all of these individuals necessarily work in the County. Table E-2 presents covered employment in Elk River from 2000 through 2011. Covered employment data is calculated as an annual average and reveals the number of jobs in the County, which are covered by unemployment insurance. Most farm jobs, self-employed persons, and some other types of jobs are not covered by unemployment insurance and are not included in the table. The data in both tables is from the Minnesota Department of Employment and Economic Development. The following are key trends derived from the employment data: Labor Force/Resident Employment • Between 2000 and 2011, Sherburne County experienced an increase in both its labor force and the number of employed residents. Between 2000 and 2011, the County's labor force increased by 11,520 persons (30%), while the number of employed residents increased by 8,476 persons (23%). • Since the peak year of 2008 however, both the labor force and employed residents have declined. The labor force has experienced a slight decline of 425 people (less than 1%) while the number of employed persons has experienced a greater drop with 1,560 people (- 3%) from 2008 to 2010. • The unemployment rate in Sherburne County reached a low of 3.0% in 2000 and increased to 4.8% in 2003. Over 2003 to 2006, the unemployment rate fell again from 4.9% to 4.4%. Up until 2006, the unemployment rate in Sherburne County has been on par with that of the State of Minnesota but has been roughly a full percentage point higher since 2006. Both the County and the State unemployment rates are below the national average. • Since 2006, the unemployment rate in Sherburne County has increased rapidly to a high of 9.4% (2009) and was higher than both the State and the Nation from 2007 through 2009. As of April 2012, the unemployment rate has fallen to 7.6%, below the nation which is at 9.6%, yet remains nearly two full percentage points higher than the State of Minnesota. MAXFIELD RESEARCH INC. 26