Laserfiche WebLink
EMPLOYMENT ANALYSIS <br /> • Typical wages for those working at local retail businesses range from $7.50 to $12.00 per <br /> hour. These positions are prime candidates for rental housing. These jobs are employed by <br /> residents currently living in the surrounding area of Elk River and commute from their <br /> current place of residence if hired new. <br /> • Based on our interviews, professional service jobs typically start over$30,000 to $40,000 <br /> annually. Households with an income of$35,000 could afford monthly housing costs of <br /> $875, based on spending on 30 percent of their gross income on housing. <br /> • Considering a household with an annual income of$35,000, and using the industry standard <br /> that a household can afford to pay a mortgage that is 30% of their household income for <br /> owner-occupied housing (assuming they have limited debt and not including equity), a <br /> household with this income could afford a home priced at $87,500 to $105,000. Many <br /> households in Elk River have two incomes, however. Using the same affordability standard, <br /> a household with two persons each earning $35,000 annually could afford a home priced <br /> from $175,000 to $210,000. <br /> TABLE E-3 <br /> MAJOR EMPLOYERS <br /> CITY OF ELK RIVER <br /> June 2012 <br /> Employer Products/Services Employee Count* <br /> ISD#728 Education 1,600 <br /> Sherburne County Government 595 <br /> Wal-Mart Retail Store 394 <br /> Guardian Angels of Elk River,Inc Nrsing/Housing 317 <br /> Great River Energy Electric Utility 236 <br /> Tescom Corporation Pressure Control Devices 187 <br /> City of Elk River Government 159 <br /> Menards Retail Store 150 <br /> Cornerstone Auto Resource Automobile Sales 147 <br /> Coborn's Grocery Store 122 <br /> Sportech,Inc Plastics Thermoforming 112 <br /> Cub Foods Grocery Store 132 <br /> Metal Craft Machine&Engineering Precision Machining 105 <br /> Cretex Companies,Inc. Precast Concrete Products 100 <br /> Crystal Distribution,Inc Custom Curb Adaptors 100 <br /> The Home Depot Retail Store 100 <br /> Morrell Companies Professional Trucking Transport 100 <br /> The Bank of Elk River Financial Institution 99 <br /> E&0 Tool and Plastics,Inc Injection Molding 98 <br /> Fairibault Foods,Inc Pouch Packaging 79 <br /> First National Financial Services Financial Institution 43 <br /> Quality Label,Inc Label Printing 42 <br /> Total 5,017 <br /> * Employment figures are estimated. <br /> Sources: City of Elk River; Maxfield Research Inc. <br /> MAXFIELD RESEARCH INC. 32 <br />