4.0. SR 12-03-2001 - Laserfiche WebLink

Home Browse Search

The City of Elk River completed an analysis of local industrial firms and found that the largest employment by industry was in the industrial machinery sector at 28%. Fabricated metal and electronic equipment were also large employers at 22% each. Table 6 Sherburne County Covered Employment by Industr, 1990 1995 1999 1990-1999 1995-1999 # % # % Construction 551 820 1,314 763 138.5% 494 60.2% vlanufacturing 1,442 2,452 2,848 1,406 97.5% 396 16.2% l'ransportation and Public Utilities 1,296 1,579 1,561 265 20.4% -18 -1.1% trade 2,539 3,708 4,919 2,380 93.7% 1,211 32.7% Finance, Insurance and Real Estate 256 383 566 310 121.1% 183 47.8% Services 1,663 2,476 3,179 1,516 91.2% 703 28.4°/{ Government 1,892 2,631 3,096 1,204 63.6% 465 17.7% Total 9,639 14,049 17,483 7,844 81.4% 3,434 24.4% Source: Minnesota Department of Economic Security Covered employment data is not only available for the number of jobs by sector, but also the average weekly wages for those sectors. The following graph includes three major components: the average mmual wage by sector, the average cost of a two-bedroom apartment in Elk River, and the cost of a $150,000 home. This chart illustrates the gap that can be found in some sectors between the wages that are earned and what households can afford for both rental and homeownership. The largest housing gap is found in the Trade and Services Sector. On average, ifa single-earner household were working in either of these sectors they would have a difficult time affording the average two-bedroom apartment. Homeownership for people employed in these sectors is nearly impossible unless they have a dual income household. The Finance, Insurance and Real Estate (FIRE) sector also had a small gap between wages and the average rents. Most sectors do not have an average wage sufficient to purchase a $150,000 home. The only sector with an average wage high enough to afford a $150,000 home are those in the Trm~sportation and Public Utilities (TPU) sector.