INFORMATION HRSR 03-24-2003 - Laserfiche WebLink

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Ci of Elk River Housing Plan U I dated Janua 2003 • Employment Employment is a critical component to the housing market. The nine largest employers are shown in Table 7. Each employer was interviewed to assess local economic conditions including number of employees, wages, historic and future growth, and the need for additional housing. During the past two years six of the employers have grown in size and the remaining three have stayed the same. All but one employer indicated that the local economic climate is good. A variety of employers stated that they anticipate their businesses to grow over the next two years. The largest employer in the City of Elk River is the school district with 1,250 employees. The second largest employer is Sherburne County with approximately 470 employees. Most employers would not disclose average wage data to provide a general overview of approximate wages paid by area employers. A 1999 Business Retention and Expansion Survey found the Elk River average industrial wage to be $11.54 per hour. The Minnesota Department of Economic Security also produces wage survey information and found that the average hourly wage for the Manufacturing sector in Sherburne County was $18.35 per hour for the second quarter of 2000. Employers were also asked to comment on the local housing market based on their experience with employees. All nine employers indicated that more moderate-income housing is needed in the community. Just under 80% of the employers indicated that the addition of more moderate income housing would be of benefit to their business. Moderate-income housing is typically defined as housing for households earning 80% or less of the area median income. For Sherburne County this would be $60,320 based on the HUD 2001 median household income of $75,400. This would equate to rental housing that is generally priced under$1,500 per month • including rent, utilities and garages. For homeownership this would be a maximum purchase price of$190,800. Table 7 City of Elk River Major Employers 2001 Employer Product or Service Employees Elk River ISD #728 Elementary and Secondary Education 1250 Sherburne County Government Offices 470 Guardian Angels Int-nnediate Care Facilities 325 Great River Energy Electric Services 320 Tescom Corp Industrial Valves 275 Cub Foods Grocery Store 210 Target General Merchandise 175 Alitool Manufacturing Metal Stampings 160 Menards Lumber and Other Building Materials 160 Source: Community Profiles, DTED • Employer Interviews 17