2. HRSR 02-01-2016 - Laserfiche WebLink

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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 September 2015. 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 2014. 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 2014, Sherburne County experienced an increase in both its labor force and the number of employed residents. Between 2000 and 2014, the County's labor force increased by 11,855 persons (31%), while the number of employed residents increased by 10,898 persons (30%). Since 2010, the labor force has increased by only 346 persons (less than a 1%increase) compared to the total employed which increased by 1,646 persons (3.6%). This has resulted in the unemployed person decreasing by 1,300 people (-31.5%) • After the peak year of 2008 however, both the labor force and employed residents declined until 2014 in which the total employed surpassed 2008 with 47,001. The labor force in 2009 was slightly lower than it was in 2008 but has been steadily increasing from 2012. • The unemployment rate in Sherburne County was lowest (3.0%) at the beginning of the period in 2000. The unemployment rate fluctuated from 2000 to 2006 but remained relatively steady. Since 2006, the unemployment rate in Sherburne County has increased rapidly to a high of 9.1% (2009) and was higher than both the State and the Nation from 2007 through 2009 (slightly less than national average in 2009). As of September 2015, the unemployment rate has fallen to 4.2%, below the nation which is at 5.5%, yet remains slightly higher than the State of Minnesota at 3.2%. MAXFIELD RESEARCH&CONSULTING,LLC. 22