8.1. SR 07-18-2016 - Laserfiche WebLink

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MARKET ANALYSIS City of Elk River, MN Feasibility Study * Page 31 Demographic Summary The following summarizes the demographic characteristics of the different service areas. The Primary Service Area at 23,545 individuals (2015 estimate) is large enough to support a limited number of indoor recreation facilities. The Secondary Service Area adds another 189,116 to the population base. The population of both the Primary and Secondary Service Areas is expected to increase in the next five years which will add additional recreation participants to the market. All age groups except the 18-24 and the over 55 ag ranges will show an increase. The population of the Primary and Secondary Service Areas is significantly younger than the national number. However, there are expected to be stronger growth numbers in the senior age categories in the future. The youth population in both the Primary and Secondary Service Areas is smaller than the national numbers and there is an expected decrease in the primary service area over the next five years but the secondary service area is expected to see stronger growth numbers in this age category over the next 5 years. The median household income level in both service areas is higher than the national number and is also higher than the State of Minnesota. The service areas household expenditures for entertainment and recreation are higher than the state and national number as a whole. The cost of living in the Elk River area is higher than most other areas of the country. The demographics of City of Elk River (total population and median household income) are sufficient to support an indoor multi-use facility. A challenge with most recreation facilities with demographics similar to that of City of Elk River is to design a facility that can be multi-generational and multi-use. There is very little ethnic diversity in the area with the largest non-white population being African Americans (2.2%). Opportunities: APPENDIX B