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<br />SUMMARY OF RESEARCH AND RECOMMENDED STRATEGIES <br />EDA STRATEGIC PLAN 7 <br />Elk River’s Economy <br />Population Growth <br />Elk River is a growing city, and a growing population is an economic asset. It implies <br />ongoing demand for new housing. It supports existing stores and service providers, and <br />provides a basis for new retail development. It bolsters the values of existing property, <br />which provides an incentive <br />for property owners to invest <br />in maintenance and <br />rehabilitation. <br />Conversely, where <br />population is stable or <br />declining, it can be difficult to <br />attract new development. <br />Maintenance and <br />improvements to existing <br />development tend to lag <br />because those investments <br />may not bring an economic <br />return. <br />The City of Elk River has <br />experienced growth over <br />recent decades, and that <br />growth is expected to <br />continue. <br />Demographic Snapshot <br />The following graphs provide an overview of Elk River’s population. It is a family oriented <br />community. A higher proportion of households in Elk River are family households, in <br />comparison with the state of Minnesota as a whole. Elk River households include an <br />especially proportion of families with children. Those factors explain average household <br />sizes that are higher than the state average, and are reflected in an age distribution that <br />skews younger than the state as a whole. <br />Household incomes in Elk River are around 22% higher than the state average, while <br />individual incomes in Elk River are lower than the state average. That implies the <br />prevalence of households in Elk River with multiple wage earners. <br />In terms of educational attainment, a similar share of Elk River residents have graduated <br />high school as the state of Minnesota as a whole. But a lower proportion of residents have <br />earned a bachelors degree or higher. <br />Source: ESRI Business Analyst