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<br />SUMMARY OF RESEARCH AND RECOMMENDED STRATEGIES <br />EDA STRATEGIC PLAN 12 <br />These seven industry sectors comprise the core of Elk River’s economy. <br />Of the seven core industries, five are distinctively strong in Elk River compared with other <br />parts of the state. Those five industries are: <br />• Manufacturing <br />• Retail trade <br />• Educational services <br />• Public administration <br />• Construction <br />These five industries represent the unique strength of Elk River’s economy. And they <br />comprise 61% of all of its jobs. This business mix benefits Elk River. It is diverse, and it <br />includes three sectors that tend to provide well paying jobs—manufacturing, public <br />administration and construction. Additionally, manufacturing as the leading industry sector <br />sector in Elk River, benefits Elk River in that it is a basic industry. That means its products <br />are sold to customers outside of the area. Those revenues come in to Elk River <br />manufacturers, are paid to their employees, and recirculate through the local area. <br />Average Wages by Industry, Sherburne County, 2019 <br /> <br />Average <br />Weekly Wage <br />Average <br />Annual Pay <br />Manufacturing $1,157 $60,163 <br />Retail Trade $589 $30,624 <br />Educational Services $489 $25,419 <br />Public Administration $999 $51,964 <br />Health Care and Social Assistance $786 $40,859 <br />Construction $1,237 $64,342 <br />Accommodation and Food Services $299 $15,538 <br />Other Services (excluding public <br />administration) $434 $22,589 <br />Transportation and Warehousing $865 $44,993 <br />Management of Companies $2,202 $114,521