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<br />SUMMARY OF RESEARCH AND RECOMMENDED STRATEGIES <br />EDA STRATEGIC PLAN 1 <br />INTRODUCTION AND EXECUTIVE SUMMARY <br />Elk River is a city with a strong economic foundation. It has benefited from fundamental <br />strengths such as its natural setting along the Mississippi River, and its location at the <br />crossroads of two transportation arteries. It has put focus and investment into its walkable <br />downtown and other amenities that contribute to the quality of life of Elk River residents. <br />And it has fostered a vibrant business sector. <br />Stantec was contracted to: <br />1. Understand the City’s economic development context, activities and achievements <br />2. Identify opportunities for further strengthening the City’s economy in the future <br />3. Encapsulate the City’s program for continued economic growth in an EDA Strategic <br />Plan <br />This document, Summary of Research and Recommended Strategies, addresses the first <br />two of these objectives, and sets the stage for the upcoming workshop with Elk River’s <br />EDA and economic development staff. <br />Part 1 – Research Summary <br />Part 1 of this document summarizes the research of the consultant team, and illuminates <br />important aspects of Elk River’s economic development context. Key findings include: <br />• A thorough inventory of geographic and non-geographic assets, deterrents and <br />opportunities that define Elk River’s economic context. <br />• A population trendline and forecast that anticipates continued population growth, <br />which implies ongoing demand for housing and other development, and eventually <br />new demand for store-based retail development. <br />• A demographic snapshot indicating a high proportion of families and children, and <br />larger than average household incomes. <br />• A very healthy job base, with most workers drawn from Sherburne, Wright, Anoka <br />and Hennepin Counties. <br />• And industry mix in which: <br />o Seven sectors predominate (manufacturing, retail trade, educational <br />services, public administration, health care and social assistance, <br />construction, accommodation and food services). <br />o There is a good supply of jobs that are well paying—particularly in the <br />manufacturing, public administration and construction sectors.