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<br /> Elk River EDA Strategic Plan | 8 <br />It has a robust existing manufacturing sector and a reliable energy provider. These <br />characteristics provide a strong basis for attracting additional employers and jobs. The <br />deterrents to growth include limitations on land for new industrial development. <br />Population Growth <br />A growing population is an <br />economic asset. It implies <br />ongoing demand for new <br />housing. It supports existing <br />stores and service providers, <br />and it provides a basis for <br />new retail development. It <br />bolsters the values of <br />existing property, which <br />provides an incentive for <br />property owners to invest in <br />maintenance and <br />rehabilitation. <br />Demographics <br />The following graphs provide an overview of Elk River’s population. A higher proportion of <br />households in Elk River are family households, compared with the state of Minnesota as a <br />whole. Elk River households include an especially high proportion of families with children. <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 (all charts above) <br />Source: ESRI Business Analyst