Rosemount Economic Overview - MN

[Pages:32]Economy Overview

14 Minnesota ZIPs

Minnesota Department of Employment & Economic Development (DEED) 332 Minnesota Street Suite E200

Saint Paul, Minnesota 55101

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Contents

.R.e.p.o.r.t.P. a. r.a.m. .e.t.e.r.s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1. . . . . . . .E.c.o.n.o.m. .y. O. .v.e. r.v.i.e.w. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2. . . . . . . .H.i.s.to. r. i.c. &. . P. .ro. .je.c.t.e.d. .T.re. n. .d.s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . .P.o.p.u. l.a. .o.n. .C. h. a. r.a.c.t.e.r.is. . c. s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6. . . . . . . .In. b. o. .u.n.d. .a.n.d. .O. u. t.b. o. .u.n.d. .M. .ig.r.a. .o. n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8. . . . . . . .In. d. u. .st. r.y. .C.h.a.r.a.c.t.e.ri.s. .c.s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9. . . . . . . .B.u.s.in. .e.s.s.C. h. .a.ra. c. t.e. r.is. . .c.s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.4. . . . . . . .W. .o.rk. .fo. .rc. e. .C. h. a. r.a.c.t.e.r.is. . c. s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.5. . . . . . . .E.d.u.c.a. . o. .n.a.l .P.i.p.e.li.n.e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.9. . . . . . . .A.p.p. e. n. .d.ix. .A. .(G. .e.o.g.r.a.p.h. i.e.s.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.0. . . . . . .

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Report Parameters

14 ZIPs

55024 Farmington, MN (in Dakota county) 55068 Rosemount, MN (in Dakota county) 55071 Saint Paul Park, MN (in Washington county) 55076 Inver Grove Heights, MN (in Dakota county) 55077 Inver Grove Heights, MN (in Dakota

Ccoluantsys) of Worker

55085 55120 55121 55122

Vermillion, MN (in Dakota county) Saint Paul, MN (in Dakota county) Saint Paul, MN (in Dakota county) Saint Paul, MN (in Dakota county)

See Appendix A for all 14 ZIPs

QCEW Employees, Non-QCEW Employees, and Self-Employed

The informa on in this report pertains to the chosen geographical areas.

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Economy Overview

Economy Overview

316,991

Popula on (2021)

Popula on grew by 14,770 over the last 5 years and is projected to

grow by 17,138 over the next 5 years.

158,962

Total Regional Employment

Jobs decreased by 3,583 over the last 5 years but are projected to grow by 3,584 over the next 5

years.

$74.9K

Avg. Earnings Per Job (2021)

Regional average earnings per job are $1.7K below the na onal average earnings of $76.6K per job.

Takeaways

As of 2021 the region's popula on increased by 4.9% since 2016, growing by 14,770. Popula on is expected to increase by 5.4% between 2021 and 2026, adding 17,138. From 2016 to 2021, jobs declined by 2.2% in 14 Minnesota ZIPs from 162,545 to 158,962. This change fell short of the na onal growth rate of 0.7% by 2.9%. Labor force data is not available for 14 Minnesota ZIPs. There is no educa on a ainment data for 14 Minnesota ZIPs. The top three industries in 2021 are Restaurants and Other Ea ng Places, Educa on and Hospitals (Local Government), and Local Government, Excluding Educa on and Hospitals.

Region Na on

Popula on (2021)

Labor Force (2021)

Jobs (2021)

316,991

N/A

158,962

331,820,028 162,302,777 161,875,556

Cost of

Living

GRP

109.9 $22.19B

100.0 $22.09T

Imports $29.12B

$0

Exports $27.19B $10.75T

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Economy Overview

Dec 2021 Labor Force Breakdown

Popula on breakdown data is not available at the ZIP level. Please choose a different region to see this data.

Educa onal A ainment

Educa onal a ainment data is not available at the ZIP level. Please choose a different region to see this data.

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Economy Overview

Historic & Projected Trends

Popula on Trends

As of 2021 the region's popula on increased by 4.9% since 2016, growing by 14,770. Popula on is expected to increase by 5.4% between 2021 and 2026, adding 17,138.

Timeframe 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

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Popula on 302,221 304,747 307,408 310,700 312,818 316,991 320,416 323,869 327,326 330,739 334,129

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Job Trends

From 2016 to 2021, jobs declined by 2.2% in 14 Minnesota ZIPs from 162,545 to 158,962. This change fell short of the na onal growth rate of 0.7% by 2.9%.

Timeframe 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

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Jobs 162,545 164,581 166,248 167,338 157,626 158,962 159,736 160,478 161,196 161,852 162,546

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Popula on Characteris cs

65,271

Millennials

Your area has 65,271 millennials (ages 25-39). The na onal average for an area this size is 64,463.

87,889

Re ring Soon

Re rement risk is about average in your area. The na onal average for an area this size is 93,103 people 55 or older, while there are 87,889 here.

82,947

Racial Diversity

Racial diversity is low in your area. The na onal average for an area this size is 125,998 racially diverse people, while there are 82,947 here.

N/A

Veterans

Veterans data is not available at the ZIP level. Please choose a different region level to see this data.

N/A

Violent Crime

Crime data is not available at the ZIP level. Please choose a different region level to see this data.

N/A

Property Crime

Crime data is not available at the ZIP level. Please choose a different region level to see this data.

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