Agenda - Council - 09/13/2016 - Laserfiche WebLink

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DEMOGRAPHIC ANALYSIS and are not included in the table. The data comes from the Minnesota Department of Employ- ment and Economic Development. The following are key trends derived from the employment data: • The table reveals that Anoka County experienced a net job increase from 2000 to 2004, add- ing a total of about 1,900 jobs, an increase of nearly 2%. All but two of the industries ex- perienced an increase in employment. Whole Sale Trade, Construction, and Health Care ex- perienced the greatest growth in employment, each adding roughly 1,000 jobs. The two sec- tors that experienced losses were Manufacturing (-3,340 jobs) and Government (-70 jobs). • Manufacturing, FIRE (Finance, Insurance, and Real Estate), and Health Care experienced the greatest increases in average annual wages. FIRE wages increased by 32% ($8,580) and Health Care saw an increase in average annual wages of 26.5% ($8,216). Manufacturing ex- perienced the greatest net increase in annual wages ($9,932). Overall, the County average annual wages experienced an increase of nearly 20% ($6,049) for the period. • The job growth that was experienced in Anoka County from 2000 to 2004 was not consistent with employment in Minnesota as a whole. During this same period, the State had a net job loss of -31,676 jobs (-1.21%). At the same time, the State had an average annual wage in- crease of $5,356 (15.1%). The strong job growth is one of the primary drivers behind the in- creasing demand for housing in the Market Area. Summary According to projections, growth in the Market Area is expected to continue to out pace Anoka County and the Twin Cities Metro Area. Between 2000 and 2010 growth is, however, expected to slow, as the land supply for new housing diminishes in parts of the Market Area and as the population ages. The PMA is expected to see greater growth compared to the SMA in both population and house- holds, primarily due to its greater land supply. Job growth throughout the Market Area will be the primary driver of household growth in both the PMA and SMA, however. Many of the new hires to the area will have modest incomes and will need affordably priced housing. Age distribution trends show the greatest growth over the next five years is expected to occur among households in the 55 to 74 age group. As these households become empty -nesters and/or retirees, a portion may decide to consider alternative housing, usually single -level townhomes where the resident can be free from exterior home maintenance and upkeep. Younger house- holds (ages 20 to 34) are also projected to grow by nearly 6,000 people this decade, after a de- cline of over 3,000 people last decade. The resurgence of this younger population (due to the ag- ing of echo boomers) will create increased demand for workforce housing products such as rental housing and affordably priced townhomes. MAXFIELD RESEARCH INC. 21