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Economic Futures Workshop Rice County October 14, 2009 Brigid Tuck, David Nelson and Bruce Schwartau University of Minnesota Extension ©2009 Regents of.

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Presentation on theme: "Economic Futures Workshop Rice County October 14, 2009 Brigid Tuck, David Nelson and Bruce Schwartau University of Minnesota Extension ©2009 Regents of."— Presentation transcript:

1 Economic Futures Workshop Rice County October 14, 2009 Brigid Tuck, David Nelson and Bruce Schwartau University of Minnesota Extension ©2009 Regents of the University of Minnesota. All rights reserved.

2 Rice County Economy Population: 61,955 Employment: 31,294 Households: 22,003 Industries: 179 out of a possible 440 Note: This data is based on IMPLAN (Minnesota IMPLAN Group, Inc) data. ©2009 Regents of the University of Minnesota. All rights reserved.

3 Rice County Economy Total Output: $4.4 billion ©2009 Regents of the University of Minnesota. All rights reserved.

4 Rice County Economy Total Employment: 31,295 ©2009 Regents of the University of Minnesota. All rights reserved.

5 Rice County Economy Total Labor Income: $1,142 million ©2009 Regents of the University of Minnesota. All rights reserved.

6 Rice County Economy Top 10 Industries (Output) Breakfast Cereal Manufacturing Air Conditioning – Refrigeration – and Warm Air Heating Equipment Manufacturing Fruit and Vegetable Canning – Pickling – and Drying Wholesale Trade Businesses Imputed Rental Activity for Owner-Occupied Dwellings Private Junior Colleges – Colleges – Universities and Professional Schools Poultry Processing State and Local Government – Non-Education Construction – New Residential State and Local Government – Education Top Ten Total All Industries Total 2007 Total Output $ 537,883,000 $ 352,876,000 $ 271,630,000 $ 176,879,000 $ 169,331,000 $ 166,521,000 $ 132,849,000 $ 109,161,000 $ 99,700,000 $ 95,260,000 $ 2,112,090,000 $ 4,385,940,000 % of Total Output 12.3% 8.0% 6.2% 4.0% 3.9% 3.8% 3.0% 2.5% 2.3% 2.2% 48.2% 100.0% ©2009 Regents of the University of Minnesota. All rights reserved.

7 Rice County Economy Top 10 Industries (Employment) Private Junior Colleges – Colleges – Universities and Professional Schools State and Local Government – Non-Education State and Local Government – Education Food Services and Drinking Places Nursing and Residential Care Facilities Wholesale Trade Businesses Construction – New Non-residential, Commercial Offices of Physicians, Dentists, and Other Health Practitioners Breakfast Cereal Manufacturing Civic – Social – Professional and Other Similar Organizations Top Ten Total All Industries Total 2007 Employment 2,026 1,952 1,782 1,778 1,293 1, ,955 31,294 % of Employment 6.5% 6.2% 5.7% 4.1% 3.6% 2.6% 2.4% 2.3% 41.4% 100.0% ©2009 Regents of the University of Minnesota. All rights reserved.

8 Grain Agriculture Output: $6,700,000 Labor Income: $1,000,000 Grain agriculture payments are typically not directly to labor. Output value can vary widely by year. ©2009 Regents of the University of Minnesota. All rights reserved.

9 Glass Manufacturing Output: $24,900,000 Labor Income: $6,900,000 Glass manufacturing is highly capital- intensive. ©2009 Regents of the University of Minnesota. All rights reserved.

10 Wind Component Manufacturing Output: $24,239,534 Labor Income: $5,604,074 Wind Components are not currently manufactured in Rice County ©2009 Regents of the University of Minnesota. All rights reserved.

11 Agricultural Support Activities Output: $4,184,105 Labor Income: $3,260,905 Agricultural support activities are primarily service-based, therefore, high labor income and induced impacts. ©2009 Regents of the University of Minnesota. All rights reserved.

12 Circuitry Manufacturing Output: $26,954,174 Labor Income: $8,276,241 Agricultural. ©2009 Regents of the University of Minnesota. All rights reserved.

13 Computer Data Warehousing Output: $26,763,586 Labor Income: $8,355,922 Although Computer Data Warehousing has a similar overall impact as Circuitry Manufacturing, the distribution of the impacts is very different. ©2009 Regents of the University of Minnesota. All rights reserved.

14 Computer Software Development Output: $32,512,596 Labor Income: $8,729,385 Although ©2009 Regents of the University of Minnesota. All rights reserved.

15 Construction of New Nonresidential Commercial Structures Output: $14,545,111 Labor Income: $5,003,012 Although ©2009 Regents of the University of Minnesota. All rights reserved.

16 Fabricated Metal Manufacturing Output: $18,634,540 Labor Income: $6,832,160 Although ©2009 Regents of the University of Minnesota. All rights reserved.

17 Breakfast Cereal Manufacturing Output: $89,283,188 Labor Income: $12,435,945 Why does this have such a big multiplier? High output and income per worker Established industry – economies of scale Local purchases? Transport/Ware and Wholesale – built infrastructure ©2009 Regents of the University of Minnesota. All rights reserved.

18 Nursing and Residential Care Facilities Output: $3,962,087 Labor Income: $1,631,205 Nursing and Residential Care Facilities are one of the largest industry employers in Rice County. ©2009 Regents of the University of Minnesota. All rights reserved.

19 Medical/Diagnostic Labs & Outpatient Care Output: $15,737,037 Labor Income: $5,545,644 Nursing ©2009 Regents of the University of Minnesota. All rights reserved.

20 Retail Trade – General Merchandise Output: $6,303,455 Labor Income: $2,585,036 General Merchandise. ©2009 Regents of the University of Minnesota. All rights reserved.

21 Surgical/Medical Instrument Manufact. Output: $33,918,320 Labor Income: $8,854,655 This industry does not currently exist in Rice County. ©2009 Regents of the University of Minnesota. All rights reserved.

22 Truck Transportation Output: $16,930,612 Labor Income: $5,813,720 Truck ©2009 Regents of the University of Minnesota. All rights reserved.

23 Veterinary Pharmaceutical Manuf. Output: $60,424,348 Labor Income: $12,303,001 This industry ©2009 Regents of the University of Minnesota. All rights reserved.

24 Wholesale Trade Output: $20,758,899 Labor Income: $7,621,070 This industry ©2009 Regents of the University of Minnesota. All rights reserved.


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