Employment:

More people were working in Itasca County on June 30 than in the previous five years on the same date. However, more than 1300 people who were actively looking for or were available for work remained unemployed.

In DEED’s Minnesota Vacancy Survey of fourth quarter 2004, the state reported that 41% of job vacancies require some form of post-secondary education – that is, a vocational degree or certificate, two-year degree, bachelor’s or advanced degree. Forty-one percent of total job vacancies require experience related to the position. Thirteen percent of total job vacancies are truly entry-level and do not require any education or previous experience. Occupations that require a high school diploma or less (59%) tend to have higher turnover than those requiring post-secondary education.

Unemployment (June 30): 

The Minnesota Department of Employment and Economic Development (DEED) estimates Itasca County’s June 30 unemployment rate at 5.6%. This is Itasca County’s lowest unemployment rate in five years but is still 1.7%higher than the state’s estimated unemployment rate.

Self-employment:

In 1970 Itasca County’s self-employment rate was 2% lower than the state of Minnesota’s rate. By 2003 (latest available data), Itasca County’s self-employment rate was 7% higher than the state’s. The self-employment rate is the percent of all employed people who have their own business as opposed to working for someone else in return for wages or salary.

Electricity Usage:

The cold winter and warm early summer experienced in 2005 are reasons given by local electric companies for the marked increase in electricity usage during the first half of 2005.

Lodging Tax:

Local motel owners report an encouraging 15% increase in lodging revenues over 2004. Road and building construction crews working on Itasca area projects contributed to the increase in motel room stays. Motel owners also reported an increase in leisure travelers during winter snowmobiling months and in May and June. (Note: Lodging tax amount reported in the 2004 Mid Year Perspective was adjusted and is correctly reflected in 2005 graph.)

Real Estate (Residential Averages):

The highest increase in the average price of residential property sold during the first half of 2005 was property with less than three acres which rose by nearly $30,000 over 2004 prices. The average price of residential property sold with more than three acres rose by $22,000. These properties do not include waterfront property which had the lowest increase. The average price of waterfront property has remained at well over $200,000 since 2003 with steady increases.

Consumer Loans:

Consumer loan totals in 2005 increased by10% over 2004 totals and are at the highest level in five years.  New car buyers tend to go back to banks when car dealerships drop their 0% financing.  Another reason given was that as home mortgage interest rates rose, the demand for consumer loans versus home refinancing increased. 

Bank Deposits:

In 2005 bank deposits at local banks remained at the same level as 2004. Previously the percentage had risen by a remarkable 35% since 2001.

Timber Deliveries:

A late thaw in 2005 made an increase in spring timber deliveries to local timber companies possible. Local companies also report that they are accepting alternative species of wood other than aspen which has increased availability of wood.

Retail Trade:

The University of Minnesota’s Extension Service completed a 2003 Retail Trade Analysis Report for Itasca County. The Retail Trade graph shows the percentage above/below expected potential sales for 2003 by merchandise group. Potential sales is an estimate of the amount of money that is spent on retail goods and services by residents of a county. It is the product of county population, state per capita sales and the index of income. Of the 16 merchandise categories with reported data used for the report, sales in 10 of the categories were above what would be expected based on the county’s population and income characteristics as well as statewide spending patterns. Overall, Itasca County had a retail sales leakage of 8.8%.