Composite:

During the first half of 2004, economic measurements for Itasca County reveal a composite 3% increase during the first half of 2004 when compared with 2003.

Unemployment:

Itasca County’s 8.5% unemployment rate continues to remain higher than the state’s and nation’s rates. Blandin Paper Mill’s shutdown of paper machines 3 and 4 in early 2003 have resulted in the loss of quality jobs and the delivery of fewer cords of wood during the first half of 2003 and 2004.

Employment:

In the last five years there has been an average of 1,700 Itasca County residents who are available for work but remain unemployed

Lodging Tax:

Based on lodging tax dollars collected during the first half of 2004, area motels experienced a 13.4% decline in room occupancy rates when compared to 2003, or a more alarming 17.8% decline when compared to 2002. Three distinct market categories fill motel rooms: leisure travelers, meetings and conventions, and travel groups. The numbers indicate a decline in attracting these customers to the area.

Retail Sales:

Local retailers report a 2% increase in sales. The retail graph shown in this report reflects the sales of local retailers only, and does not include the big name retailers in the area as these numbers are not available. This graph reflects the substantial increase in the total estimated market value of properties in Itasca County between 2000 and 2004.

School Enrollment:

Two new indicators have been included in this year’s mid-year report. The school enrollment graph shows a steady decline in school enrollment in the county. Itasca County’s school enrollment has dropped by 11.6% in five years and this trend is not expected to change in the foreseeable future.

Poverty Rate:

The second new graph compares Itasca County’s 10.6% poverty rate with the state’s 7.9% rate and the nation’s rate of 8.6%. These two indicators reinforce IDC/Jobs 2020’s mission of helping create quality jobs. Families with good jobs contribute to a strong and healthy economy.

Residential Properties:

The average price of residential properties sold has risen in most instances with waterfront property sale averages continuing an upward trend.

Annual Growth of Property Market Values:

There has been an increase in the annual growth of property market values of nearly 40% since 2000.

Timber Deliveries:

Blandin's shut down of paper machines 3 and 4 resulted in fewer cords of wood delivered during the first half of 2003 and 2004.

New Taxable Construction:

New taxable construction has risen by $22.6 million since 2000.  This figure does not include tax exempt property.  

Electricity Usage:

The Itasca County electric suppliers report illustrates the consistent electricity usage over the last five years.

Bank Deposits/Consumer Loans:

Positive indicators are bank deposits and consumer loans which have both increased.