Housing Report for Rochester

Looking across the State of Minnesota, Rochester is positioned 2 of the 4 metro areas in terms of percentage growth in new housing structures. The metropolitan statistical area (msa) ranks 45 of 361, compared to percent change of residential structures in other metropolitan areas throughout the United States.

Rochester is made up of a medium proportion of residential real estate that is high priced. During the year 2005, the American Community Survey accounted that 3 percent of the homes were valued over $500,000.

In Rochester, there were a total of 74,869 homes in the year 2005. This MSA has gone through a medium-high growth level in the number housing units, adding a total of 7,439 residential units since 2001, or 11 percent.

The owner-occupied dwellings in Rochester, Minnesota have seen large increases since the Census values accounted for in the year 2000. The values have increased by $44,200, or 37.8 percent, since 2000 when their medians were valued at $117,000.

It can be understood that there is a fair amount of housing that is affordable in Rochester, Minnesota. In 2005, 25.8 percent of owner-occupied dwellings were valued under $125k.

Rochester recorded a median home value in 2005 of $161,200, accounted by the American Community Survey. This home value is less than the overall State of Minnesota 2005 median owner-occupied dwelling value of $198,800 and less than median home value of $167,500 for the rest of the nation in that year.

Data Source: U.S. Census Bureau

Employment Report for Rochester, Minnesota -- Annual 2005 Industry Summary

Information saw the biggest increase in jobs since the year 2001 in Rochester, moving a total of 94.8 percent. This is greater than the national sector change of -14.9 percent. The State of Minnesota went through a industry job change of -15 percent, in the period of time since 2001.

In Rochester, Health care and social assistance, Manufacturing and Retail Trade industries have the highest United States location quotient (LQ). The Health care and social assistance industry has a US LQ in the region of 2.92. The percent of employment in the Health care and social assistance industry is 2.92 times the percent of the national average, This signifies that Rochester may be an exporter of products or services of Health care and social assistance.

A high-wage industry in Rochester is the manufacturing sector paying an annual wage of $60,726. In the Metropolitan Area since the year 2001, the annual average wages in the industry have grown by 16.5 percent or $8,615. The State of Minnesota shows a different pattern in the manufacturing sector, placing in the middle of sectors according to average 2004 industry pay.

Health care and social assistance is the industry with the largest establishments in Rochester MSA, with the industry averaging 102 workers per each place of employment, being greater than the industry's average at the national level of 21 and greater than the Minnesota typical size of 29 for the Health care and social assistance industry.

Manufacturing saw the largest loss of employment between the years 2001-2005 in the Rochester Metro Area. The industry lost a total of 2,167 employees during the period, or 14 percent of jobs in the industry. The losses in this industry made up 72.4 percent of the total jobs loss in the Metro Area.

In Rochester, Health care and social assistance, Manufacturing, and the Retail Trade sectors are the largest industries, in terms of total number of jobs in 2005. The Health care and social assistance provides the most jobs and contributes 37.9 percent of total employment in the Metro Area, making up 34,668 people employed. The Manufacturing and Retail Trade sectors account for 14.5 and 12.2 percent of industry employment.





Datasource: U.S. Department of Labor. Bureau of Labor Statistics. Quarterly Census of Employment and Wages (QCEW).