Shelby County, Indiana: commercial real estate data.
Shelby County, Indiana has a population of 45,265 across 411 square miles, up 1.3 percent since the 2020 census base. County output reached $2.85 bn in 2024, 951 establishments operate here, and the SBA record carries 51 7(a) approvals worth $21.5 m.
122 sourced county values · tier FULL · 11 sections
Shelby County
How many people live in Shelby County
- Population45,265
- Households18,450
- Average household size2.45
- Median household income$72,190
- Median age41.5
- Median gross rent$987 per month
- Median owner-occupied home value$212,400
- Home value to household income2.9 times
- Annual rent as a share of median income16.4 percent
- Adults 25 and over with a bachelor degree or higher21.9 percent
- Adults 25 and over with a graduate degree7.2 percent
- Adults 25 and over31,748
- Population under 1810,169
- Share under 1822.5 percent
- Population 65 and over8,441
- Share 65 and over18.6 percent
- Working age population, 18 to 6426,655
- Civilian labor force22,957
- Unemployment rate3.6 percent
- Labor force participation, adults 18 and over65.4 percent
- Rank by population among Indiana counties33rd of 92
- Rank by population among US county-equivalents1097th
Shelby County is the 33rd largest of 92 Indiana counties by population. A median home costs 2.9 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 22.5 percent against 18.6 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Shelby County
Is Shelby County growing
- Population change since the 2020 census base1.33 percent
- Census 2020 base population45,053
- Births, 2024465
- Deaths, 2024442
- Natural change, 202423
- Net domestic migration, 2024229
- Net international migration, 2024124
- Total net migration, 2024353
- Cumulative net domestic migration, 2021 to 2024387
- Rank by growth among US county-equivalents1385th
The county has grown 1.33 percent since the 2020 census base. Migration contributed more to 2024 change than births over deaths, so demand here follows people arriving rather than families forming.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Shelby County
Where people moving to Shelby County come from
- Tax returns filed by households arriving1,294
- People arriving, from those returns2,378
- Adjusted gross income arriving$68.8 m
- Net adjusted gross income movement$0
- Average income of an arriving household$53,182
- Largest single originShelby County Non-migrants (17,334 households)
- Largest single destination (17,334 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Shelby County Non-migrants | 17,334 | 35,237 | $1.24 bn |
| Marion County | 312 | 580 | $16.5 m |
| Other flows - Same State | 206 | 381 | $9.7 m |
| Other flows - Different State | 202 | 381 | $10.6 m |
| Johnson County | 181 | 338 | $10.1 m |
| Hancock County | 136 | 258 | $8.7 m |
| Other flows - South | 93 | 174 | $5.6 m |
| Decatur County | 78 | 140 | $3.0 m |
The largest single source of arrivals is Shelby County Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Shelby County
What the Shelby County economy runs on
- County GDP, 2024$2.85 bn
- County GDP, 2023$2.84 bn
- GDP change, 2023 to 20240.1 percent
- GDP change over five years41.8 percent
- Rank by GDP among Indiana counties33rd
- Rank by GDP among US county-equivalents1018th
- GDP per resident$62,878
Output grew 0.1 percent in the latest year and 41.8 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Shelby County
Who employs people in Shelby County
- Covered employment, annual average18,915
- Establishments reporting1,013
- Average annual pay$56,974
- Average weekly wage$1,096
- Sector 31-33, employment4,967
- Sector 31-33, average annual pay$74,366
- Sector 62, employment1,625
- Sector 62, average annual pay$58,474
- Sector 44-45, employment1,482
- Sector 44-45, average annual pay$33,639
- Sector 48-49, employment1,380
- Sector 48-49, average annual pay$68,301
- Sector 56, employment1,112
- Sector 23, employment1,075
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 31-33 | 4,967 | 72 | $74,366 |
| Sector 62 | 1,625 | 94 | $58,474 |
| Sector 44-45 | 1,482 | 126 | $33,639 |
| Sector 48-49 | 1,380 | 49 | $68,301 |
| Sector 56 | 1,112 | 66 | $42,702 |
| Sector 23 | 1,075 | 123 | $69,668 |
| Sector 42 | 561 | 50 | $66,007 |
| Sector 81 | 436 | 74 | $33,410 |
The largest sector is the biggest private employer group at 4,967 jobs, 26.3 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Shelby County
What businesses operate in Shelby County
- Establishments, all industries951
- Employment at those establishments17,044
- Annual payroll$946.9 m
- Establishments per 1,000 residents21.0
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Shelby County
What is being built in Shelby County
- Housing units authorised by permit, 2024284
- Declared construction value permitted$64.0 m
- Single family units authorised135
- Multifamily units authorised149
- Multifamily share of units52.5 percent
- Average declared value per unit$225,309
- Units authorised per 1,000 households15.4
Multifamily is 52.5 percent of units authorised, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Shelby County
How much SBA lending happens in Shelby County
- 7(a) approvals recorded51
- 7(a) gross approval dollars$21.5 m
- Average 7(a) approval$421,555
- Median 7(a) approval$150,000
- 10th percentile approval$25,000
- 90th percentile approval$1,150,000
- Largest single approval$3,545,000
- Jobs reported supported, 7(a)243
- Jobs per approval4.8
- Distinct 7(a) lenders active23
- Distinct industries receiving approvals37
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer13.7 percent
- Loans on real estate terms7
- Loans on working capital terms, 120 months or shorter43
- Franchise loans7
- Franchise share of approvals13.7 percent
- Leading industry by approval countPlumbing, Heating, and Air-Conditioning Contractors (3)
- Most active lenderThe Huntington National Bank (9)
- 504 approvals recorded8
- 504 gross approval dollars$3.6 m
- Average 504 approval$447,750
- Median 504 approval$447,000
- Distinct CDCs active3
- 504 jobs per approval8.1
- 504 jobs per million dollars approved18.1
- Most active CDCIndiana Statewide Certified Development Corporation (5)
- 7(a) share of SBA approvals86.4 percent
- Combined SBA approval dollars$25.1 m
The average approval of $421,555 sits well above the median of $150,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 13.7 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Shelby County
Do SBA loans in Shelby County get paid back
- Loans with a final outcome recorded13
- Paid in full10
- Charged off3
- Charge off rate on resolved loans23.1 percent
- Status: Paid in full10
- Status: Cancelled2
- Status: Charged off3
- Status: Exempt from disclosure36
Of the 13 loans that have reached a final outcome, 23.1 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Shelby County
Which parts of Shelby County get the lending
- Places in the county with recorded lending8
- SHELBYVILLE, approvals29
- INDIANAPOLIS, approvals8
- FAIRLAND, approvals6
- FOUNTAINTOWN, approvals3
- MORRISTOWN, approvals2
- Edinburgh, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| SHELBYVILLE | 29 | $13,015,600 |
| INDIANAPOLIS | 8 | $586,200 |
| FAIRLAND | 6 | $660,000 |
| FOUNTAINTOWN | 3 | $1,240,000 |
| MORRISTOWN | 2 | $2,302,500 |
| Edinburgh | 1 | $100,000 |
| NEEDHAM | 1 | $50,000 |
| CARMEL | 1 | $3,545,000 |
SHELBYVILLE accounts for 29 approvals against 8 in INDIANAPOLIS. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Shelby County
How big is Shelby County
- Land area411 sq mi
- Rank by land area among Indiana counties34th of 92
- Width, east to west17.3 mi
- Height, north to south24.2 mi
- Geographies sharing a boundary6
- Residents per square mile of land110
- Establishments per square mile2.31
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Shelby County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Shelby County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population45,265
- Households18,450
- Average household size2.45
- Median household income$72,190
- Median age41.5
Common questions
Shelby County questions, answered from the record.
How many people live in Shelby County, Indiana?
45,265, in 18,450 households, ranking 33rd of 92 Indiana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Shelby County growing?
The population has grown 1.33 percent since the 2020 census base. In 2024 there were 465 births against 442 deaths, with net migration of 353. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Shelby County?
$72,190. The median owner-occupied home is valued at $212,400, which is 2.9 times income, and median gross rent is $987 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Shelby County?
951 establishments, employing 17,044 people with an annual payroll of $946.9 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Shelby County?
Average annual pay is $56,974, or $1,096 a week, across 18,915 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Shelby County?
51 7(a) approvals totalling $21.5 m since FY2020, across 23 lenders, with a median approval of $150,000, plus 8 504 approvals worth $3.6 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Shelby County get paid back?
Of the 13 loans that have reached a final outcome, 10 were paid in full and 3 charged off, a charge off rate of 23.1 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Shelby County?
284 housing units were authorised by permit in 2024, with a declared construction value of $64.0 m. Multifamily was 52.5 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Shelby County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Shelby County come from?
The largest single origin is Shelby County Non-migrants, with 17,334 households. Arriving households report an average income of $53,182 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Shelby County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Shelby County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.