HomeMinnesotaPennington County
Pennington County, Minnesota: commercial real estate data.
Pennington County, Minnesota has a population of 13,791 across 617 square miles, down 2.4 percent since the 2020 census base. County output reached $2.74 bn in 2024, 365 establishments operate here, and the SBA record carries 10 7(a) approvals worth $7.2 m.
115 sourced county values · tier FULL · 11 sections
Pennington County
How many people live in Pennington County
- Population13,791
- Households6,207
- Average household size2.22
- Median household income$77,325
- Median age39.6
- Median gross rent$862 per month
- Median owner-occupied home value$195,500
- Home value to household income2.5 times
- Annual rent as a share of median income13.4 percent
- Adults 25 and over with a bachelor degree or higher21.0 percent
- Adults 25 and over with a graduate degree5.5 percent
- Adults 25 and over9,641
- Population under 182,866
- Share under 1820.8 percent
- Population 65 and over2,665
- Share 65 and over19.3 percent
- Working age population, 18 to 648,260
- Civilian labor force7,817
- Unemployment rate2.9 percent
- Labor force participation, adults 18 and over71.6 percent
- Rank by population among Minnesota counties60th of 87
- Rank by population among US county-equivalents2240th
Pennington County is the 60th largest of 87 Minnesota counties by population. A median home costs 2.5 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 20.8 percent against 19.3 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Pennington County
Is Pennington County growing
- Population change since the 2020 census base-2.44 percent
- Census 2020 base population13,994
- Births, 2024136
- Deaths, 2024162
- Natural change, 2024-26
- Net domestic migration, 2024-76
- Net international migration, 202422
- Total net migration, 2024-54
- Cumulative net domestic migration, 2021 to 2024-278
- Rank by growth among US county-equivalents2615th
The county has lost 2.44 percent of its population since the 2020 census base.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Pennington County
Where people moving to Pennington County come from
- Tax returns filed by households arriving357
- People arriving, from those returns607
- Adjusted gross income arriving$18.2 m
- Net adjusted gross income movement$0
- Average income of an arriving household$51,045
- Largest single originPennington County Non-migrants (5,513 households)
- Largest single destination (5,513 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Pennington County Non-migrants | 5,513 | 10,818 | $423.1 m |
| Other flows - Different State | 155 | 235 | $6.3 m |
| Other flows - Same State | 85 | 142 | $6.4 m |
| Other flows - Midwest | 70 | 100 | $3.3 m |
| Marshall County | 45 | 89 | $2.0 m |
| Other flows - West | 45 | 73 | $1.8 m |
| Other flows - South | 40 | 62 | $1.2 m |
| Red Lake County | 30 | 60 | $1.4 m |
The largest single source of arrivals is Pennington 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.
Pennington County
What the Pennington County economy runs on
- County GDP, 2024$2.74 bn
- County GDP, 2023$2.66 bn
- GDP change, 2023 to 20243.2 percent
- GDP change over five years47.2 percent
- Rank by GDP among Minnesota counties24th
- Rank by GDP among US county-equivalents1046th
- GDP per resident$198,876
Output grew 3.2 percent in the latest year and 47.2 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.
Pennington County
Who employs people in Pennington County
- Covered employment, annual average9,793
- Establishments reporting418
- Average annual pay$55,946
- Average weekly wage$1,076
- Sector 44-45, employment995
- Sector 44-45, average annual pay$28,215
- Sector 31-33, employment933
- Sector 31-33, average annual pay$61,786
- Sector 72, employment514
- Sector 72, average annual pay$17,771
- Sector 81, employment247
- Sector 81, average annual pay$20,818
- Sector 48-49, employment215
- Sector 23, employment163
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 44-45 | 995 | 63 | $28,215 |
| Sector 31-33 | 933 | 18 | $61,786 |
| Sector 72 | 514 | 30 | $17,771 |
| Sector 81 | 247 | 42 | $20,818 |
| Sector 48-49 | 215 | 22 | $65,497 |
| Sector 23 | 163 | 31 | $61,305 |
| Sector 52 | 156 | 23 | $69,820 |
| Sector 71 | 88 | 12 | $13,543 |
The largest sector is the biggest private employer group at 995 jobs, 10.2 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.
Pennington County
What businesses operate in Pennington County
- Establishments, all industries365
- Employment at those establishments8,929
- Annual payroll$538.1 m
- Establishments per 1,000 residents26.5
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.
Pennington County
What is being built in Pennington County
- Housing units authorised by permit, 202410
- Declared construction value permitted$3.1 m
- Single family units authorised10
- Multifamily units authorised0
- Multifamily share of units0.0 percent
- Average declared value per unit$305,324
- Units authorised per 1,000 households1.6
Multifamily is 0.0 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Pennington County
How much SBA lending happens in Pennington County
- 7(a) approvals recorded10
- 7(a) gross approval dollars$7.2 m
- Average 7(a) approval$723,790
- Median 7(a) approval$347,000
- 10th percentile approval$125,000
- 90th percentile approval$2,076,000
- Largest single approval$2,076,000
- Jobs reported supported, 7(a)93
- Jobs per approval9.3
- Distinct 7(a) lenders active7
- Distinct industries receiving approvals7
- Median 7(a) term299 months
- Share of loans on real estate terms, 240 months or longer60.0 percent
- Loans on real estate terms6
- Loans on working capital terms, 120 months or shorter4
- Franchise loans3
- Franchise share of approvals30.0 percent
- Leading industry by approval countHotels (except Casino Hotels) and Motels (3)
- Most active lenderUltima Bank Minnesota (3)
- 504 approvals recorded6
- 504 gross approval dollars$6.1 m
- Average 504 approval$1,018,167
- Median 504 approval$896,000
- Distinct CDCs active1
- 504 jobs per approval15.7
- 504 jobs per million dollars approved15.4
- Most active CDCMidwest Business Finance Corporation (6)
- 7(a) share of SBA approvals62.5 percent
- Combined SBA approval dollars$13.3 m
The average approval of $723,790 sits well above the median of $347,000, 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. 60.0 percent of approvals run on real estate terms of 240 months or more, so this is a market where SBA credit is buying buildings, not just funding operations.
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.
Pennington County
Do SBA loans in Pennington County get paid back
- Loans with a final outcome recorded1
- Paid in full1
- Charged off0
- Status: Exempt from disclosure9
- Status: Paid in full1
Too few loans have reached a final outcome to publish a charge off rate. only 1 resolved loans, too few to publish a rate. A rate computed on a handful of loans is noise, so none is shown.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Pennington County
Which parts of Pennington County get the lending
- Places in the county with recorded lending2
- THIEF RIVER FALLS, approvals9
- TRAIL, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| THIEF RIVER FALLS | 9 | $7,206,900 |
| TRAIL | 1 | $31,000 |
THIEF RIVER FALLS accounts for 9 approvals against 1 in TRAIL. 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.
Pennington County
How big is Pennington County
- Land area617 sq mi
- Rank by land area among Minnesota counties50th of 87
- Width, east to west42.5 mi
- Height, north to south16.6 mi
- Geographies sharing a boundary5
- Residents per square mile of land22
- Establishments per square mile0.59
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 Pennington 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 Pennington County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population13,791
- Households6,207
- Average household size2.22
- Median household income$77,325
- Median age39.6
Common questions
Pennington County questions, answered from the record.
How many people live in Pennington County, Minnesota?
13,791, in 6,207 households, ranking 60th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Pennington County growing?
The population has fallen 2.44 percent since the 2020 census base. In 2024 there were 136 births against 162 deaths, with net migration of -54. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Pennington County?
$77,325. The median owner-occupied home is valued at $195,500, which is 2.5 times income, and median gross rent is $862 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Pennington County?
365 establishments, employing 8,929 people with an annual payroll of $538.1 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 Pennington County?
Average annual pay is $55,946, or $1,076 a week, across 9,793 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Pennington County?
10 7(a) approvals totalling $7.2 m since FY2020, across 7 lenders, with a median approval of $347,000, plus 6 504 approvals worth $6.1 m. These are approvals recorded in the release, not loans disbursed.
What is being built in Pennington County?
10 housing units were authorised by permit in 2024, with a declared construction value of $3.1 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Pennington 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 Pennington County come from?
The largest single origin is Pennington County Non-migrants, with 5,513 households. Arriving households report an average income of $51,045 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 Pennington 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 Pennington 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.