Carbon County, Montana: commercial real estate data.
Carbon County, Montana has a population of 11,116 across 2,049 square miles, up 9.7 percent since the 2020 census base. County output reached $523.7 m in 2024, 474 establishments operate here, and the SBA record carries 35 7(a) approvals worth $13.3 m.
121 sourced county values · tier FULL · 11 sections
Carbon County
How many people live in Carbon County
- Population11,116
- Households4,664
- Average household size2.38
- Median household income$80,261
- Median age50.4
- Median gross rent$844 per month
- Median owner-occupied home value$420,800
- Home value to household income5.2 times
- Annual rent as a share of median income12.6 percent
- Adults 25 and over with a bachelor degree or higher34.6 percent
- Adults 25 and over with a graduate degree12.0 percent
- Adults 25 and over8,582
- Population under 181,907
- Share under 1817.2 percent
- Population 65 and over3,118
- Share 65 and over28.0 percent
- Working age population, 18 to 646,091
- Civilian labor force5,588
- Unemployment rate4.5 percent
- Labor force participation, adults 18 and over60.7 percent
- Rank by population among Montana counties20th of 56
- Rank by population among US county-equivalents2411th
Carbon County is the 20th largest of 56 Montana counties by population. A median home costs 5.2 times median household income, which is a stretched ownership market and usually shows up as rental demand. Residents 65 and over outnumber those under 18, at 28.0 percent against 17.2 percent, which points demand at health care, services and single storey product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Carbon County
Is Carbon County growing
- Population change since the 2020 census base9.72 percent
- Census 2020 base population10,479
- Births, 202495
- Deaths, 2024104
- Natural change, 2024-9
- Net domestic migration, 202477
- Net international migration, 20244
- Total net migration, 202481
- Cumulative net domestic migration, 2021 to 20241,023
- Rank by growth among US county-equivalents156th
The county has grown 9.72 percent since the 2020 census base. Deaths exceeded births in 2024, so all of the growth came from people moving in. A market held up by migration alone is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Carbon County
Where people moving to Carbon County come from
- Tax returns filed by households arriving472
- People arriving, from those returns851
- Adjusted gross income arriving$50.0 m
- Net adjusted gross income movement$0
- Average income of an arriving household$105,858
- Largest single originCarbon County Non-migrants (4,317 households)
- Largest single destination (4,317 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Carbon County Non-migrants | 4,317 | 8,426 | $356.9 m |
| Other flows - Different State | 228 | 396 | $24.5 m |
| Other flows - West | 148 | 272 | $18.2 m |
| Yellowstone County | 142 | 258 | $16.4 m |
| Other flows - Same State | 59 | 113 | $4.2 m |
| Other flows - South | 42 | 71 | $5.2 m |
| Other flows - Midwest | 38 | 53 | $1.1 m |
| Gallatin County | 23 | 44 | $3.4 m |
The largest single source of arrivals is Carbon 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.
Carbon County
What the Carbon County economy runs on
- County GDP, 2024$523.7 m
- County GDP, 2023$487.8 m
- GDP change, 2023 to 20247.4 percent
- GDP change over five years42.6 percent
- Rank by GDP among Montana counties24th
- Rank by GDP among US county-equivalents2374th
- GDP per resident$47,113
Output grew 7.4 percent in the latest year and 42.6 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.
Carbon County
Who employs people in Carbon County
- Covered employment, annual average3,052
- Establishments reporting644
- Average annual pay$47,497
- Average weekly wage$913
- Sector 72, employment545
- Sector 72, average annual pay$25,503
- Sector 44-45, employment292
- Sector 44-45, average annual pay$33,845
- Sector 62, employment251
- Sector 62, average annual pay$50,794
- Sector 11, employment232
- Sector 11, average annual pay$77,827
- Sector 23, employment196
- Sector 71, employment180
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 72 | 545 | 66 | $25,503 |
| Sector 44-45 | 292 | 46 | $33,845 |
| Sector 62 | 251 | 40 | $50,794 |
| Sector 11 | 232 | 24 | $77,827 |
| Sector 23 | 196 | 98 | $49,607 |
| Sector 71 | 180 | 16 | $24,259 |
| Sector 81 | 116 | 38 | $30,528 |
| Sector 56 | 111 | 41 | $72,332 |
The largest sector is the biggest private employer group at 545 jobs, 17.9 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.
Carbon County
What businesses operate in Carbon County
- Establishments, all industries474
- Employment at those establishments2,373
- Annual payroll$81.6 m
- Establishments per 1,000 residents42.6
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.
Carbon County
What is being built in Carbon County
- Housing units authorised by permit, 202452
- Declared construction value permitted$17.4 m
- Single family units authorised46
- Multifamily units authorised6
- Multifamily share of units11.5 percent
- Average declared value per unit$335,557
- Units authorised per 1,000 households11.1
Multifamily is 11.5 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Carbon County
How much SBA lending happens in Carbon County
- 7(a) approvals recorded35
- 7(a) gross approval dollars$13.3 m
- Average 7(a) approval$380,746
- Median 7(a) approval$260,000
- 10th percentile approval$50,000
- 90th percentile approval$891,800
- Largest single approval$1,800,000
- Jobs reported supported, 7(a)368
- Jobs per approval10.5
- Distinct 7(a) lenders active6
- Distinct industries receiving approvals19
- Median 7(a) term91 months
- Share of loans on real estate terms, 240 months or longer31.4 percent
- Loans on real estate terms11
- Loans on working capital terms, 120 months or shorter19
- Franchise loans0
- Franchise share of approvals0.0 percent
- Leading industry by approval countFull-Service Restaurants (5)
- Most active lenderBank of Bridger National Association (21)
- 504 approvals recorded2
- 504 gross approval dollars$750,000
- Average 504 approval$375,000
- Median 504 approval$519,000
- Distinct CDCs active2
- 504 jobs per approval3.5
- 504 jobs per million dollars approved9.3
- Most active CDCDakota Business Lending (1)
- 7(a) share of SBA approvals94.6 percent
- Combined SBA approval dollars$14.1 m
The average approval of $380,746 sits well above the median of $260,000, 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. 31.4 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.
Carbon County
Do SBA loans in Carbon County get paid back
- Loans with a final outcome recorded15
- Paid in full15
- Charged off0
- Charge off rate on resolved loans0.0 percent
- Status: Paid in full15
- Status: Exempt from disclosure16
- Status: Cancelled4
Of the 15 loans that have reached a final outcome, 0.0 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.
Carbon County
Which parts of Carbon County get the lending
- Places in the county with recorded lending7
- RED LODGE, approvals20
- ROBERTS, approvals4
- BEARCREEK, approvals3
- BRIDGER, approvals3
- FROMBERG, approvals2
- EDGAR, approvals2
| Place | Approvals | Gross approval dollars |
|---|---|---|
| RED LODGE | 20 | $7,039,100 |
| ROBERTS | 4 | $2,475,000 |
| BEARCREEK | 3 | $320,200 |
| BRIDGER | 3 | $1,461,800 |
| FROMBERG | 2 | $151,000 |
| EDGAR | 2 | $1,569,000 |
| Joliet | 1 | $310,000 |
RED LODGE accounts for 20 approvals against 4 in ROBERTS. 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.
Carbon County
How big is Carbon County
- Land area2,049 sq mi
- Rank by land area among Montana counties33rd of 56
- Width, east to west81.4 mi
- Height, north to south42.2 mi
- Geographies sharing a boundary4
- Residents per square mile of land5
- Establishments per square mile0.23
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 Carbon 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 Carbon County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population11,116
- Households4,664
- Average household size2.38
- Median household income$80,261
- Median age50.4
Common questions
Carbon County questions, answered from the record.
How many people live in Carbon County, Montana?
11,116, in 4,664 households, ranking 20th of 56 Montana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Carbon County growing?
The population has grown 9.72 percent since the 2020 census base. In 2024 there were 95 births against 104 deaths, with net migration of 81. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Carbon County?
$80,261. The median owner-occupied home is valued at $420,800, which is 5.2 times income, and median gross rent is $844 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Carbon County?
474 establishments, employing 2,373 people with an annual payroll of $81.6 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 Carbon County?
Average annual pay is $47,497, or $913 a week, across 3,052 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Carbon County?
35 7(a) approvals totalling $13.3 m since FY2020, across 6 lenders, with a median approval of $260,000, plus 2 504 approvals worth $750,000. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Carbon County get paid back?
Of the 15 loans that have reached a final outcome, 15 were paid in full and 0 charged off, a charge off rate of 0.0 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Carbon County?
52 housing units were authorised by permit in 2024, with a declared construction value of $17.4 m. Multifamily was 11.5 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Carbon 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 Carbon County come from?
The largest single origin is Carbon County Non-migrants, with 4,317 households. Arriving households report an average income of $105,858 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 Carbon 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 Carbon 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.