Favorable Business Climate, Active Growth, Strong Households, Culturally Sophisticated
McComb Group LTD. completed a market analysis for the City of St. Joseph in November of 2007. The study found abundant factors supporting retail and service potential in St. Joseph including:
- In recent history strong growth within St. Joseph trade area – more rapid than St. Cloud MSA.
- The current St. Joseph trade area includes: over 17,000 persons and 5,000 households. Population and households in the current St. Joseph trade area is growing at a faster rate than the St. Cloud MSA.
- The current trade area for St. Joseph is capable of supporting an estimated 135,900 square foot of retail goods and services at this time. The same area is projected to support an estimated 187,300 square foot of retail goods and services in 2016.
- Average household income ($65,500) in the current St. Joseph trade area is higher than the St. Cloud MSA.
- The percentage of households with incomes above $75,000 and $100,000 are consistently higher in the current St. Joseph trade area than the St. Cloud MSA.
- Total purchasing power for the current St. Joseph trade area was estimated at $207 million in 2010, and is expected to rise to $348 million by 2020.
- The current St. Joseph trade area purchasing power for shopping goods is expected to increase $57.5 million in 2010, to $96.8 million in 2020.
- Average household income in St. Joseph trade area is nearly $70,000.
- In 2011 a full 18.5% of the households in St. Joseph’s trade area are expected to have incomes above $100,000.
- According to the Mn. Revenue Department Sales and Use Data, gross sales in St. Joseph in 2010 totalled over $100,671,500; taxable sales over $22,525,000.
- St. Joseph has a highly educated population with nearly 30% of the population over age 24 having college degrees and over 10% having graduate degrees; nearly 92% of all persons over the age of 25 have graduated from high school.
- Interstate 94, CSAH 75, CSAH 2, CR 133, and CR 134 provide excellent access to St. Joseph.
- College of St. Benedict and St. John’s University have a combined enrollment of 4,100 and a combined staff of nearly 1,000.
- CSB / SJU host an estimated 140,000 visitors each year.
- Absorption rates for services and retail merchandise in the current trade as completed within the McComb Group Study are are available online please browse through the retail and residential market demand document (PDF) for findings and recommendations.