By Raymond T. Rivard ray@sentinelmedia.net
Those moving to Western Wisconsin at any time in the near future will join neighbors experiencing living in an area with some of the greatest wealth growth in the state.
Population growth in the area continues to benefit St. Croix, Polk, and Pierce counties, as investment income, property value, and median income over the course of the past 10 years have grown exponentially.
That’s borne out of a recent study published by smartasset.com, which places Polk, St. Croix, and Pierce counties all within the top four in terms of wealth growth.
St. Croix County, for years recognized as the fastest growing county in the state by population, is ranked first in smart asset’s wealth study, while Pierce and Polk are third and fourth, respectively.
That’s out of 72 state counties.
Raw growth numbers
According to the study, the raw growth of the median home value in St. Croix County has increased by $191,025 over the past decade; the raw growth in median income has gone up by $22,894; and the raw growth in investment income was $8,000.
Pierce County, the state’s third-leading county in the study, saw a raw growth in median home value at $154,884; a raw growth in median income of $19,115; and a raw growth in investment income at $9,000.
In Polk County (ranked fourth), the raw growth in median home value was $146,743; the raw growth in median income was $19,340; and the raw growth in investment income was $3,000.
Terry Hauer, the Executive Director of the Polk County Economic Development Corporation, said he wasn’t surprised by the results of the study, but also agreed the area has had much working in its favor to benefit the economic development and growth in wealth.
“Polk County, I think is the benefactor of a couple things,” Hauer said. “Number one, and I think all of rural Wisconsin to some degree, has benefited from COVID … from the standpoint that there’s a lot more people to be able to come and work remotely now … many that have gravitated away from the Cities and away from the larger metropolitan areas for a more rural setting, a little bit calmer way of life.”
St. Croix County grows
Melissa Meschke, the St. Croix Economic Development Corporation Executive Director, said the population and business increases in the county have come somewhat organically.
Being located literally minutes from the Minneapolis-St. Paul Metropolitan Area, “The county is projected to continue growing in population, jobs, and business starts. This is multifactored with our high quality of life and access to Twin Cities amenities – without needing to live in a big city,” Meschke said.
She also points to the county’s assets that seem to continue to act as a magnet for Minnesotans.
“I see several assets as it relates to high quality of life that will continue to attract new residents and new wealth to the county. St. Croix County hosts many aspects that make it a great place to live, including, but not limited to nationally-recognized school districts, great outdoor amenities, strength in public services, such as libraries and community events, close proximity to the Twin Cities as well as the I-94 corridor. St. Croix County and the greater St. Croix Valley are family-friendly and encourage young families to move into the area.”
Workplaces adapt
Neil Kline is the Executive Director of Family Friendly Workplaces, a 501 C3 nonprofit based in Woodville.
Family Friendly Workplaces assists businesses in addressing workforce shortages, strengthening families, and certifying employers in their efforts at recruitment and retention of talent.
In addressing the issues surrounding workforce and how it affects growth, Kline also spoke about the aging population and its impact.
“They don’t go negative like Polk County does, but (St. Croix County) is not adding anywhere near the numbers that they were adding back in 2010, for example. I think they – in 2010 – they were adding maybe 500 people a year to the workforce, and now I think it might be somewhere around like 100,” he added.
But despite the population imbalances, the area continues to grow in wealth, a phenomenon that Kline said isn’t that surprising, and has been driven in part by property values.
“I think a lot of the growth in wealth here is attributed to the fact that housing is becoming much more valuable … that is a function of … supply and demand,” he said.
That fact, Kline said, sets Western Wisconsin up to be “uniquely positioned” in comparison to the rest of the state.
“We are so close to the Twin Cities that we get much more of a spillover effect from them than other places in the state do … if you just look at a map, there is no one like us, and you can see that in these numbers. I think that has a big effect on it.”
Benefits and future
So, despite the needs and challenges area counties have encountered, the growth in wealth is due to a number of factors that continue to have a positive effect on area residents.
“There’s no doubt Polk County, and all of Northwestern Wisconsin, has benefited from that extra corridor being a gateway to this area. Economically, that has had a trickle-down effect into Polk County, St. Croix County into Pierce County – Barron County – all of the surrounding counties, really,” Hauer said.
Kline agreed with Hauer’s assessment, while also addressing the wealth study: “The idea that we have all this wealth … in St. Croix and in Polk County – but if the housing and the childcare are not addressed, you know, what good is the wealth? Well, I mean the wealth is still good. I mean, the people who own houses right now are experiencing state-leading wealth increases. That is a good thing. And I don’t look at the increase in wealth and go, ‘oh geez, this is creating a problem.’ I think that that problem existed before the median home values would’ve kind of drawn our attention to it.”
Resources: IRS SOI Tax Statistics, Zillow, Census – American Community Survey
See full article via the Baldwin Bulletin