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Other large employers include Northern Food King IGA(34 employees),Lakes State Bank(31 4:144 employees),Echo Publishing and Printing(29 employees),Landecker and Associates(22 employees), United Building Center(18 employees)and the City of Pequot Lakes(14 employees). Combined,these local businesses employ over 800 people—far more workers than the City of Pequot Lakes population currently provide. As a neighborhood center,the Pequot Lakes economy is impacted by a number of factors beyond its ability I to control or influence. Those include: The Rise of Brainerd/Baxter as a Regional Trade Center Just ten years ago,a trip from Pequot Lakes to the nearest regional center meant a three-hour round N �u trip drive to St.Cloud. The explosive growth of the Brainerd/Baxter regional center,particularly the 7 consumer and industrial growth along to the Highway 371 corridor,now presents convenient alternatives for many service and consumer needs. Forces of agglomeration should continue to '^ grow this center,and that will impact the viability of competing businesses within driving distance, ... including those in Pequot Lakes. d, from Agriculture to Retail and Service ` Shifts in Employment g 4 Between 1990 and 1998,manufacturing employment grew by 24 percent in Minnesota's rural areas t'7' .,e5 compared to only 3 percent growth in the seven-county metropolitan area. During the same period of time,the finance,insurance and real estate sector(25%growth)and the service sector(30% growth)in rural areas both outpaced the Twin Cities growth in those sectors'. In general,changes in technology and education levels have shifted rural economies,including that of Pequot Lakes,into ` °x manufacturing and services and away from traditional agriculture and forest product industries. 3 , Future growth should continue these trends. k • Demands of Modern Business . { The modern business requires basic 21"century business amenities for successful,sustained 'Ak is economic growth. These include a skilled labor force,venture capital,proximity to a post- secondary learning center,and high-speed internet access;. The advantage that rural communities 't, once had in low labor and land costs and access to raw materials are becoming less of a SY competitive edge,especially given advances in transportation and telecommunications infrastructure. The Pequot Lakes area can fill some of these modern needs,but others will remain beyond its reach for some time into the future. Aging and Shifting Demographics The most significant demographic force shaping Pequot Lakes and the entire Central Lakes Region is the aging of the baby-boom generation and the increased number of retirees moving to the state's z, recreationally rich areas. The median age in Pequot Lakes is 38.6,compared to 35.4 statewide4. This disparity will continue to widen in the coming years and will impact the area labor force if the rise in retirees is combined with the flight of young workers to urban centers. As a demographic subset,baby-boomers are the most affluent retirees in history. This will have implications on the availability of venture capital as well as demand for consumer goods and services.Additionally,the 2003 baby boomer generation can provide mentorship on entrepeneurship in a rural economy to younger generations. 33 Pequot Lakes Vision 2025