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■ OVERVIEW ON THE REGIONAL ECONOMY (CONT'D) <br />A comparison tool that is frequently utilized in evaluating the strength of individual segments of a local <br />economy is the Location Quotient. It is calculated as the ratio of each segment of the local economy to <br />the similar segment of the national economy. As noted in the chart below, Crow Wing County has a <br />much larger employment over national average for hospitality, retail, health care and utilities due to its <br />role as a regional center for these segments. Construction was high in the 2005 -2007 period due to the <br />substantial lake home and retail construction activity that has since subsided with the compressing <br />economy. Manufacturing is about at the national average with a potential to expand upward. The lower <br />levels of employment among service sectors at the bottom of the chart are reflective of a more rural <br />community that tends to have lower employment in these segments. <br />Location Quotients for Crow Wing County (vs. National Average) <br />Hospitality <br />Retail <br />Health Care /Social Serv. <br />Construction <br />Uilities <br />Information <br />Manufacturing <br />Finance & Insurance <br />Arts /Entertain/Recreation <br />Admin /Support Serv. <br />Education Serv. <br />Prof /Scientific/Tech Services <br />Real Estate <br />Transportation/Ware. <br />Wholesale <br />Mgmt. of Companies <br />0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 <br />Source: U.S. Department of Labor <br />Brainerd Lakes Area Development Corporation ■ SWOT Analysis and Action Plan 6 <br />"\ <br />