Shelby County, Indiana: commercial real estate data.
Shelby County, Indiana had an estimated 45,654 residents on July 1, 2024, up 1.3 percent since the 2020 census base of 45,053, across 411 square miles. County output reached $2.85 bn in 2024, 951 establishments operate here, and the SBA record carries 51 7(a) approvals worth $21.5 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Shelby County
How many people live in Shelby County
- Population, American Community Survey 2020-202445,265
- Households18,450
- Average household size2.45
- Median household income$72,190
- Median age41.5
- Median gross rent$987 per month
- Median owner-occupied home value$212,400
- Home value to household income2.9 times
- Annual rent as a share of median income16.4 percent
- Adults 25 and over with a bachelor degree or higher21.9 percent
- Adults 25 and over with a graduate degree7.2 percent
- Adults 25 and over31,748
- Population under 1810,169
- Share under 1822.5 percent
- Population 65 and over8,441
- Share 65 and over18.6 percent
- Working age population, 18 to 6426,655
- Civilian labor force22,957
- Unemployment rate3.6 percent
- Labor force participation, adults 18 and over65.4 percent
- Rank by population among Indiana counties33rd of 92
- Rank by population among US county-equivalents, Puerto Rico included1097th of 3,222
Shelby County is the 33rd largest of 92 Indiana counties by population. A median home costs 2.9 times median household income, which is affordable by national standards. Residents under 18 outnumber those 65 and over, at 22.5 percent against 18.6 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Shelby County
Is Shelby County's population growing?
- Population, July 1, 202445,654
- Census 2020 base population45,053
- Population change since the 2020 census base1.33 percent
- Population change, 2023 to 2024373
- Births, 2024465
- Deaths, 2024442
- Natural change, 202423
- Net domestic migration, 2024229
- Net international migration, 2024124
- Total net migration, 2024353
- Cumulative net domestic migration, 2021 to 2024387
- Rank by growth among US county-equivalents1385th of 3,144
The county has grown 1.33 percent since the 2020 census base. The population grew in 2024 from both sources: births exceeded deaths and more people moved in than left.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Shelby County
Where are people moving to Shelby County from?
- Tax returns filed by households arriving1,294
- People arriving, from those returns2,378
- Tax returns filed by households leaving1,232
- Net household movement62
- Adjusted gross income arriving$68.8 m
- Net adjusted gross income movement$6.7 m
- Average income of an arriving household$53,182
- Average income of a leaving household$50,423
- Largest single originMarion County (312 households)
- Largest single destinationMarion County (250 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Marion County | 312 | 580 | $16.5 m |
| Johnson County | 181 | 338 | $10.1 m |
| Hancock County | 136 | 258 | $8.7 m |
| Decatur County | 78 | 140 | $3.0 m |
| Rush County | 66 | 117 | $3.2 m |
| Bartholomew County | 46 | 77 | $2.9 m |
| Hamilton County | 36 | 62 | $2.8 m |
| Hendricks County | 31 | 44 | $1.4 m |
Households arriving report $2,759 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Marion County, 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.
Shelby County
What is the Shelby County economy?
- County GDP, 2024$2.85 bn
- County GDP, 2023$2.84 bn
- GDP change, 2023 to 20240.1 percent
- GDP change over five years41.8 percent
- Rank by GDP among the Indiana areas BEA publishes33rd of 92
- Rank by GDP among the US county areas BEA publishes1018th of 3,127
- GDP per resident$62,878
Output grew 0.1 percent in the latest year and 41.8 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.
Shelby County
Employment by industry in Shelby County
- Covered employment, annual average18,915
- Establishments reporting1,013
- Average annual pay$56,974
- Average weekly wage$1,096
- Manufacturing, employment4,967
- Manufacturing, average annual pay$74,366
- Health care and social assistance, employment1,625
- Health care and social assistance, average annual pay$58,474
- Retail trade, employment1,482
- Retail trade, average annual pay$33,639
- Transportation and warehousing, employment1,380
- Transportation and warehousing, average annual pay$68,301
- Administrative and support and waste management services, employment1,112
- Construction, employment1,075
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Manufacturing | 4,967 | 72 | $74,366 |
| Health care and social assistance | 1,625 | 94 | $58,474 |
| Retail trade | 1,482 | 126 | $33,639 |
| Transportation and warehousing | 1,380 | 49 | $68,301 |
| Administrative and support and waste management services | 1,112 | 66 | $42,702 |
| Construction | 1,075 | 123 | $69,668 |
| Wholesale trade | 561 | 50 | $66,007 |
| Other services, except public administration | 436 | 74 | $33,410 |
Manufacturing is the largest private sector at 4,967 jobs, 26.3 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Shelby County
How many businesses are in Shelby County?
- Establishments, all industries951
- Employment at those establishments17,044
- Annual payroll$946.9 m
- Establishments per 1,000 residents21.0
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Shelby County
Building permits in Shelby County
- Housing units authorized by permit, 2024284
- Declared construction value permitted$64.0 m
- Single family units authorized135
- Multifamily units authorized149
- Multifamily share of units52.5 percent
- Average declared value per unit$225,309
- Units authorized per 1,000 households15.4
Multifamily is 52.5 percent of units authorized, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Shelby County
SBA loans in Shelby County (7(a) and 504)
- 7(a) approvals recorded51
- 7(a) gross approval dollars$21.5 m
- Average 7(a) approval$421,555
- Median 7(a) approval$150,000
- 10th percentile approval$25,000
- 90th percentile approval$1,150,000
- Largest single approval$3,545,000
- Jobs reported supported, 7(a)243
- Jobs per approval4.8
- Distinct 7(a) lenders active23
- Distinct industries receiving approvals37
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer13.7 percent
- Loans on real estate terms7
- Loans on working capital terms, 120 months or shorter43
- Franchise loans7
- Franchise share of approvals13.7 percent
- Most active lenderThe Huntington National Bank (9)
- 504 approvals recorded8
- 504 gross approval dollars$3.6 m
- Average 504 approval$447,750
- Median 504 approval$355,000
- Distinct CDCs active3
- 504 jobs per approval8.1
- 504 jobs per million dollars approved18.1
- Most active CDCIndiana Statewide Certified Development Corporation (5)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$25.1 m
The average approval of $421,555 sits well above the median of $150,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 13.7 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
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.
Shelby County
SBA loan default and charge-off rates in Shelby County
Do SBA loans in Shelby County get paid back?
- Loans with a final outcome recorded13
- Paid in full10
- Charged off3
- Status: Paid in full10
- Status: Cancelled2
- Status: Charged off3
- Status: Exempt from disclosure36
Only 13 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Shelby County
SBA lending by place in Shelby County
- Borrower cities with recorded lending8
- Shelbyville, approvals29
- Indianapolis, approvals8
- Fairland, approvals6
- Fountaintown, approvals3
- Morristown, approvals2
- Carmel, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Shelbyville | 29 | $13,015,600 |
| Indianapolis | 8 | $586,200 |
| Fairland | 6 | $660,000 |
| Fountaintown | 3 | $1,240,000 |
| Morristown | 2 | $2,302,500 |
| Carmel | 1 | $3,545,000 |
| Edinburgh | 1 | $100,000 |
| Needham | 1 | $50,000 |
Shelbyville accounts for 29 approvals against 8 in Indianapolis. 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.
Shelby County
How large is Shelby County?
- Land area411 sq mi
- Rank by land area among Indiana counties34th of 92
- Width, east to west17.3 mi
- Height, north to south24.2 mi
- Geographies sharing a boundary6
- Residents per square mile of land110
- Establishments per square mile2.31
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.
Shelby County
Flood risk in Shelby County
- Participation of the county's own NFIP community Shelby County, unincorporated areasParticipating, community 180235
- Communities in the county in the NFIP Community Status Book5
- Of those, participating in the NFIP5
- NFIP participation rate100.0 percent
- Communities carrying a CRS class0
- Radon levels in Shelby County, EPA zone predicted average indoor radon screening level greater than 4 pCi/LZone 1
The county's own community in the status book, unincorporated Shelby County (community 180235), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Shelby County in radon zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Shelby 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 Shelby County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202445,265
- Households18,450
- Average household size2.45
- Median household income$72,190
- Median age41.5
Common questions
Shelby County questions, answered from the record.
How many people live in Shelby County, Indiana?
The Census Bureau estimates 45,654 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 45,265, in 18,450 households, ranking 33rd of 92 Indiana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Shelby County's population growing?
The population has grown 1.33 percent since the 2020 census base of 45,053, to 45,654 on July 1, 2024. In 2024 there were 465 births against 442 deaths, with net migration of 353. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Shelby County?
$72,190. The median owner-occupied home is valued at $212,400, which is 2.9 times income, and median gross rent is $987 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Shelby County?
951 establishments, employing 17,044 people with an annual payroll of $946.9 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Shelby County?
Manufacturing is the largest private sector at 4,967 jobs, 26.3 percent of covered employment. Covered employment averages 18,915 jobs at an average annual pay of $56,974, or $1,096 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Shelby County?
51 7(a) approvals totaling $21.5 m since FY2020, across 23 lenders, with a median approval of $150,000, plus 8 504 approvals worth $3.6 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Shelby County?
284 housing units were authorized by permit in 2024, with a declared construction value of $64.0 m. Multifamily was 52.5 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Shelby 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 Shelby County come from?
The largest single origin is Marion County, with 312 households. Arriving households report an average income of $53,182 against $50,423 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Shelby 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 Shelby County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Shelby County
Cities and places in Shelby.
17 Census places lie wholly or partly in Shelby County. All 17 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Shelbyville | city | 20,296 | 29 | Wholly in this county |
| Edinburgh | town | 4,381 | 1 | 18.5 percent here, 53.5 percent Johnson County, 27.9 percent Bartholomew County |
| Morristown | town | 1,134 | 2 | Wholly in this county |
| St. Paul | town | 887 | None recorded | 35.1 percent here, 64.9 percent Decatur County |
| Fairland | town | 660 | 6 | Wholly in this county |
| Pleasant View | CDP | 611 | None recorded | Wholly in this county |
| Waldron | CDP | 606 | None recorded | Wholly in this county |
| Boggstown | CDP | 597 | None recorded | Wholly in this county |
| Marion | CDP | 276 | None recorded | Wholly in this county |
| Carrollton | CDP | 267 | None recorded | 3.6 percent here, 96.4 percent Hancock County |
| Geneva | CDP | 265 | None recorded | Wholly in this county |
| Blue Ridge | CDP | 215 | None recorded | Wholly in this county |
| Gwynneville | CDP | 198 | None recorded | Wholly in this county |
| Flat Rock | CDP | 121 | None recorded | Wholly in this county |
| Fountaintown | CDP | 119 | 3 | Wholly in this county |
| Marietta | CDP | 97 | None recorded | Wholly in this county |
| London | CDP | 30 | None recorded | Wholly in this county |
A further 10 of the county's 51 SBA 7(a) approvals are to borrowers in cities that match no Census place in Shelby County, the largest being Indianapolis (8), Carmel (1), Needham (1). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.
Nearby