Spencer County, Indiana: commercial real estate data.
Spencer County, Indiana had an estimated 20,192 residents on July 1, 2024, up 1.9 percent since the 2020 census base of 19,811, across 397 square miles. County output reached $1.30 bn in 2024, 423 establishments operate here, and the SBA record carries 6 7(a) approvals worth $4.9 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Spencer County
How many people live in Spencer County
- Population, American Community Survey 2020-202419,955
- Households8,078
- Average household size2.47
- Median household income$74,506
- Median age44.4
- Median gross rent$751 per month
- Median owner-occupied home value$185,200
- Home value to household income2.5 times
- Annual rent as a share of median income12.1 percent
- Adults 25 and over with a bachelor degree or higher22.0 percent
- Adults 25 and over with a graduate degree8.3 percent
- Adults 25 and over14,262
- Population under 184,313
- Share under 1821.6 percent
- Population 65 and over4,116
- Share 65 and over20.6 percent
- Working age population, 18 to 6411,526
- Civilian labor force10,167
- Unemployment rate3.3 percent
- Labor force participation, adults 18 and over65.0 percent
- Rank by population among Indiana counties73rd of 92
- Rank by population among US county-equivalents, Puerto Rico included1881st of 3,222
Spencer County is the 73rd largest of 92 Indiana counties by population. A median home costs 2.5 times median household income, which is affordable by national standards. Residents under 18 outnumber those 65 and over, at 21.6 percent against 20.6 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Spencer County
Is Spencer County's population growing?
- Population, July 1, 202420,192
- Census 2020 base population19,811
- Population change since the 2020 census base1.92 percent
- Population change, 2023 to 2024174
- Births, 2024189
- Deaths, 2024237
- Natural change, 2024-48
- Net domestic migration, 2024206
- Net international migration, 202419
- Total net migration, 2024225
- Cumulative net domestic migration, 2021 to 2024474
- Rank by growth among US county-equivalents1186th of 3,144
The county has grown 1.92 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Spencer County
Where are people moving to Spencer County from?
- Tax returns filed by households arriving476
- People arriving, from those returns866
- Tax returns filed by households leaving420
- Net household movement56
- Adjusted gross income arriving$24.5 m
- Net adjusted gross income movement$4.8 m
- Average income of an arriving household$51,441
- Average income of a leaving household$46,757
- Largest single originDubois County (81 households)
- Largest single destinationWarrick County (70 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Dubois County | 81 | 133 | $3.4 m |
| Warrick County | 76 | 143 | $4.7 m |
| Perry County | 66 | 127 | $3.6 m |
| Vanderburgh County | 56 | 99 | $2.6 m |
| Daviess County | 41 | 83 | $1.7 m |
Households arriving report $4,684 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 Dubois 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.
Spencer County
What is the Spencer County economy?
- County GDP, 2024$1.30 bn
- County GDP, 2023$1.16 bn
- GDP change, 2023 to 202412.1 percent
- GDP change over five years39.7 percent
- Rank by GDP among the Indiana areas BEA publishes60th of 92
- Rank by GDP among the US county areas BEA publishes1632nd of 3,127
- GDP per resident$65,028
Output grew 12.1 percent in the latest year and 39.7 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.
Spencer County
Employment by industry in Spencer County
- Covered employment, annual average6,990
- Establishments reporting502
- Average annual pay$48,388
- Average weekly wage$931
- Manufacturing, employment1,267
- Manufacturing, average annual pay$73,302
- Retail trade, employment467
- Retail trade, average annual pay$27,836
- Construction, employment449
- Construction, average annual pay$54,900
- Wholesale trade, employment328
- Wholesale trade, average annual pay$49,989
- Transportation and warehousing, employment280
- Other services, except public administration, employment280
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Manufacturing | 1,267 | 22 | $73,302 |
| Retail trade | 467 | 60 | $27,836 |
| Construction | 449 | 56 | $54,900 |
| Wholesale trade | 328 | 32 | $49,989 |
| Transportation and warehousing | 280 | 29 | $56,867 |
| Other services, except public administration | 280 | 31 | $67,068 |
| Utilities | 183 | 9 | $120,363 |
| Administrative and support and waste management services | 183 | 19 | $42,275 |
Manufacturing is the largest private sector at 1,267 jobs, 18.1 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Spencer County
How many businesses are in Spencer County?
- Establishments, all industries423
- Employment at those establishments5,132
- Annual payroll$279.6 m
- Establishments per 1,000 residents21.2
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.
Spencer County
Building permits in Spencer County
- Housing units authorized by permit, 202467
- Declared construction value permitted$18.4 m
- Single family units authorized67
- Multifamily units authorized0
- Multifamily share of units0.0 percent
- Average declared value per unit$274,047
- Units authorized per 1,000 households8.3
Single-family homes are 100.0 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Spencer County
SBA loans in Spencer County (7(a) and 504)
- 7(a) approvals recorded6
- 7(a) gross approval dollars$4.9 m
- Average 7(a) approval$819,933
- Median 7(a) approval$484,000
- Largest single approval$2,393,600
- Jobs reported supported, 7(a)51
- Jobs per approval8.5
- Distinct 7(a) lenders active6
- Distinct industries receiving approvals6
- Median 7(a) term162 months
- Share of loans on real estate terms, 240 months or longer33.3 percent
- Loans on real estate terms2
- Loans on working capital terms, 120 months or shorter3
- Franchise loans1
- Franchise share of approvals16.7 percent
- 504 approvals recorded2
- 504 gross approval dollars$5.1 m
- Average 504 approval$2,553,500
- Median 504 approval$2,553,500
- Distinct CDCs active1
- 504 jobs per approval32.0
- 504 jobs per million dollars approved12.5
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$10.0 m
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.
Spencer County
SBA loan default and charge-off rates in Spencer County
Do SBA loans in Spencer County get paid back?
- Loans with a final outcome recorded2
- Paid in full2
- Charged off0
- Status: Exempt from disclosure4
- Status: Paid in full2
Only 2 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.
Spencer County
SBA lending by place in Spencer County
- Borrower cities with recorded lending4
- Santa Claus, approvals3
- Rockport, approvals1
- Dale, approvals1
- Lamar, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Santa Claus | 3 | $1,068,000 |
| Rockport | 1 | $2,393,600 |
| Dale | 1 | $1,108,000 |
| Lamar | 1 | $350,000 |
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Spencer County
How large is Spencer County?
- Land area397 sq mi
- Rank by land area among Indiana counties46th of 92
- Width, east to west27.1 mi
- Height, north to south29.2 mi
- Geographies sharing a boundary5
- Residents per square mile of land50
- Establishments per square mile1.07
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.
Spencer County
Flood risk in Spencer County
- Participation of the county's own NFIP community Spencer County, unincorporated areasParticipating, community 180237
- Communities in the county in the NFIP Community Status Book7
- Of those, participating in the NFIP4
- NFIP participation rate57.1 percent
- Communities carrying a CRS class0
- Radon levels in Spencer County, EPA zone predicted average indoor radon screening level from 2 to 4 pCi/LZone 2
The county's own community in the status book, unincorporated Spencer County (community 180237), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Spencer County in radon zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 57.1 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 Spencer 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 Spencer County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202419,955
- Households8,078
- Average household size2.47
- Median household income$74,506
- Median age44.4
Common questions
Spencer County questions, answered from the record.
How many people live in Spencer County, Indiana?
The Census Bureau estimates 20,192 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 19,955, in 8,078 households, ranking 73rd of 92 Indiana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Spencer County's population growing?
The population has grown 1.92 percent since the 2020 census base of 19,811, to 20,192 on July 1, 2024. In 2024 there were 189 births against 237 deaths, with net migration of 225. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Spencer County?
$74,506. The median owner-occupied home is valued at $185,200, which is 2.5 times income, and median gross rent is $751 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Spencer County?
423 establishments, employing 5,132 people with an annual payroll of $279.6 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 Spencer County?
Manufacturing is the largest private sector at 1,267 jobs, 18.1 percent of covered employment. Covered employment averages 6,990 jobs at an average annual pay of $48,388, or $931 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Spencer County?
6 7(a) approvals totaling $4.9 m since FY2020, across 6 lenders, with a median approval of $484,000, plus 2 504 approvals worth $5.1 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Spencer County?
67 housing units were authorized by permit in 2024, with a declared construction value of $18.4 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Spencer County?
Zone 2, a predicted average indoor radon screening level from 2 to 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 Spencer County come from?
The largest single origin is Dubois County, with 81 households. Arriving households report an average income of $51,441 against $46,757 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Spencer 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 Spencer 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.
Spencer County
Cities and places in Spencer.
12 Census places lie wholly or partly in Spencer County. All 12 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 |
|---|---|---|---|---|
| Santa Claus | town | 2,793 | 3 | Wholly in this county |
| Rockport | city | 1,958 | 1 | Wholly in this county |
| Dale | town | 1,542 | 1 | Wholly in this county |
| Grandview | town | 757 | None recorded | Wholly in this county |
| St. Meinrad | CDP | 646 | None recorded | Wholly in this county |
| Richland | town | 588 | None recorded | Wholly in this county |
| Hatfield | CDP | 497 | None recorded | Wholly in this county |
| Reo | CDP | 465 | None recorded | Wholly in this county |
| Chrisney | town | 442 | None recorded | Wholly in this county |
| Gentryville | town | 303 | None recorded | Wholly in this county |
| Newtonville | CDP | 151 | None recorded | Wholly in this county |
| Mariah Hill | CDP | 100 | None recorded | Wholly in this county |
A further 1 of the county's 6 SBA 7(a) approvals are to borrowers in cities that match no Census place in Spencer County, the largest being Lamar (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