Carver County, Minnesota: commercial real estate data.
Carver County, Minnesota had an estimated 112,628 residents on July 1, 2024, up 5.3 percent since the 2020 census base of 106,924, across 354 square miles. County output reached $7.61 bn in 2024, 2,714 establishments operate here, and the SBA record carries 208 7(a) approvals worth $94.1 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Carver County
How many people live in Carver County
- Population, American Community Survey 2020-2024110,041
- Households41,175
- Average household size2.67
- Median household income$125,946
- Median age39.0
- Median gross rent$1,514 per month
- Median owner-occupied home value$453,600
- Home value to household income3.6 times
- Annual rent as a share of median income14.4 percent
- Adults 25 and over with a bachelor degree or higher50.4 percent
- Adults 25 and over with a graduate degree16.9 percent
- Adults 25 and over73,557
- Population under 1827,759
- Share under 1825.2 percent
- Population 65 and over16,007
- Share 65 and over14.5 percent
- Working age population, 18 to 6466,275
- Civilian labor force62,717
- Unemployment rate3.1 percent
- Labor force participation, adults 18 and over76.2 percent
- Rank by population among Minnesota counties11th of 87
- Rank by population among US county-equivalents, Puerto Rico included573rd of 3,222
Carver County is the 11th largest of 87 Minnesota counties by population. A median home costs 3.6 times median household income, which is moderately unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 25.2 percent against 14.5 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Carver County
Is Carver County's population growing?
- Population, July 1, 2024112,628
- Census 2020 base population106,924
- Population change since the 2020 census base5.33 percent
- Population change, 2023 to 20241,448
- Births, 20241,181
- Deaths, 2024692
- Natural change, 2024489
- Net domestic migration, 2024638
- Net international migration, 2024319
- Total net migration, 2024957
- Cumulative net domestic migration, 2021 to 20242,459
- Rank by growth among US county-equivalents488th of 3,144
The county has grown 5.33 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.
Carver County
Where are people moving to Carver County from?
- Tax returns filed by households arriving3,669
- People arriving, from those returns6,710
- Tax returns filed by households leaving3,299
- Net household movement370
- Adjusted gross income arriving$404.6 m
- Net adjusted gross income movement$19.9 m
- Average income of an arriving household$110,281
- Average income of a leaving household$116,622
- Largest single originHennepin County (1,656 households)
- Largest single destinationHennepin County (1,076 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Hennepin County | 1,656 | 3,136 | $216.3 m |
| Scott County | 299 | 538 | $25.3 m |
| Dakota County | 168 | 290 | $14.8 m |
| McLeod County | 112 | 179 | $7.1 m |
| Ramsey County | 106 | 197 | $7.8 m |
| Wright County | 92 | 179 | $6.6 m |
| Anoka County | 56 | 105 | $4.3 m |
| Maricopa County | 38 | 63 | $4.3 m |
Households arriving report $6,341 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Hennepin 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.
Carver County
What is the Carver County economy?
- County GDP, 2024$7.61 bn
- County GDP, 2023$7.20 bn
- GDP change, 2023 to 20245.7 percent
- GDP change over five years37.8 percent
- Rank by GDP among the Minnesota areas BEA publishes10th of 87
- Rank by GDP among the US county areas BEA publishes550th of 3,127
- GDP per resident$69,189
Output grew 5.7 percent in the latest year and 37.8 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.
Carver County
Employment by industry in Carver County
- Covered employment, annual average40,848
- Establishments reporting2,874
- Average annual pay$67,445
- Average weekly wage$1,297
- Manufacturing, employment8,474
- Manufacturing, average annual pay$89,204
- Health care and social assistance, employment6,691
- Health care and social assistance, average annual pay$67,079
- Retail trade, employment4,296
- Retail trade, average annual pay$32,816
- Accommodation and food services, employment3,388
- Accommodation and food services, average annual pay$22,145
- Construction, employment2,586
- Wholesale trade, employment1,788
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Manufacturing | 8,474 | 157 | $89,204 |
| Health care and social assistance | 6,691 | 369 | $67,079 |
| Retail trade | 4,296 | 237 | $32,816 |
| Accommodation and food services | 3,388 | 188 | $22,145 |
| Construction | 2,586 | 344 | $86,878 |
| Wholesale trade | 1,788 | 178 | $100,920 |
| Arts, entertainment and recreation | 1,330 | 62 | $37,245 |
| Educational services | 1,246 | 45 | $43,736 |
Manufacturing is the largest private sector at 8,474 jobs, 20.7 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Carver County
How many businesses are in Carver County?
- Establishments, all industries2,714
- Employment at those establishments39,280
- Annual payroll$2.47 bn
- Establishments per 1,000 residents24.7
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.
Carver County
Building permits in Carver County
- Housing units authorized by permit, 2024744
- Declared construction value permitted$312.0 m
- Single family units authorized662
- Multifamily units authorized82
- Multifamily share of units11.0 percent
- Average declared value per unit$419,308
- Units authorized per 1,000 households18.1
Single-family homes are 89.0 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Carver County
SBA loans in Carver County (7(a) and 504)
- 7(a) approvals recorded208
- 7(a) gross approval dollars$94.1 m
- Average 7(a) approval$452,251
- Median 7(a) approval$200,000
- 10th percentile approval$25,000
- 90th percentile approval$873,690
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)2,410
- Jobs per approval11.6
- Distinct 7(a) lenders active50
- Distinct industries receiving approvals103
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer5.3 percent
- Loans on real estate terms11
- Loans on working capital terms, 120 months or shorter181
- Franchise loans29
- Franchise share of approvals13.9 percent
- Leading industry by approval countLimited-Service Restaurants (12)
- Most active lenderU.S. Bank, National Association (30)
- 504 approvals recorded86
- 504 gross approval dollars$77.2 m
- Average 504 approval$897,326
- Median 504 approval$666,000
- Distinct CDCs active5
- 504 jobs per approval14.7
- 504 jobs per million dollars approved16.4
- Most active CDCTwin Cities-Metro Certified Development Company (42)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$171.2 m
The average approval of $452,251 sits well above the median of $200,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 5.3 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.
Carver County
SBA loan default and charge-off rates in Carver County
Do SBA loans in Carver County get paid back?
- Loans with a final outcome recorded43
- Paid in full41
- Charged off2
- Charge-off rate on resolved loans4.7 percent
- Status: Exempt from disclosure127
- Status: Paid in full41
- Status: Cancelled26
- Status: Charged off2
- Status: Committed, not yet disbursed12
Of the 43 loans that have reached a final outcome, 4.7 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
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.
Carver County
SBA lending by place in Carver County
- Borrower cities with recorded lending14
- Chanhassen, approvals66
- Chaska, approvals53
- Waconia, approvals28
- Victoria, approvals14
- Carver, approvals13
- Norwood Young America, approvals7
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Chanhassen | 66 | $34,663,500 |
| Chaska | 53 | $17,403,200 |
| Waconia | 28 | $13,072,100 |
| Victoria | 14 | $5,234,800 |
| Carver | 13 | $8,238,800 |
| Norwood Young America | 7 | $5,420,400 |
| Watertown | 7 | $650,900 |
| Cologne | 5 | $6,686,600 |
| 6 other borrower cities | 15 | $2,697,900 |
Chanhassen accounts for 66 approvals against 53 in Chaska. 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.
Carver County
How large is Carver County?
- Land area354 sq mi
- Rank by land area among Minnesota counties86th of 87
- Width, east to west24.1 mi
- Height, north to south23.4 mi
- Geographies sharing a boundary5
- Residents per square mile of land311
- Establishments per square mile7.67
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.
Carver County
Flood risk in Carver County
- Participation of the county's own NFIP community Carver County, unincorporated areasParticipating, community 270049
- Communities in the county in the NFIP Community Status Book11
- Of those, participating in the NFIP9
- NFIP participation rate81.8 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 7
- Communities carrying a CRS class1
- Radon levels in Carver 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 Carver County (community 270049), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Carver 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. The best Community Rating System class among the county's communities is 7, which carries a flood insurance premium discount for policies written in that community. 81.8 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 Carver 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 Carver County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-2024110,041
- Households41,175
- Average household size2.67
- Median household income$125,946
- Median age39.0
Common questions
Carver County questions, answered from the record.
How many people live in Carver County, Minnesota?
The Census Bureau estimates 112,628 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 110,041, in 41,175 households, ranking 11th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Carver County's population growing?
The population has grown 5.33 percent since the 2020 census base of 106,924, to 112,628 on July 1, 2024. In 2024 there were 1,181 births against 692 deaths, with net migration of 957. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Carver County?
$125,946. The median owner-occupied home is valued at $453,600, which is 3.6 times income, and median gross rent is $1,514 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Carver County?
2,714 establishments, employing 39,280 people with an annual payroll of $2.47 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Carver County?
Manufacturing is the largest private sector at 8,474 jobs, 20.7 percent of covered employment. Covered employment averages 40,848 jobs at an average annual pay of $67,445, or $1,297 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Carver County?
208 7(a) approvals totaling $94.1 m since FY2020, across 50 lenders, with a median approval of $200,000, plus 86 504 approvals worth $77.2 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Carver County get paid back?
Of the 43 loans that have reached a final outcome, 41 were paid in full and 2 charged off, a charge-off rate of 4.7 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Carver County?
744 housing units were authorized by permit in 2024, with a declared construction value of $312.0 m. Multifamily was 11.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Carver 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 Carver County come from?
The largest single origin is Hennepin County, with 1,656 households. Arriving households report an average income of $110,281 against $116,622 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Carver 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 Carver 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.
Carver County
Cities and places in Carver.
12 Census places lie wholly or partly in Carver 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 |
|---|---|---|---|---|
| Chaska | city | 28,706 | 53 | Wholly in this county |
| Chanhassen | city | 26,006 | 66 | Wholly in this county |
| Waconia | city | 13,434 | 28 | Wholly in this county |
| Victoria | city | 11,295 | 14 | Wholly in this county |
| Carver | city | 6,239 | 13 | Wholly in this county |
| Watertown | city | 4,790 | 7 | Wholly in this county |
| Norwood Young America | city | 3,849 | 7 | Wholly in this county |
| Mayer | city | 2,518 | 5 | Wholly in this county |
| Cologne | city | 2,282 | 5 | Wholly in this county |
| New Germany | city | 595 | None recorded | Wholly in this county |
| Hamburg | city | 547 | None recorded | Wholly in this county |
| Crown College | CDP | 422 | None recorded | Wholly in this county |
A further 10 of the county's 208 SBA 7(a) approvals are to borrowers in cities that match no Census place in Carver County, the largest being Young America (3), Excelsior (3), Shorewood (2). 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