Clay County, Minnesota: commercial real estate data.
Clay County, Minnesota had an estimated 66,848 residents on July 1, 2024, up 2.3 percent since the 2020 census base of 65,329, across 1,045 square miles. County output reached $2.92 bn in 2024, 1,306 establishments operate here, and the SBA record carries 88 7(a) approvals worth $38.2 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Clay County
How many people live in Clay County
- Population, American Community Survey 2020-202466,059
- Households26,442
- Average household size2.50
- Median household income$81,172
- Median age33.7
- Median gross rent$1,019 per month
- Median owner-occupied home value$265,500
- Home value to household income3.3 times
- Annual rent as a share of median income15.1 percent
- Adults 25 and over with a bachelor degree or higher39.3 percent
- Adults 25 and over with a graduate degree12.5 percent
- Adults 25 and over40,629
- Population under 1816,315
- Share under 1824.7 percent
- Population 65 and over9,248
- Share 65 and over14.0 percent
- Working age population, 18 to 6440,496
- Civilian labor force36,058
- Unemployment rate4.1 percent
- Labor force participation, adults 18 and over72.5 percent
- Rank by population among Minnesota counties16th of 87
- Rank by population among US county-equivalents, Puerto Rico included829th of 3,222
Clay County is the 16th largest of 87 Minnesota counties by population. A median home costs 3.3 times median household income, which is moderately unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 24.7 percent against 14.0 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Clay County
Is Clay County's population growing?
- Population, July 1, 202466,848
- Census 2020 base population65,329
- Population change since the 2020 census base2.33 percent
- Population change, 2023 to 2024423
- Births, 2024375
- Deaths, 2024524
- Natural change, 2024-149
- Net domestic migration, 2024334
- Net international migration, 2024238
- Total net migration, 2024572
- Cumulative net domestic migration, 2021 to 2024446
- Rank by growth among US county-equivalents1062nd of 3,144
The county has grown 2.33 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.
Clay County
Where are people moving to Clay County from?
- Tax returns filed by households arriving1,985
- People arriving, from those returns3,450
- Tax returns filed by households leaving2,195
- Net household movement-210
- Adjusted gross income arriving$98.4 m
- Net adjusted gross income movement$-20.5 m
- Average income of an arriving household$49,583
- Average income of a leaving household$54,179
- Largest single originCass County (837 households)
- Largest single destinationCass County (939 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Cass County | 837 | 1,472 | $40.5 m |
| Becker County | 98 | 162 | $5.4 m |
| Otter Tail County | 90 | 158 | $4.1 m |
| Hennepin County | 53 | 71 | $2.2 m |
| Grand Forks County | 43 | 61 | $1.7 m |
| Norman County | 42 | 67 | $1.6 m |
| Polk County | 26 | 55 | $1.8 m |
| Stearns County | 24 | 42 | $1.3 m |
Households arriving report $4,596 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Cass 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.
Clay County
What is the Clay County economy?
- County GDP, 2024$2.92 bn
- County GDP, 2023$2.82 bn
- GDP change, 2023 to 20243.4 percent
- GDP change over five years32.4 percent
- Rank by GDP among the Minnesota areas BEA publishes21st of 87
- Rank by GDP among the US county areas BEA publishes998th of 3,127
- GDP per resident$44,189
Output grew 3.4 percent in the latest year and 32.4 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.
Clay County
Employment by industry in Clay County
- Covered employment, annual average19,702
- Establishments reporting1,520
- Average annual pay$53,697
- Average weekly wage$1,033
- Health care and social assistance, employment3,511
- Health care and social assistance, average annual pay$46,489
- Retail trade, employment2,429
- Retail trade, average annual pay$36,045
- Accommodation and food services, employment1,701
- Accommodation and food services, average annual pay$20,269
- Manufacturing, employment1,134
- Manufacturing, average annual pay$69,915
- Wholesale trade, employment1,103
- Construction, employment1,077
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 3,511 | 172 | $46,489 |
| Retail trade | 2,429 | 154 | $36,045 |
| Accommodation and food services | 1,701 | 109 | $20,269 |
| Manufacturing | 1,134 | 52 | $69,915 |
| Wholesale trade | 1,103 | 56 | $87,103 |
| Construction | 1,077 | 198 | $69,219 |
| Educational services | 1,046 | 19 | $42,809 |
| Other services, except public administration | 682 | 175 | $42,365 |
Health care and social assistance is the largest private sector at 3,511 jobs, 17.8 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Clay County
How many businesses are in Clay County?
- Establishments, all industries1,306
- Employment at those establishments16,761
- Annual payroll$753.4 m
- Establishments per 1,000 residents19.8
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.
Clay County
Building permits in Clay County
- Housing units authorized by permit, 2024269
- Declared construction value permitted$55.5 m
- Single family units authorized104
- Multifamily units authorized165
- Multifamily share of units61.3 percent
- Average declared value per unit$206,270
- Units authorized per 1,000 households10.2
Multifamily is 61.3 percent of units authorized, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Clay County
SBA loans in Clay County (7(a) and 504)
- 7(a) approvals recorded88
- 7(a) gross approval dollars$38.2 m
- Average 7(a) approval$434,397
- Median 7(a) approval$150,000
- 10th percentile approval$28,500
- 90th percentile approval$981,250
- Largest single approval$4,800,000
- Jobs reported supported, 7(a)921
- Jobs per approval10.5
- Distinct 7(a) lenders active25
- Distinct industries receiving approvals51
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer10.2 percent
- Loans on real estate terms9
- Loans on working capital terms, 120 months or shorter78
- Franchise loans3
- Franchise share of approvals3.4 percent
- Leading industry by approval countOther Personal and Household Goods Repair and Maintenance (5)
- Most active lenderTown and Country CU (9)
- 504 approvals recorded74
- 504 gross approval dollars$47.3 m
- Average 504 approval$638,662
- Median 504 approval$383,000
- Distinct CDCs active4
- 504 jobs per approval8.0
- 504 jobs per million dollars approved12.6
- Most active CDCDakota Business Lending (36)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$85.5 m
The average approval of $434,397 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 10.2 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.
Clay County
SBA loan default and charge-off rates in Clay County
Do SBA loans in Clay County get paid back?
- Loans with a final outcome recorded37
- Paid in full37
- Charged off0
- Charge-off rate on resolved loans0.0 percent
- Status: Paid in full37
- Status: Cancelled5
- Status: Exempt from disclosure45
- Status: Committed, not yet disbursed1
Of the 37 loans that have reached a final outcome, 0.0 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.
Clay County
SBA lending by place in Clay County
- Borrower cities with recorded lending10
- Moorhead, approvals66
- Hawley, approvals4
- Glyndon, approvals4
- Hitterdal, approvals4
- Dilworth, approvals3
- Ulen, approvals2
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Moorhead | 66 | $30,058,100 |
| Hawley | 4 | $4,728,400 |
| Glyndon | 4 | $1,109,400 |
| Hitterdal | 4 | $216,000 |
| Dilworth | 3 | $868,300 |
| Ulen | 2 | $424,000 |
| Barnesville | 2 | $184,200 |
| Moorehead | 1 | $401,000 |
| 2 other borrower cities | 2 | $237,500 |
Moorhead accounts for 66 approvals against 4 in Hawley. 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.
Clay County
How large is Clay County?
- Land area1,045 sq mi
- Rank by land area among Minnesota counties19th of 87
- Width, east to west31 mi
- Height, north to south36 mi
- Geographies sharing a boundary6
- Residents per square mile of land63
- Establishments per square mile1.25
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.
Clay County
Flood risk in Clay County
- Participation of the county's own NFIP community Clay County, unincorporated areasParticipating, community 275235
- Communities in the county in the NFIP Community Status Book10
- Of those, participating in the NFIP10
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 5
- Communities carrying a CRS class1
- Radon levels in Clay 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 Clay County (community 275235), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Clay 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 5, which carries a flood insurance premium discount for policies written in that community. 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 Clay 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 Clay County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202466,059
- Households26,442
- Average household size2.50
- Median household income$81,172
- Median age33.7
Common questions
Clay County questions, answered from the record.
How many people live in Clay County, Minnesota?
The Census Bureau estimates 66,848 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 66,059, in 26,442 households, ranking 16th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Clay County's population growing?
The population has grown 2.33 percent since the 2020 census base of 65,329, to 66,848 on July 1, 2024. In 2024 there were 375 births against 524 deaths, with net migration of 572. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Clay County?
$81,172. The median owner-occupied home is valued at $265,500, which is 3.3 times income, and median gross rent is $1,019 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Clay County?
1,306 establishments, employing 16,761 people with an annual payroll of $753.4 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 Clay County?
Health care and social assistance is the largest private sector at 3,511 jobs, 17.8 percent of covered employment. Covered employment averages 19,702 jobs at an average annual pay of $53,697, or $1,033 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Clay County?
88 7(a) approvals totaling $38.2 m since FY2020, across 25 lenders, with a median approval of $150,000, plus 74 504 approvals worth $47.3 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Clay County get paid back?
Of the 37 loans that have reached a final outcome, 37 were paid in full and 0 charged off, a charge-off rate of 0.0 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Clay County?
269 housing units were authorized by permit in 2024, with a declared construction value of $55.5 m. Multifamily was 61.3 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Clay 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 Clay County come from?
The largest single origin is Cass County, with 837 households. Arriving households report an average income of $49,583 against $54,179 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Clay 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 Clay 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.
Clay County
Cities and places in Clay.
12 Census places lie wholly or partly in Clay 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 |
|---|---|---|---|---|
| Moorhead | city | 45,036 | 66 | Wholly in this county |
| Dilworth | city | 4,713 | 3 | Wholly in this county |
| Barnesville | city | 2,762 | 2 | Wholly in this county |
| Hawley | city | 2,178 | 4 | Wholly in this county |
| Glyndon | city | 1,098 | 4 | Wholly in this county |
| Sabin | city | 718 | 1 | Wholly in this county |
| Ulen | city | 413 | 2 | Wholly in this county |
| Hitterdal | city | 314 | 4 | Wholly in this county |
| Felton | city | 186 | 1 | Wholly in this county |
| Comstock | city | 100 | None recorded | Wholly in this county |
| Georgetown | city | 72 | None recorded | Wholly in this county |
| Baker | CDP | 52 | None recorded | Wholly in this county |
A further 1 of the county's 88 SBA 7(a) approvals are to borrowers in cities that match no Census place in Clay County, the largest being Moorehead (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.