Nicollet County, Minnesota: commercial real estate data.
Nicollet County, Minnesota had an estimated 34,493 residents on July 1, 2024, up 0.1 percent since the 2020 census base of 34,453, across 448 square miles. County output reached $1.98 bn in 2024, 685 establishments operate here, and the SBA record carries 47 7(a) approvals worth $26.8 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Nicollet County
How many people live in Nicollet County
- Population, American Community Survey 2020-202434,411
- Households13,002
- Average household size2.65
- Median household income$79,756
- Median age38.3
- Median gross rent$970 per month
- Median owner-occupied home value$270,300
- Home value to household income3.4 times
- Annual rent as a share of median income14.6 percent
- Adults 25 and over with a bachelor degree or higher36.1 percent
- Adults 25 and over with a graduate degree12.0 percent
- Adults 25 and over22,327
- Population under 187,382
- Share under 1821.5 percent
- Population 65 and over6,043
- Share 65 and over17.6 percent
- Working age population, 18 to 6420,986
- Civilian labor force19,024
- Unemployment rate2.2 percent
- Labor force participation, adults 18 and over70.4 percent
- Rank by population among Minnesota counties32nd of 87
- Rank by population among US county-equivalents, Puerto Rico included1355th of 3,222
Nicollet County is the 32nd largest of 87 Minnesota counties by population. A median home costs 3.4 times median household income, which is moderately unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 21.5 percent against 17.6 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Nicollet County
Is Nicollet County's population growing?
- Population, July 1, 202434,493
- Census 2020 base population34,453
- Population change since the 2020 census base0.12 percent
- Population change, 2023 to 2024173
- Births, 2024294
- Deaths, 2024281
- Natural change, 202413
- Net domestic migration, 202421
- Net international migration, 2024141
- Total net migration, 2024162
- Cumulative net domestic migration, 2021 to 2024-458
- Rank by growth among US county-equivalents1784th of 3,144
The county has grown 0.12 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.
Nicollet County
Where are people moving to Nicollet County from?
- Tax returns filed by households arriving1,190
- People arriving, from those returns2,031
- Tax returns filed by households leaving1,235
- Net household movement-45
- Adjusted gross income arriving$67.5 m
- Net adjusted gross income movement$-21.9 m
- Average income of an arriving household$56,684
- Average income of a leaving household$72,380
- Largest single originBlue Earth County (468 households)
- Largest single destinationBlue Earth County (386 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Blue Earth County | 468 | 783 | $26.2 m |
| Le Sueur County | 88 | 154 | $4.4 m |
| Hennepin County | 63 | 101 | $4.3 m |
| Brown County | 58 | 108 | $3.1 m |
| Scott County | 33 | 56 | $1.6 m |
| Sibley County | 28 | 55 | $2.0 m |
| Dakota County | 22 | 31 | $835,000 |
| Ramsey County | 22 | 30 | $1.1 m |
Households arriving report $15,696 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Blue Earth 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.
Nicollet County
What is the Nicollet County economy?
- County GDP, 2024$1.98 bn
- County GDP, 2023$1.91 bn
- GDP change, 2023 to 20243.7 percent
- GDP change over five years28.4 percent
- Rank by GDP among the Minnesota areas BEA publishes33rd of 87
- Rank by GDP among the US county areas BEA publishes1291st of 3,127
- GDP per resident$57,618
Output grew 3.7 percent in the latest year and 28.4 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.
Nicollet County
Employment by industry in Nicollet County
- Covered employment, annual average14,609
- Establishments reporting849
- Average annual pay$56,235
- Average weekly wage$1,081
- Manufacturing, employment3,228
- Manufacturing, average annual pay$59,347
- Retail trade, employment1,232
- Retail trade, average annual pay$36,188
- Accommodation and food services, employment911
- Accommodation and food services, average annual pay$18,409
- Other services, except public administration, employment397
- Other services, except public administration, average annual pay$46,292
- Construction, employment349
- Information, employment341
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Manufacturing | 3,228 | 58 | $59,347 |
| Retail trade | 1,232 | 73 | $36,188 |
| Accommodation and food services | 911 | 60 | $18,409 |
| Other services, except public administration | 397 | 66 | $46,292 |
| Construction | 349 | 86 | $63,950 |
| Information | 341 | 13 | $94,167 |
| Finance and insurance | 248 | 39 | $77,564 |
| Agriculture, forestry, fishing and hunting | 238 | 36 | $49,450 |
Manufacturing is the largest private sector at 3,228 jobs, 22.1 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Nicollet County
How many businesses are in Nicollet County?
- Establishments, all industries685
- Employment at those establishments13,540
- Annual payroll$735.4 m
- Establishments per 1,000 residents19.9
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.
Nicollet County
Building permits in Nicollet County
- Housing units authorized by permit, 2024106
- Declared construction value permitted$23.2 m
- Single family units authorized42
- Multifamily units authorized64
- Multifamily share of units60.4 percent
- Average declared value per unit$219,206
- Units authorized per 1,000 households8.2
Multifamily is 60.4 percent of units authorized, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Nicollet County
SBA loans in Nicollet County (7(a) and 504)
- 7(a) approvals recorded47
- 7(a) gross approval dollars$26.8 m
- Average 7(a) approval$571,202
- Median 7(a) approval$175,000
- 10th percentile approval$50,000
- 90th percentile approval$1,516,000
- Largest single approval$3,588,600
- Jobs reported supported, 7(a)514
- Jobs per approval10.9
- Distinct 7(a) lenders active19
- Distinct industries receiving approvals32
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer6.4 percent
- Loans on real estate terms3
- Loans on working capital terms, 120 months or shorter38
- Franchise loans2
- Franchise share of approvals4.3 percent
- Most active lenderProGrowth Bank (9)
- 504 approvals recorded28
- 504 gross approval dollars$24.9 m
- Average 504 approval$888,929
- Median 504 approval$565,500
- Distinct CDCs active6
- 504 jobs per approval11.5
- 504 jobs per million dollars approved13.0
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$51.7 m
The average approval of $571,202 sits well above the median of $175,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 6.4 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.
Nicollet County
SBA loan default and charge-off rates in Nicollet County
Do SBA loans in Nicollet County get paid back?
- Loans with a final outcome recorded10
- Paid in full10
- Charged off0
- Status: Paid in full10
- Status: Cancelled4
- Status: Exempt from disclosure30
- Status: Committed, not yet disbursed3
Only 10 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.
Nicollet County
SBA lending by place in Nicollet County
- Borrower cities with recorded lending7
- North Mankato, approvals21
- St. Peter, approvals10
- Nicollet, approvals6
- Lafayette, approvals4
- Courtland, approvals4
- Mankato, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| North Mankato | 21 | $5,401,300 |
| St. Peter | 10 | $7,521,100 |
| Nicollet | 6 | $958,400 |
| Lafayette | 4 | $6,794,600 |
| Courtland | 4 | $4,568,100 |
| Mankato | 1 | $1,453,000 |
| New Ulm | 1 | $150,000 |
North Mankato accounts for 21 approvals against 10 in St. Peter. 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.
Nicollet County
How large is Nicollet County?
- Land area448 sq mi
- Rank by land area among Minnesota counties73rd of 87
- Width, east to west42.1 mi
- Height, north to south20.9 mi
- Geographies sharing a boundary5
- Residents per square mile of land77
- Establishments per square mile1.53
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.
Nicollet County
Flood risk in Nicollet County
- Participation of the county's own NFIP community Nicollet County, unincorporated areasParticipating, community 270625
- Communities in the county in the NFIP Community Status Book6
- Of those, participating in the NFIP5
- NFIP participation rate83.3 percent
- Communities carrying a CRS class0
- Radon levels in Nicollet 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 Nicollet County (community 270625), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Nicollet 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. 83.3 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 Nicollet 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 Nicollet County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202434,411
- Households13,002
- Average household size2.65
- Median household income$79,756
- Median age38.3
Common questions
Nicollet County questions, answered from the record.
How many people live in Nicollet County, Minnesota?
The Census Bureau estimates 34,493 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 34,411, in 13,002 households, ranking 32nd of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Nicollet County's population growing?
The population has grown 0.12 percent since the 2020 census base of 34,453, to 34,493 on July 1, 2024. In 2024 there were 294 births against 281 deaths, with net migration of 162. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Nicollet County?
$79,756. The median owner-occupied home is valued at $270,300, which is 3.4 times income, and median gross rent is $970 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Nicollet County?
685 establishments, employing 13,540 people with an annual payroll of $735.4 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 Nicollet County?
Manufacturing is the largest private sector at 3,228 jobs, 22.1 percent of covered employment. Covered employment averages 14,609 jobs at an average annual pay of $56,235, or $1,081 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Nicollet County?
47 7(a) approvals totaling $26.8 m since FY2020, across 19 lenders, with a median approval of $175,000, plus 28 504 approvals worth $24.9 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Nicollet County?
106 housing units were authorized by permit in 2024, with a declared construction value of $23.2 m. Multifamily was 60.4 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Nicollet 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 Nicollet County come from?
The largest single origin is Blue Earth County, with 468 households. Arriving households report an average income of $56,684 against $72,380 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Nicollet 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 Nicollet 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.
Nicollet County
Cities and places in Nicollet.
5 Census places lie wholly or partly in Nicollet County. All 5 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 |
|---|---|---|---|---|
| North Mankato | city | 14,211 | 21 | Wholly in this county |
| St. Peter | city | 12,185 | 10 | Wholly in this county |
| Nicollet | city | 957 | 6 | Wholly in this county |
| Courtland | city | 770 | 4 | Wholly in this county |
| Lafayette | city | 484 | 4 | Wholly in this county |
A further 2 of the county's 47 SBA 7(a) approvals are to borrowers in cities that match no Census place in Nicollet County, the largest being Mankato (1), New Ulm (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