Gallatin County, Montana: commercial real estate data.
Gallatin County, Montana had an estimated 126,984 residents on July 1, 2024, up 6.7 percent since the 2020 census base of 118,962, across 2,603 square miles. County output reached $11.88 bn in 2024, 6,828 establishments operate here, and the SBA record carries 238 7(a) approvals worth $139.2 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Gallatin County
How many people live in Gallatin County
- Population, American Community Survey 2020-2024124,074
- Households51,215
- Average household size2.42
- Median household income$93,528
- Median age34.2
- Median gross rent$1,694 per month
- Median owner-occupied home value$667,600
- Home value to household income7.1 times
- Annual rent as a share of median income21.7 percent
- Adults 25 and over with a bachelor degree or higher54.3 percent
- Adults 25 and over with a graduate degree20.3 percent
- Adults 25 and over81,048
- Population under 1823,305
- Share under 1818.8 percent
- Population 65 and over16,865
- Share 65 and over13.6 percent
- Working age population, 18 to 6483,904
- Civilian labor force73,611
- Unemployment rate2.3 percent
- Labor force participation, adults 18 and over73.0 percent
- Rank by population among Montana counties2nd of 56
- Rank by population among US county-equivalents, Puerto Rico included527th of 3,222
Gallatin County is the 2nd largest of 56 Montana counties by population. A median home costs 7.1 times median household income, which is severely unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 18.8 percent against 13.6 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Gallatin County
Is Gallatin County's population growing?
- Population, July 1, 2024126,984
- Census 2020 base population118,962
- Population change since the 2020 census base6.74 percent
- Population change, 2023 to 20241,055
- Births, 20241,141
- Deaths, 2024686
- Natural change, 2024455
- Net domestic migration, 2024440
- Net international migration, 2024148
- Total net migration, 2024588
- Cumulative net domestic migration, 2021 to 20244,897
- Rank by growth among US county-equivalents324th of 3,144
The county has grown 6.74 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.
Gallatin County
Where are people moving to Gallatin County from?
- Tax returns filed by households arriving4,994
- People arriving, from those returns7,352
- Tax returns filed by households leaving4,973
- Net household movement21
- Adjusted gross income arriving$639.7 m
- Net adjusted gross income movement$160.8 m
- Average income of an arriving household$128,102
- Average income of a leaving household$96,301
- Largest single originYellowstone County (194 households)
- Largest single destinationYellowstone County (260 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Yellowstone County | 194 | 254 | $10.5 m |
| King County | 139 | 234 | $32.1 m |
| Missoula County | 122 | 150 | $4.9 m |
| Park County | 115 | 177 | $6.6 m |
| Lewis and Clark County | 110 | 138 | $5.9 m |
| Los Angeles County | 92 | 146 | $11.8 m |
| Maricopa County | 81 | 128 | $6.9 m |
| Cascade County | 81 | 106 | $3.3 m |
Households arriving report $31,801 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 Yellowstone 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.
Gallatin County
What is the Gallatin County economy?
- County GDP, 2024$11.88 bn
- County GDP, 2023$11.01 bn
- GDP change, 2023 to 20247.9 percent
- GDP change over five years66.5 percent
- Rank by GDP among the Montana areas BEA publishes2nd of 56
- Rank by GDP among the US county areas BEA publishes387th of 3,127
- GDP per resident$95,712
Output grew 7.9 percent in the latest year and 66.5 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.
Gallatin County
Employment by industry in Gallatin County
- Covered employment, annual average73,217
- Establishments reporting9,787
- Average annual pay$66,213
- Average weekly wage$1,273
- Accommodation and food services, employment11,546
- Accommodation and food services, average annual pay$40,478
- Retail trade, employment9,402
- Retail trade, average annual pay$46,590
- Construction, employment7,974
- Construction, average annual pay$80,440
- Health care and social assistance, employment7,571
- Health care and social assistance, average annual pay$63,608
- Professional, scientific and technical services, employment5,510
- Manufacturing, employment3,569
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Accommodation and food services | 11,546 | 558 | $40,478 |
| Retail trade | 9,402 | 643 | $46,590 |
| Construction | 7,974 | 1,560 | $80,440 |
| Health care and social assistance | 7,571 | 685 | $63,608 |
| Professional, scientific and technical services | 5,510 | 2,006 | $131,900 |
| Manufacturing | 3,569 | 324 | $68,138 |
| Administrative and support and waste management services | 2,945 | 656 | $59,961 |
| Other services, except public administration | 2,807 | 658 | $52,659 |
Accommodation and food services is the largest private sector at 11,546 jobs, 15.8 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Gallatin County
How many businesses are in Gallatin County?
- Establishments, all industries6,828
- Employment at those establishments59,252
- Annual payroll$3.52 bn
- Establishments per 1,000 residents55.0
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.
Gallatin County
Building permits in Gallatin County
- Housing units authorized by permit, 20241,706
- Declared construction value permitted$430.6 m
- Single family units authorized1,006
- Multifamily units authorized700
- Multifamily share of units41.0 percent
- Average declared value per unit$252,395
- Units authorized per 1,000 households33.3
Multifamily is 41.0 percent of units authorized, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Gallatin County
SBA loans in Gallatin County (7(a) and 504)
- 7(a) approvals recorded238
- 7(a) gross approval dollars$139.2 m
- Average 7(a) approval$585,072
- Median 7(a) approval$212,500
- 10th percentile approval$25,000
- 90th percentile approval$1,518,800
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)2,467
- Jobs per approval10.4
- Distinct 7(a) lenders active53
- Distinct industries receiving approvals119
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer7.1 percent
- Loans on real estate terms17
- Loans on working capital terms, 120 months or shorter208
- Franchise loans21
- Franchise share of approvals8.8 percent
- Leading industry by approval countFull-Service Restaurants (12)
- 504 approvals recorded127
- 504 gross approval dollars$97.1 m
- Average 504 approval$764,291
- Median 504 approval$503,000
- Distinct CDCs active5
- 504 jobs per approval11.6
- 504 jobs per million dollars approved15.2
- Most active CDCBig Sky Economic Development Corporation (55)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$236.3 m
The average approval of $585,072 sits well above the median of $212,500, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 7.1 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.
Gallatin County
SBA loan default and charge-off rates in Gallatin County
Do SBA loans in Gallatin County get paid back?
- Loans with a final outcome recorded62
- Paid in full61
- Charged off1
- Charge-off rate on resolved loans1.6 percent
- Status: Exempt from disclosure137
- Status: Paid in full61
- Status: Cancelled28
- Status: Charged off1
- Status: Committed, not yet disbursed11
Of the 62 loans that have reached a final outcome, 1.6 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.
Gallatin County
SBA lending by place in Gallatin County
- Borrower cities with recorded lending9
- Bozeman, approvals158
- Belgrade, approvals52
- Big Sky, approvals9
- Manhattan, approvals8
- Gallatin Gateway, approvals4
- Three Forks, approvals3
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Bozeman | 158 | $88,333,000 |
| Belgrade | 52 | $27,879,500 |
| Big Sky | 9 | $9,964,000 |
| Manhattan | 8 | $3,514,000 |
| Gallatin Gateway | 4 | $8,338,600 |
| Three Forks | 3 | $104,500 |
| West Yellowstone | 2 | $976,500 |
| Willow Creek | 1 | $95,000 |
| 1 other borrower city | 1 | $42,000 |
Bozeman accounts for 158 approvals against 52 in Belgrade. 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.
Gallatin County
How large is Gallatin County?
- Land area2,603 sq mi
- Rank by land area among Montana counties24th of 56
- Width, east to west49.7 mi
- Height, north to south118.7 mi
- Geographies sharing a boundary8
- Residents per square mile of land48
- Establishments per square mile2.62
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.
Gallatin County
Flood risk in Gallatin County
- Participation of the county's own NFIP community Gallatin County, unincorporated areasParticipating, community 300027
- Community Rating System class of the county's own communityClass 10
- Communities in the county in the NFIP Community Status Book5
- Of those, participating in the NFIP5
- 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 8
- Communities carrying a CRS class3
- Radon levels in Gallatin 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 Gallatin County (community 300027), participates in the National Flood Insurance Program and carries Community Rating System class 10, a flood insurance premium discount for policies written there. The EPA places Gallatin 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 8, 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 Gallatin 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 Gallatin County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-2024124,074
- Households51,215
- Average household size2.42
- Median household income$93,528
- Median age34.2
Common questions
Gallatin County questions, answered from the record.
How many people live in Gallatin County, Montana?
The Census Bureau estimates 126,984 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 124,074, in 51,215 households, ranking 2nd of 56 Montana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Gallatin County's population growing?
The population has grown 6.74 percent since the 2020 census base of 118,962, to 126,984 on July 1, 2024. In 2024 there were 1,141 births against 686 deaths, with net migration of 588. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Gallatin County?
$93,528. The median owner-occupied home is valued at $667,600, which is 7.1 times income, and median gross rent is $1,694 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Gallatin County?
6,828 establishments, employing 59,252 people with an annual payroll of $3.52 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 Gallatin County?
Accommodation and food services is the largest private sector at 11,546 jobs, 15.8 percent of covered employment. Covered employment averages 73,217 jobs at an average annual pay of $66,213, or $1,273 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Gallatin County?
238 7(a) approvals totaling $139.2 m since FY2020, across 53 lenders, with a median approval of $212,500, plus 127 504 approvals worth $97.1 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Gallatin County get paid back?
Of the 62 loans that have reached a final outcome, 61 were paid in full and 1 charged off, a charge-off rate of 1.6 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Gallatin County?
1,706 housing units were authorized by permit in 2024, with a declared construction value of $430.6 m. Multifamily was 41.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Gallatin 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 Gallatin County come from?
The largest single origin is Yellowstone County, with 194 households. Arriving households report an average income of $128,102 against $96,301 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Gallatin 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 Gallatin 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.
Gallatin County
Cities and places in Gallatin.
19 Census places lie wholly or partly in Gallatin County. All 19 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 |
|---|---|---|---|---|
| Bozeman | city | 56,114 | 158 | Wholly in this county |
| Belgrade | city | 11,872 | 52 | Wholly in this county |
| Four Corners | CDP | 5,791 | None recorded | Wholly in this county |
| Big Sky | CDP | 2,445 | 9 | 72.0 percent here, 28.0 percent Madison County |
| Manhattan | town | 2,288 | 8 | Wholly in this county |
| King Arthur Park | CDP | 1,992 | None recorded | Wholly in this county |
| Three Forks | city | 1,919 | 3 | Wholly in this county |
| West Yellowstone | town | 1,474 | 2 | Wholly in this county |
| Churchill | CDP | 1,167 | None recorded | Wholly in this county |
| Ponderosa Pines | CDP | 950 | None recorded | Wholly in this county |
| Gallatin Gateway | CDP | 933 | 4 | Wholly in this county |
| Springhill | CDP | 187 | None recorded | Wholly in this county |
| Sedan | CDP | 182 | None recorded | Wholly in this county |
| Willow Creek | CDP | 181 | 1 | Wholly in this county |
| Amsterdam | CDP | 130 | None recorded | Wholly in this county |
| Gallatin River Ranch | CDP | 127 | None recorded | Wholly in this county |
| Logan | CDP | 111 | None recorded | Wholly in this county |
| Hebgen Lake Estates | CDP | 85 | None recorded | Wholly in this county |
| Bridger | CDP | 73 | None recorded | Wholly in this county |
A further 1 of the county's 238 SBA 7(a) approvals are to borrowers in cities that match no Census place in Gallatin County, the largest being Bozemanbozeman (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.