Yellowstone County, Montana: commercial real estate data.
Yellowstone County, Montana had an estimated 171,583 residents on July 1, 2024, up 4.2 percent since the 2020 census base of 164,722, across 2,633 square miles. County output reached $14.02 bn in 2024, 6,060 establishments operate here, and the SBA record carries 295 7(a) approvals worth $156.6 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Yellowstone County
How many people live in Yellowstone County
- Population, American Community Survey 2020-2024168,957
- Households69,897
- Average household size2.42
- Median household income$76,570
- Median age39.0
- Median gross rent$1,131 per month
- Median owner-occupied home value$349,500
- Home value to household income4.6 times
- Annual rent as a share of median income17.7 percent
- Adults 25 and over with a bachelor degree or higher34.1 percent
- Adults 25 and over with a graduate degree10.4 percent
- Adults 25 and over116,767
- Population under 1838,803
- Share under 1823.0 percent
- Population 65 and over30,892
- Share 65 and over18.3 percent
- Working age population, 18 to 6499,262
- Civilian labor force88,987
- Unemployment rate3.4 percent
- Labor force participation, adults 18 and over68.4 percent
- Rank by population among Montana counties1st of 56
- Rank by population among US county-equivalents, Puerto Rico included408th of 3,222
Yellowstone County is the 1st largest of 56 Montana counties by population. A median home costs 4.6 times median household income, which is seriously unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 23.0 percent against 18.3 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Yellowstone County
Is Yellowstone County's population growing?
- Population, July 1, 2024171,583
- Census 2020 base population164,722
- Population change since the 2020 census base4.17 percent
- Population change, 2023 to 2024856
- Births, 20241,844
- Deaths, 20241,669
- Natural change, 2024175
- Net domestic migration, 2024613
- Net international migration, 202461
- Total net migration, 2024674
- Cumulative net domestic migration, 2021 to 20245,830
- Rank by growth among US county-equivalents660th of 3,144
The county has grown 4.17 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.
Yellowstone County
Where are people moving to Yellowstone County from?
- Tax returns filed by households arriving4,370
- People arriving, from those returns7,556
- Tax returns filed by households leaving3,616
- Net household movement754
- Adjusted gross income arriving$299.3 m
- Net adjusted gross income movement$47.9 m
- Average income of an arriving household$68,486
- Average income of a leaving household$69,522
- Largest single originGallatin County (260 households)
- Largest single destinationGallatin County (194 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Gallatin County | 260 | 400 | $14.0 m |
| Missoula County | 116 | 160 | $5.5 m |
| Stillwater County | 113 | 188 | $9.7 m |
| Carbon County | 111 | 192 | $6.4 m |
| Big Horn County | 104 | 225 | $3.7 m |
| Cascade County | 100 | 139 | $4.4 m |
| Maricopa County | 82 | 133 | $4.5 m |
| Lewis and Clark County | 69 | 130 | $5.3 m |
Households arriving report $1,036 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Gallatin 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.
Yellowstone County
What is the Yellowstone County economy?
- County GDP, 2024$14.02 bn
- County GDP, 2023$13.45 bn
- GDP change, 2023 to 20244.2 percent
- GDP change over five years53.3 percent
- Rank by GDP among the Montana areas BEA publishes1st of 56
- Rank by GDP among the US county areas BEA publishes338th of 3,127
- GDP per resident$82,994
Output grew 4.2 percent in the latest year and 53.3 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.
Yellowstone County
Employment by industry in Yellowstone County
- Covered employment, annual average87,348
- Establishments reporting7,794
- Average annual pay$62,688
- Average weekly wage$1,206
- Health care and social assistance, employment15,076
- Health care and social assistance, average annual pay$74,899
- Retail trade, employment10,847
- Retail trade, average annual pay$42,689
- Accommodation and food services, employment10,229
- Accommodation and food services, average annual pay$26,744
- Construction, employment6,226
- Construction, average annual pay$74,299
- Wholesale trade, employment5,560
- Professional, scientific and technical services, employment4,876
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 15,076 | 752 | $74,899 |
| Retail trade | 10,847 | 712 | $42,689 |
| Accommodation and food services | 10,229 | 486 | $26,744 |
| Construction | 6,226 | 946 | $74,299 |
| Wholesale trade | 5,560 | 554 | $85,630 |
| Professional, scientific and technical services | 4,876 | 1,075 | $92,341 |
| Administrative and support and waste management services | 3,994 | 533 | $48,546 |
| Manufacturing | 3,809 | 211 | $92,864 |
Health care and social assistance is the largest private sector at 15,076 jobs, 17.3 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Yellowstone County
How many businesses are in Yellowstone County?
- Establishments, all industries6,060
- Employment at those establishments75,637
- Annual payroll$4.35 bn
- Establishments per 1,000 residents35.9
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.
Yellowstone County
Building permits in Yellowstone County
- Housing units authorized by permit, 20241,473
- Declared construction value permitted$367.9 m
- Single family units authorized850
- Multifamily units authorized623
- Multifamily share of units42.3 percent
- Average declared value per unit$249,750
- Units authorized per 1,000 households21.1
Multifamily is 42.3 percent of units authorized, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Yellowstone County
SBA loans in Yellowstone County (7(a) and 504)
- 7(a) approvals recorded295
- 7(a) gross approval dollars$156.6 m
- Average 7(a) approval$530,915
- Median 7(a) approval$223,000
- 10th percentile approval$25,500
- 90th percentile approval$1,556,000
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)3,109
- Jobs per approval10.5
- Distinct 7(a) lenders active45
- Distinct industries receiving approvals137
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer13.6 percent
- Loans on real estate terms40
- Loans on working capital terms, 120 months or shorter235
- Franchise loans34
- Franchise share of approvals11.5 percent
- Most active lenderThe Yellowstone Bank (69)
- 504 approvals recorded132
- 504 gross approval dollars$118.2 m
- Average 504 approval$895,500
- Median 504 approval$688,500
- Distinct CDCs active6
- 504 jobs per approval12.9
- 504 jobs per million dollars approved14.4
- Most active CDCBig Sky Economic Development Corporation (101)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$274.8 m
The average approval of $530,915 sits well above the median of $223,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 13.6 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.
Yellowstone County
SBA loan default and charge-off rates in Yellowstone County
Do SBA loans in Yellowstone County get paid back?
- Loans with a final outcome recorded90
- Paid in full86
- Charged off4
- Charge-off rate on resolved loans4.4 percent
- Status: Paid in full86
- Status: Exempt from disclosure160
- Status: Charged off4
- Status: Cancelled40
- Status: Committed, not yet disbursed5
Of the 90 loans that have reached a final outcome, 4.4 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.
Yellowstone County
SBA lending by place in Yellowstone County
- Borrower cities with recorded lending8
- Billings, approvals269
- Laurel, approvals14
- Huntley, approvals4
- Worden, approvals3
- Whitefish, approvals2
- Shepherd, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Billings | 269 | $145,955,000 |
| Laurel | 14 | $5,728,600 |
| Huntley | 4 | $758,800 |
| Worden | 3 | $427,500 |
| Whitefish | 2 | $2,875,000 |
| Shepherd | 1 | $500,000 |
| Molt | 1 | $300,000 |
| Broadview | 1 | $75,000 |
Billings accounts for 269 approvals against 14 in Laurel. 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.
Yellowstone County
How large is Yellowstone County?
- Land area2,633 sq mi
- Rank by land area among Montana counties23rd of 56
- Width, east to west70 mi
- Height, north to south71.5 mi
- Geographies sharing a boundary7
- Residents per square mile of land64
- Establishments per square mile2.30
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.
Yellowstone County
Flood risk in Yellowstone County
- Participation of the county's own NFIP community Yellowstone County, unincorporated areasParticipating, community 300142
- Community Rating System class of the county's own communityClass 7
- Communities in the county in the NFIP Community Status Book3
- Of those, participating in the NFIP3
- 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 7
- Communities carrying a CRS class1
- Radon levels in Yellowstone 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 Yellowstone County (community 300142), participates in the National Flood Insurance Program and carries Community Rating System class 7, a flood insurance premium discount for policies written there. The EPA places Yellowstone 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. 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. 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 Yellowstone 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 Yellowstone County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-2024168,957
- Households69,897
- Average household size2.42
- Median household income$76,570
- Median age39.0
Common questions
Yellowstone County questions, answered from the record.
How many people live in Yellowstone County, Montana?
The Census Bureau estimates 171,583 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 168,957, in 69,897 households, ranking 1st of 56 Montana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Yellowstone County's population growing?
The population has grown 4.17 percent since the 2020 census base of 164,722, to 171,583 on July 1, 2024. In 2024 there were 1,844 births against 1,669 deaths, with net migration of 674. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Yellowstone County?
$76,570. The median owner-occupied home is valued at $349,500, which is 4.6 times income, and median gross rent is $1,131 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Yellowstone County?
6,060 establishments, employing 75,637 people with an annual payroll of $4.35 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 Yellowstone County?
Health care and social assistance is the largest private sector at 15,076 jobs, 17.3 percent of covered employment. Covered employment averages 87,348 jobs at an average annual pay of $62,688, or $1,206 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Yellowstone County?
295 7(a) approvals totaling $156.6 m since FY2020, across 45 lenders, with a median approval of $223,000, plus 132 504 approvals worth $118.2 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Yellowstone County get paid back?
Of the 90 loans that have reached a final outcome, 86 were paid in full and 4 charged off, a charge-off rate of 4.4 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Yellowstone County?
1,473 housing units were authorized by permit in 2024, with a declared construction value of $367.9 m. Multifamily was 42.3 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Yellowstone 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 Yellowstone County come from?
The largest single origin is Gallatin County, with 260 households. Arriving households report an average income of $68,486 against $69,522 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Yellowstone 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 Yellowstone 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.
Yellowstone County
Cities and places in Yellowstone.
13 Census places lie wholly or partly in Yellowstone County. All 13 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 |
|---|---|---|---|---|
| Billings | city | 119,434 | 269 | Wholly in this county |
| Laurel | city | 7,215 | 14 | Wholly in this county |
| Lockwood | CDP | 7,181 | None recorded | Wholly in this county |
| Huntley | CDP | 455 | 4 | Wholly in this county |
| Worden | CDP | 416 | 3 | Wholly in this county |
| Shepherd | CDP | 353 | 1 | Wholly in this county |
| Ballantine | CDP | 262 | None recorded | Wholly in this county |
| Custer | CDP | 199 | None recorded | Wholly in this county |
| Broadview | town | 175 | 1 | Wholly in this county |
| Acton | CDP | 87 | None recorded | Wholly in this county |
| Nibbe | CDP | 62 | None recorded | Wholly in this county |
| Mountain View Colony | CDP | 55 | None recorded | Wholly in this county |
| Pompeys Pillar | CDP | 27 | None recorded | Wholly in this county |
A further 3 of the county's 295 SBA 7(a) approvals are to borrowers in cities that match no Census place in Yellowstone County, the largest being Whitefish (2), Molt (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