As the Lake of the Ozarks Regional Economic Development Council (LOREDC) assembled economic development plans and initiatives for the region, housing came up frequently as a major economic development factor. To be successful, the area must provide a variety of housing types. While the area has successful attracted a growing population, housing has not exactly followed the same trend. More and more communities are realizing that quality housing is essential to economic diversity, and therefore, the idea for a housing study was developed. The study was designed to be a strategic and frequently used road map to identify and meet current and future housing priorities. The study includes a thorough analysis of all aspects of the region's housing market, along with practical recommendations and tools to help address housing issues and opportunities.
The Lake of the Ozarks region is a rich tapestry of Missouri culture and environmental assets. Overall, the region has experienced strong growth since the 1980s. Strong growth across all the counties, especially Camden County which grew by 120% between 1980 and 2010. Unlike many regions in the Midwest, the population within rural areas has grown over the years and actually remained a higher percentage of the population than those living within incorporated areas. In the 2000s, the strongest growth rates occurred in unincorporated areas northwest of Camdenton with Lake and Highway 5 access, the Village of Four Seasons, and the west side of Lebanon. In contrast to those areas, Eldon, Versailles and the census tract west of Gravois Mills declined in population between 2000 and 2010.
Regional Economic Assessment
A region's economy, including industries, pay and unemployment, all play a role in a household's housing options and ability to construct new housing. All the counties in the region are below the state of Missouri's estimated household income. Based on a 2014 American Community Survey, a fairly high unemployment rate for all four counties is indicated. Keep in mind that seasonal variations affect the employment numbers. The largest industries in the region include manufacturing in Laclede, educational services and healthcare in Camden and Miller, and retail in all the counties, with the largest employer in Morgan County. Industry patterns usually have a direct impact on the education and income levels of a region. All these factors impact the cost of housing and household buying power. Take a look at the full housing study document on our website to see data separated by county.
Stay tuned for next month's blog that will feature an overview of the housing and household assessment, as well as regional trends. To view the complete study, visit: http://loredc.com/pdfs/2016_10-19%20Lake%20of%20the%20Ozarks%20Housing%20Study_Web.pdf.
Lake of the Ozarks - Your Strategy for Business Growth
If you're interested in joining the growing community at the Lake of the Ozarks, the Lake of the Ozarks Regional Economic Development Council can help! We're here to serve as your liaison for Lake of the Ozarks area. Our goal is to make your site search as easy as possible and to provide you with all the information and resources you need to consider our community during your site search. We can also assist you with most aspects of relocating your business to the Lake of the Ozarks and we encourage you to visit our website or call us at 573-569-7420.
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Osage Beach, MO 65065