BENCO Electric Cooperative

Blue Earth-Nicollet Cooperative Electric Association (BENCO) was founded on May 11, 1936. The first recorded meeting took place on June 12, 1937, at Mankato City Hall. The first pole on the BENCO system was set on June 27, 1938, in Traverse Township, Nicollet County. The line was energized on September 16, 1938. Faribault County Cooperative Electric Association was founded in 1936.

These two cooperatives consolidated into Blue Earth-Nicollet-Faribault Cooperative Electric Association (Frost-BENCO Electric) on January 1, 1980. Wells Electric Cooperative was founded in July 1935. Frost-BENCO and Wells Electric cooperative merged in January 1, 1988 and become Frost-BENCO-Wells Electric. In 1998, Frost-BENCO-Wells Electric became a Touchstone Energy® partner and began doing business as BENCO Electric.

Population

Total Population

120,736

Population
Growth Rate

0.24%

Median Age

36

Diversity Index

35.300

Source: ESRI, 2024-09-25

Housing & Income

Households

47,440

Total Housing Units

51,328


Owner Occupied

31,197

Renter Occupied

16,243

Vacant

3,888

Median Home Value

$291,564


Average Home Value

$332,339

Income
Growth Rate

Median
Household Income

0.00%


Per Capita Income

2.80%

Income Projection

Median Household

$73,976 $82,972


Average Household

$94,876 $108,345


Per Capita

$37,584 $43,150

Source: ESRI, 2024-09-25

Workforce

Total Businesses

5,135

Total Employed

71,979

Workers 16+

63,413

2024 HealthCare / Social Assistance

cp-industries

Businesses

532

Employed

11,360

2024 Manufacturing Businesses

cp-industries

Businesses

204

Employed

9,479

2024 Retail Trade Businesses

cp-industries

Businesses

623

Employed

9,473

2024 Educational Services - Businesses

cp-industries

Businesses

152

Employed

8,923

2024 Accommodation / Food Service

cp-industries

Businesses

309

Employed

5,565

2024 Other Service excl Pub Admin

cp-industries

Businesses

738

Employed

4,661

Some
High School

2,361

Graduated
High School

17,842

Associates
Degree

11,628

Bachelor's
Degree

17,520

Graduate
Degree

8,812

Average Commute Time

0 min.



Resident Commuters

42,877

Non-Resident Commuters

20,202

Drive Alone

48,367

Carpooled

5,010

Public

700

Work At Home

6,094

Source: ESRI, 2024-09-25