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Schoolcraft is considered a Small Town with a population of 1,561 and 628 businesses. 3 in 2018 were added to the Schoolcraft Chamber of Commerce business directory which was less than 2017 which had 5.

The economy of Schoolcraft employs 1,085 people and has an unemployment rate of 3.2%. Some of the largest industries in Schoolcraft are Professional Services (68),Builders & Contractors (38), and Restaurants (15).
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