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Elk River is considered a Large Town with a population of 24,506 and 3,488 businesses. 24 in 2018 were added to the Elk River Chamber of Commerce business directory which was less than 2017 which had 25.

The economy of Elk River employs 17,840 people and has an unemployment rate of 4.5%. Some of the largest industries in Elk River are Professional Services (426),Builders & Contractors (143), and Personal Services & Consultants (91).
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