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Lakefield is considered a Small Town with a population of 1,626 and 379 businesses. 1 in 2018 were added to the Lakefield Chamber of Commerce business directory which was more than 2017 which had 0.

The economy of Lakefield employs 1,120 people and has an unemployment rate of 5.5%. Some of the largest industries in Lakefield are Professional Services (50),Beans Peas Lentils Dried (26), and Pumpkin Patches (18).
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