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Elgin is considered a Small Town with a population of 1,550 and 1,153 businesses. 13 in 2018 were added to the Elgin Chamber of Commerce business directory which was more than 2017 which had 6.

The economy of Elgin employs 1,066 people and has an unemployment rate of 4.6%. Some of the largest industries in Elgin are Professional Services (120),Builders & Contractors (51), and Personal Services & Consultants (30).
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