Richfield, MN's Data
About Richfield, MN's
Richfield is a dynamic suburban city located in Hennepin County, Minnesota, directly bordering Minneapolis to the north. Established as a city in 1908, Richfield has evolved from a small farming community into a densely populated suburb. Its strategic location near major freeways, including Interstate 494, Interstate 35W, and Minnesota State Highway 62, makes it an accessible hub in the Twin Cities metropolitan area. Richfield's history is marked by its transformation through residential development and economic growth post-World War II.
Things To Do in Richfield, MN
Hike: Here are a couple of local trails to check out!
Local Attractions in Richfield, MN
Wood Lake Nature Center - A 150-acre nature preserve offering walking trails, wildlife observation, and environmental education.
Best Buy Corporate Headquarters - Notable for its architectural design and the economic role it plays in the city.
Richfield Historical Society - Preserves local history through exhibits and archives, highlighting the city's development.
Veterans Park - Features recreational facilities, a walking path, and an ice arena, serving as a community gathering spot.
Augsburg Adventure Park - Provides outdoor recreational activities including a skate park and sports fields.
The Economy of Richfield, MN
Richfield's economy is bolstered by a mix of retail, service, and corporate sectors. The presence of major retailers such as Best Buy, which has its corporate headquarters in Richfield, plays a significant role in the local economy. The city also benefits from its proximity to Minneapolis-Saint Paul International Airport and the Mall of America in neighboring Bloomington, which contribute to local employment and economic activities. Richfield has seen redevelopment efforts aimed at revitalizing commercial spaces and residential areas to sustain economic growth and community welfare.
Richfield, MN Inflation
Understanding the BLS and Inflation in Richfield, MN
The Bureau of Labor Statistics (BLS) is a government agency that collects and analyzes economic data across the U.S., including cities like Richfield, MN. One of its key responsibilities is tracking inflation through the Consumer Price Index (CPI), which measures how the cost of everyday goods and services changes over time. Inflation can impact everything from housing prices to the cost of groceries, gas, and utilities across the area. By tracking inflation, the BLS helps people from Richfield, MN understand how their purchasing power is affected and provides insights for businesses and policymakers.
What This Graph Represents
This graph shows inflation trends in Richfield, MN using the CPI, highlighting how prices have changed over time. The x-axis represents time (months and years), while the y-axis represents price levels. If the graph moves upward, it means the cost of living is rising, which can affect everything from rent to gas prices. A flatter or downward trend suggests that inflation is stabilizing or decreasing. Keeping an eye on inflation is important for people from Richfield, MN when budgeting for housing, wages, and daily expenses. You can hover over the graph to see exact values for each month and check the "Most Recently Updated" label to ensure you’re viewing the latest available data.
Company Recall Data in Richfield, MN
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