understanding minnesota’s regional economy
Post on 07-Feb-2016
Embed Size (px)
DESCRIPTIONUnderstanding Minnesota’s Regional Economy. To Hear the Webinar: Call (646) 307-1720 ; Access Code: 921-652-630. Presenter: Cameron Macht , DEED Host: Denise Felder, iSeek Solutions. How to Ask Questions. Mute your phone “Raise your hand” Type in “Question” - PowerPoint PPT Presentation
Understanding Minnesotas Regional EconomyPresenter: Cameron Macht, DEED
Host: Denise Felder, iSeek SolutionsTo Hear the Webinar: Call (646) 307-1720; Access Code: 921-652-630
How to Ask QuestionsMute your phone
Raise your handType in Question
Use phone to ask questions/discuss
Chat to talk to Organizer onlyTo Hear the Webinar: (646) 307-1720 Access Code: 921-652-630 (long distances fees may apply)
Understanding the Regional EconomyiSeek Solutions Monthly WebinarFebruary 13, 2013Cameron MachtRegional Labor Market Analyst320email@example.com www.positivelyminnesota.com To Hear the Webinar: Call (646) 307-1720; Access Code: 921-652-630
To Hear the Webinar: Call (646) 307-1720; Access Code: 921-652-630
Over-the-year regional trendsSource: MN Dept of Employment & Economic DevelopmentNone of the regions are back to break- even (from Q2 2007) yet
Southeast (99%) is closest, all are now above 97%
Regional Unemployment RatesSource: MN Dept of Employment & Economic Development
DEED Regional Data ToolISEEKs Regional Websites
ISEEK Regional Websiteswww.iseek.org/jobs/regional.html
Regional Labor Market Data ToolThe regional data tool brings together labor market and relevant demographic data on each county and region in Minnesota in to one easy-to-use website.
View and download regional data, charts and graphs.
Regional labor market data tool
Regional Employment Projections
Forecasting Future Job TrendsMinnesotas economy will grow by 13%, or 368,000 new jobs, between 2010 and 2020.
Over 663,000 new workers will be needed to take jobs left vacant through retirements and replacements.
Employment changes depend on the demand for goods and services, productivity advances, technological innovations, and shifts in business practices.
www.PositivelyMinnesota.com/EOSource: MN Dept of Employment & Economic Development
Health care will add the most new jobs in Minnesota between 2010 and 2020Source: MN Dept of Employment & Economic Development
Health services will continue to lead job growth in Northeast MN
Half of new jobs in Northwest MN will be in education and health services sector
Fastest job growth expected in Central Minnesota
Education and health care will dominate Southeast MN job growth
Southwest MN projected to have slowest regional job growth
Construction and manufacturing job growth to remain below pre-recessionary levels in the Twin Cities
Replacement openings to exceed new job growth in all regions of MN
Occupational details are important when choosing a future career
Questions?Contact Us:Cameron.Macht@state.mn.us Denise.Felder@ISEEK.org
Regional LMI WebsitesISEEK Regional Websites: www.iseek.org/jobs/regional.html
DEED Regional Labor Market Tool: www.PositivelyMinnesota.com/RD
DEED Employment Outlook: www.PositivelyMinnesota.com/EO
iSeek Solutions Monthly WebinarsDiscussion: Wednesday, Feb 27, 2013 Career Resources for People with Multiple Barriers
Training: Wednesday, March 13, 2013 Training: Wednesday, April 10, 2013
Discussion: Wednesday, April 24, 2013 Family Involvement in Career Exploration for Youthwww.iseek.org/info/outreach_webinar.html www.iseek.org/guide/counselors/ipcschedule.html
Connect with UsDEED Facebook: www.facebook.com/positivelymnISEEK Facebook: www.facebook.com/ISEEK.org
LinkedIn: MinnesotaWorks.netLinkedIn: iSeek Solutions Professional Community
DEED Twitter: @positivelymnISEEK Twitter: @iseekmn
ISEEK Quarterly E-newsletter: www.iseek.org/news/newsletter.html
ISEEK Customer Service: http://iseek.custhelp.com/app/ask
***There are 87 counties in the state of Minnesota, each with its own unique economy.*The strength during November boosted the over-the-year job gains to 55,244 or 2.1%, the best annual performance since the recovery began and enough to put the states growth rate well above the national rate of 1.4%.
After struggling to gain traction throughout the year, and indeed throughout the recovery, Duluth now has its fastest annual growth rate since early 2006.*Like employment, unemployment trends do vary across the state. Many counties and cities in north Central Minnesota have unemployment rates above the state average. Koochiching, Clearwater, Hubbard, Cass, Mille Lacs, and Kanabec counties have unemployment rates at or above 7.5%.
Youll notice that many of the counties boarding North and South Dakota have extremely low unemployment rates, under 4%.
****Minnesotas economy is projected to add 386,000 jobs between 2010 and 2020, easily recouping the 144,000 jobs lost from 2007-2010. The projected job growth wont bring back all the lost jobs in some industries.
The most job openings, however, will be available as people retire or otherwise leave their profession. In fact, baby-boom retirements will slow labor force growth. Over 663,000 new workers will be needed to take jobs left vacant.
**Minnesotas economy is projected to expand by 13 percent between 2010 and 2020, according to new datafrom the states Labor Market Information Office. By 2020, its estimated that there will be 368,000 new jobs across the states industry sectors. Nearly four out of every 10 new jobs in Minnesota between 2010 and 2020 will be in the education and health servicesindustry. This sector is expected to add 129,000 jobs, a growth rate of 33 percent. Construction, retail trade, and professional and technical services industries will also add significant numbers of new jobs in Minnesota.
At 39 percent, the constructionsector is projected to grow the fastest among industries in Minnesota. The addition of 34,400 jobs will not, however, make up for the jobs lost during the recent recession. Likewise for manufacturing;the industry is expected to expand by 14,198 jobs, with most jobs in the fabricated metal product, wood products, and machinery manufacturing sectors.
*Northeast Minnesota has the smallest employment base of all regions with an economy heavily dependent on tourism, taconite mining, and timber-related activity. Mining employment sank during the recession but has bounced back as worldwide steel demand recovered. Mining may expand further over the next 10 years, but timber-related employment is expected to rebound only partially. The 13 percent projected job growth translates into roughly 20,000 jobs with slightly less than half of the new jobs projected to be in the education and health care sector. The projected employment growth will keep northeast Minnesotas share of state employment right around 5.5 percent.
*Northwest Minnesotas 24-year streak of job growth came to an end in 2007 as the recession arrived early to the region with home building-related manufacturing sliding as the housing collapse developed. Employment growth in northwest Minnesota is projected to grow 14 percent over the 10-year period, with 36,000 new jobs created. The education and health care sector will add the most jobs as is true across all regions. Manufacturing is expected to rebound fully from the Great Recession with the sector adding 4,200 jobs but will remain 1,500 jobs short of the 2000 peak. Manufacturing jobs are expected to increase in every region over the next 10 years but only exceed the 2007 level in northwest Minnesota by 2020.
*Central Minnesota, with five counties adjacent to the Twin Cities metro area, was the states leader in job growth up until the Great Recession. The residential development spillover from the Twin Cities along the I-94 corridor between the St. Cloud area and up I-35 north of the Twin Cities is expected to resume eventually but not at the torrid pace set before the Great Recession. Retail and service-related employment will follow population growth. Employment in central Minnesota is expected to expand 18 percent or about 52,000 jobs between 2010 and 2020 (Figure 2). *Southeast Minnesota employment is projected to grow faster than statewide growth, expanding 14 percent by 2020. More than half of the employment growth will be in the education and health care sector. Education and health care sectors share of employment growth is highest in this region. Spillover growth from the Twin Cities metro area into Goodhue and Rice counties combined with the strong growth in Rochester will push the regions employment base up by more than 36,000 jobs by 2020.*Southwest Minnesota is projected to have the slowest job growth, 10 percent, during the next 10 years. The regions share of state employment will dip to 7.1 percent by 2020 from 7.3 percent in 2010. Southwest Minnesota is the most agricultural-dependent region with jobs directly involved in agricultural production accounting for 8.7 percent of total regional employment in 2010. That is almost four times higher than the 2.3 percent of total employment accounted for by direct agricultural production jobs statewide. The regions dependence on agricultural production for jobs had been gradually drifting down from 11.1 percent in 1990 to 7.7 percent in 2008 before jumping to 8.7 percent as the regions other sectors cut employment in response to the Great Recession. Job rebound in the other sectors over the next decade will bring agricultural productions share of total employment back down to around 8.0 percent by 2020.*The seven-county Twin Cities metro area is projected to add 202,200 jobs between 2010 and 2020 or 54.9 percent of statewide growth over the 10-year period. Twin Cities employment growth is ex