We’ve seen much evidence in recent months of a recovering economy in Minnesota. The unemployment rate is at a five-year low, requests for jobless benefits continue to slide and the state’s gross domestic product is among the fastest growing in the country.
A story by Oriane Casale in the latest issue of Trends magazine points to another indicator of an improving economy: the twice-annual Job Vacancy Survey.
DEED’s second quarter 2013 survey found that the state had more job openings during that period than at any point in the last 12 years. Employers reported 72,569 job vacancies in the second quarter. The Twin Cities had the most openings with 42,316 unfilled jobs, while Greater Minnesota has 30,253 unfilled jobs.
The Twin Cities, with one of the best major metro economies in the country, has seen a surge in job vacancies in the past year, while growth has been much slower elsewhere in the state. Greater Minnesota, though, also went through a post-recession spurt in job vacancy growth, only much earlier. A look over the past three years shows job vacancies grew 77 percent in the Twin Cities during that period and 72 percent in Greater Minnesota.
Health care is adding job openings at a faster pace than any sector, with vacancies climbing by 5,663 in the past two years. Other sectors with major vacancy gains were retail trade (up 4,966), accommodations (up 3,961) and construction (up 2,495).
While median wage offers for job vacancies declined from a year ago, that trend might be explained by a spurt in hiring in the retail sector and arts and entertainment during the second quarter – two industries that traditionally pay lower wages.
The full Trends story is available here.