Last August, Minnesota achieved a milestone when DEED announced the state had recovered all the jobs that were lost in the recession. But not all cities in the state have fared the same in the recovery, with some still struggling to bring job totals back to pre-recessionary levels.
The Minnesota construction sector was among the industries that suffered the most during the recession, losing thousands of jobs when the housing sector collapsed. But the industry has shown remarkable resiliency in recent years, especially in the past 12 months, when it added 6,500 jobs statewide, a healthy 7.5 percent growth rate that easily outpaced the 2.2 percent growth rate nationally during that period.
Minnesota continues to rack up some impressive numbers in a recovery that is now in its 52nd month.
In the latest state employment numbers announced today, DEED said Minnesota employers added 9,500 jobs in December, bringing total job gains in the state to 45,900 in the past year. The unemployment rate was unchanged at 4.6 percent, well below the U.S. unemployment rate of 6.7 percent.
Minnesota has a rich beer-making tradition, with the state at one time being home to more than 120 breweries. Pummeled by Prohibition, the Great Depression, industry consolidations and competition from national brands, the state’s breweries had declined to four by the 1980s.
When Gov. Mark Dayton introduced his two-year budget plan last year, he made it clear that one of his highest priorities was to create jobs and make Minnesota more attractive for businesses. He proposed a number of tools, including the Minnesota Job Creation Fund, which recently began taking applications from qualified businesses.
Minnesota is making significant progress in narrowing the achievement gap between white students and students of color, national test results show.
A group of business leaders from the Twin Cities metropolitan area heard about the opportunities and challenges presented by China’s market at the China Business Roundtable Luncheon on Oct. 8 in Minneapolis. The purpose was to continue strengthening ties between the Minnesota Center China and the local business community.
Personal income in Minnesota plunged during the Great Recession, driven by a combination of job losses, reduced work hours, delayed raises, wage cuts and other factors. Many of those factors have reversed direction since then, helping to boost real per capita income over the last three years.
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.