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TAG | Minnesota economic recovery

Sep/14

23

Minnesota vs. Wisconsin on Jobs

Minnesota’s Unemployment Rate Drops

img-scottwalker-reportcard-2014Last week, it was announced that Minnesota employers added 6,100 new jobs during the month of August. That means that Minnesota’s unemployment rate has dropped to 4.3%. That’s the lowest level since 2006.

Since Gov. Dayton took office in January, 2011, Minnesota has added 162,100 jobs. Gov. Dayton said, “Today’s jobs report offers more evidence that Minnesota is headed in the right direction. Since 2011, our state has gained over 162,000 new jobs. The credit for our state’s economic growth belongs to the successful Minnesota businesses and their hard-working employees. Thanks to them, we are making progress.:

DEED Commissioner Katie Clark Seiben said, “Our state has added nearly 203,00 jobs since hitting the low point of the recession in September, 2009. The August employment figures are great news and a flection of Minnesota’s healthy and growing economy.”

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Aug/14

18

MN2020: Conservative Excuses Aside, MInnesota Still Outperforms Wisconsin

MN2020’s Fellow and Director of Tax Policy and Analysis, did a great post August 11 disecting the conservative excuses on why Gov. Dayton’s Minnesota’s economy is doing so much better that Gov. Walker’s Wisconsin.

The excuse:  Minnesota has more industries that have performed better in recent years.  Wisconsin has more manufacturing, and that’s performed less well.

What happens when you look at the Gross Domestic Product (the GDP we all hear about on the news) compiled by the U.S. Bureau of Economic Analysis?

Minnesota’s real GDP growth  — 7.5% from 2010 to 2013

Wisconsin’s real GDP growth — 4.5% from 2010 to 2013

Here are some great graphs from the post:

growth_real_gdp

Minnesota is leading the pack. Wisconsin? Bringing up the rear.

So, what about the concept that manufacturing is causing Wisconsin’s lag? Again, MN2020 has a great graph disproving the premise:

growth_manufacturing

What does this information show?

“Under progressive leadership, Minnesota has responsibly balanced the state budget, restored a portion of past funding cuts to K-12 and higher eduction, and made important new investments in all-day kindergarten and early childhood education, infrastructure, workforce development and affordable housing and healthcare. All this was achieved while simultaneously increasing tax fairness, lowering taxes for most Minnesotans and reducing the projected Price of Government to an all-time low.

Sounds pretty darn clear to us, and we’re glad we live west of the St. Croix. You can read the full post here.

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Jul/14

21

Minnesota’s Job Growth

A report released by the Minnesota Department of Employment and Economic Development (DEED), shows the state added 8,500 jobs in June. And the state’s unemployment rate dropped to 4.5 percent last month – the lowest it has been in seven years. In total, Minnesota has added nearly 160,000 new jobs since Gov. Dayton took office in January 2011.

How does this growth translate in numbers?

  • 8,500 – Number of new jobs added last month in Minnesota
  • 53,779 – Number of new jobs added over the last 12 months in Minnesota
  • 159,700 – Number of new jobs added since Governor Dayton took office
  • 7 years ago – The last time Minnesota’s unemployment rate was 4.5 percent

This news comes on top of other recent positive reports about Minnesota’s growing economy, including:

  • Minnesota Businesses Anticipating Growth – A recent DEED survey showed that 82 percent of Minnesota businesses expect their profits to increase or remain stable in the year ahead.
  • 3rd-Best State to Make a Living – Forbes Magazine named Minnesota the 3rd-best state in the nation to make a living in 2014.
  • 6th-Best State to do Business – CNBC named Minnesota the 6th-best state in the nation to do business in 2014.
  • More Jobs Than Ever – According to DEED, with more than 2.8 million jobs, Minnesota now has more jobs than ever before. And for the first time in state history, private sector employment has surpassed 2.4 million.
  • Twin Cities: Lowest Unemployment Rate – Earlier this month, the U.S. Department of Labor noted that the Twin Cities has the lowest unemployment rate (4 percent) of any major metropolitan area in the country.
  • Best Manufacturing State in the Midwest – Creighton University’s Mid-America Business Conditions Index showed Minnesota is outpacing the entire Midwest region – and much of the rest of the country – in manufacturing. The study considers a state’s exports, domestic sales, and factory hiring.

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Yvonne_SelcerDear Neighbors,

With summer fully in motion, I wanted to take a moment to update you on some of the encouraging economic news I continue to receive since the legislative session ended in May.

We are blessed to live in a state with such a hardworking and resilient workforce.  By investing in world class schools, job training, and a balanced budget that kept our state working, Minnesota’s economy has continued to show positive signs of growth that outpace national indicators at every level.

I’m pleased to report that:

  • Minnesota has gained nearly 70,000 jobs since I began my term in January of 2013.  It’s one of the best job creation rates in the country.
  • As of May 2014, the Twin Cities metro area has the lowest unemployment rate of any major metro area in the nation (4%).  We were #1 out of 42 metro regions with at least one million residents.  We haven’t had unemployment numbers that low since 2007.
  • Minnesota’s economy grew by 4.9% in 2012 and 2013.  That is significantly higher than national GDP growth, and ranks 13th in the country.
  • Forbes Magazine ranks Minnesota the 8th best state for business in the country.  We received special praise for our business climate and growth prospects. (Wisconsin was 41st.)
  • CNBC ranks Minnesota the 6th best state in the country for business.  They noted our business-friendly economy.  We outranked every other Midwestern state.
  • New businesses are drawn to Minnesota.  Secretary of State Mark Ritchie reports 15,547 new Minnesota businesses were filed in the second quarter of 2014, bringing the state’s year-to-date filings to 31,502 — an increase over the 31,060 filings during the first half of 2013.
  • In 2013 we balanced the budget responsibly.  The resulting surplus allowed us to continue to strengthen Minnesota’s budget outlook.  Minnesota Management and budget recently announced investments that resulted from legislation we passed in 2014:
    • $150 million added to the state budget reserve, increasing the state reserve fund to $811 million
    • First budget reserve increase in 13 years

I’ve spoke to many of you at community events this summer, and I am encouraged by the hard work you’re doing as we all strive to improve our community and our state.  You can feel the positive momentum behind our success, and we need to capitalize on it as together we continue to build out of the recession.

It’s an honor to serve our community, and I’m always interested in your concerns and ideas about how we continue positive economic momentum moving forward.  I welcome you to contact me at any time throughout the summer and fall at rep.yvonne.selcer@house.mn or 651-296-3964.

Best,

Yvonne Selcer

State Representative

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Jul/14

7

Minnesota’s Job Growth

©2014 DFL SD 48. Prepared and paid for by Senate District 48 DFL, Sharon Borine, Chair, 18285 Croixwood Ln, Eden Prairie, MN 55347