Happy Holidays!
As 2024 comes to a close, we want to take a moment to thank you for being part of our community. We hope our data and insights have provided you with valuable information to navigate the ever-changing labor market in your region of the state. It’s been a pleasure supporting your goals and decisions this year. We are wishing you a joyful holiday season and a successful start to the new year - we're happy to be part of your journey! For more local information on any of these topics, please reach out to your Regional Analyst!
Recently, DEED released employment projections for the state of Minnesota and its six planning regions. This data is compiled by both occupation and industry, and can be utilized by educational institutions, businesses, employment counselors, career seekers and more to make informed planning decisions. According to this data, employment in the Seven-County Twin Cities Metro Area is projected to grow by 4.9% between 2022 and 2032. This is equivalent to approximately 95,000 net new jobs in the region during that period. Slightly outpacing the statewide growth rate of 4.6%, the Metro Area is anticipated to account for nearly two-thirds (65.6%) of Minnesota's net new jobs over the next decade.
EPIC (Exploring Potential Interests and Careers) is a vibrant community collaboration in Central Minnesota, committed to delivering engaging, hands-on experiences that empower students to explore and navigate diverse career pathways. At the heart of EPIC's mission is EPIC Student Day, a large-scale, interactive career exploration event primarily for 10th graders, held annually at St. Cloud Technical and Community College (SCTCC). Since its debut in 2019, when it welcomed 2,250 students and over 100 employers and educators, EPIC Student Day has grown exponentially. Today, it attracts more than 4,500 students from 43 school districts across 33 towns and 11 counties, along with over 150 employers—all coming together for one exhilarating day of career discovery.
As we transition into the long winter here in Northeast Minnesota, we take the occasion to ponder seasonality. More specifically, we identify which industries see their employment vary the most over the course of a year. There are some that probably jump to mind right away, and many of those do show up toward the top of the seasonality rankings, but others may be more surprising. There are many reasons why a good understanding of employment seasonality matters. From a jobseeker's perspective, they may want to know which industries are most likely to be hiring in a specific quarter.
This month's blog again shows that the lack of affordable childcare and eldercare has had a continuing workforce impact in Northwest Minnesota. As I stated in a comprehensive article covering Minnesota's labor force dynamics, "Caregiving is the plausible explanation for the lower rate of females in the workforce." These are the ages where people, particularly females, are most likely to be caring for children, grandchildren, and elderly parents. This pulls them out of the workforce. Strategies to increase workforce participation in the region will need to address these issues, among others.
The Transportation & Warehousing sector serves as a crucial backbone of Southeast Minnesota's economy. This industry connects local manufacturers, agricultural producers, and businesses to regional and national markets while ensuring efficient movement of goods and people throughout the region. The sector's scope includes Truck Transportation, Warehousing & Storage Facilities, Courier Services, Pipeline Operations, and Public Transportation Systems, each playing a distinct role in maintaining the region's economic vitality and connectivity. With Employment Projections indicating an 8.9% growth in industry jobs through 2032—nearly double the expected growth rate across all industries—the sector's importance to the regional economy continues to expand.
Low unemployment rates, coupled with declining Unemployment Insurance (UI) claims, reflect a resilient labor market in Southwest Minnesota. With unemployment rates dropping back to 2.3% in October of 2024, Southwest Minnesota had the second lowest rate of the six planning regions in the state. However, challenges such as labor force shortages and sector-specific demands persist. Addressing these issues through workforce development and strategic planning will be crucial for sustaining economic growth in the region.
Connecting Entrepreneurial Communities Conference -
March 20-21, 2025 in Virginia, MN
Registration is now OPEN for the SIXTH annual Connecting Entrepreneurial Communities (CEC) conference, which will take place March 20-21, 2025 in Virginia, Minnesota. Last year’s conference brought together over 100 entrepreneurs, business leaders, economic development professionals, decision makers, and community champions. Participants had the opportunity to connect with others who care about entrepreneurship in their region. Be sure to save the date for this exciting event!
LMI TRAINING SESSIONS
Please reach out to your regional analyst if you or your staff would be interested in having a customized LMI training session. We would be happy to accommodate your training requests, either on LMI Data Tools or local economic conditions!
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