A Region-by-Region Look at Minnesota’s Economy
20 Sep 2017
In a recent story about Utah’s economy, the New York Times concluded that the biggest economic concern in the state is no longer a lack of jobs, but a lack of workers. Businesses all over the state are struggling to expand because of a labor shortage.
The newspaper easily could have been writing about Minnesota. The state’s tight labor market is a common theme in the six regional stories in the latest issue of Trends magazine. Job vacancies are at or near record highs in every area of Minnesota. The Twin Cities, which accounts for more than 60 percent of the jobs in the state, has about a 1-to-1 ratio of unemployed people to job vacancies.
Depending on your perspective, that isn’t necessarily a bad thing. A worker shortage means more opportunities for job seekers, rising salaries and lower educational requirements to make it easier for employers to recruit labor.
Still, a tight labor market is concerning because it could slow the economy if employers can’t find enough workers to keep growing.
Read the following links to the latest Trends stories for more details on labor trends and other economic indicators in each of the state’s six major regions: