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August Job Numbers Signaling Record Year for the MSA
Mankato, MINN (September 18, 2014) – The Minnesota Department of Employment and Economic Development (DEED) released the Current Employment Statistics (CES) figures for the month of August today. The Mankato – North Mankato Metropolitan Statistical Area (MSA) experienced a 2.6% growth rate in year-over-year numbers with a total of 54,356 jobs, up 1,369 jobs from August of 2013.
The Mankato – North Mankato MSA’s growth rate of 2.6% in year-over year job growth is well above both the state of Minnesota rate (2%) and the U.S. rate (1.8%). Growth in total jobs experienced so far in 2014 in the MSA is on pace to eclipse the all-time record high set in pre-recession 2007. The average total number of jobs in 2007 was 54,195. So far from January-August of this year, the region has outpaced the previous record with an average of 54,855 jobs (1.21% higher than the 2007 job total).
Other notable areas of growth for the MSA include:
- Highest ever August for total Private jobs at 46,211 jobs, up 2.7% year-over-year
- Highest ever August Service Providing jobs at 44,115 jobs, up 2.8% year-over-year
“2014 has been an incredible year for business growth in the region” said Greater Mankato Growth, Inc. President & CEO Jonathan Zierdt. “Everywhere you go in the region you can see the development, from infrastructure to buildings being constructed. 2015 is also shaping up to be a bustling year with already well over $100 million is construction projects set to begin.”
When it comes to judging the economic strength of a region relative to jobs, one of the best sources is CES data, which measures the number of paid employees in a particular region, excluding self-employment and farm jobs.
For more CES data and graphics, visit greatermankato.com/current-employment-statistics-jobs-data.
Another measure of area employment is the Local Area Unemployment Statistics (LAUS). LAUS is not as much an indicator of the strength of the business climate, because it measures the total number of people who live in a particular region who are employed, rather than the businesses in the region employing them. For more LAUS unemployment data, visit greatermankato.com/local-area-unemployment-statistics-laus.
About Greater Mankato Growth
Greater Mankato Growth (GMG) is committed to advancing business for a stronger community. As the Chamber of Commerce and Economic Development organization serving the regional marketplace, GMG advances business through: existing business support, new business growth, business promotion, talent development, public affairs, community marketing, visitor attraction and servicing and civic engagement. Greater Mankato Growth, Inc. also includes two LLCs: the Visit Mankato, LLC, which focuses on visitor attraction and servicing, and the City Center Partnership, LLC, which focuses on development in the City Center.
About the Regional Economic Development Alliance
In 2009, the Regional Economic Development Alliance (REDA) began with a progressive group of communities and counties joining together with Greater Mankato Growth in business attraction and development efforts. REDA participants include Eagle Lake, Lake Crystal, Le Sueur, Madison Lake, Mankato, North Mankato, Saint Peter and Blue Earth County. By working together, the group is able to efficiently provide regional and individual city and county information to businesses interested in the Greater Mankato marketplace. As a result of promoting the individual strengths of each community, along with the combined assets of the regional marketplace, all experience collective success.