Mankato, MN, August 16, 2022– Applications are now open for the Main Street Economic Revitalization Program grants through the Greater Mankato Growth, Inc. (GMG) Foundation. This program is funded by a $1.9 million grant from the Minnesota Department of Employment & Economic Development (DEED), the...
FOR IMMEDIATE RELEASE Mankato, MN, July 21, 2022 – Greater Mankato leads the state in employment growth between June 2021 and 2022 according to data released today by the Minnesota Department of Employment & Economic Development. Employment growth 4.0% reflects an increase of 2,206 workers.Greater Mankato’s unemployment...
The 2022 legislative session could be characterized in one word: disappointing. There was so much opportunity to do good work and help Minnesotans. Very little of that opportunity was seized. This may not be entirely surprising, given Minnesota is one of only two states with divided control of the legislature (Republicans have the majority in the Senate, and the Democrats have the majority in the House). But Minnesota has a tradition of compromise and it is also something that is structurally required by our state's constitution: the state must pass a balanced budget every two years, bonding bills (borrowing money) requires a super majority of both the House and the Senate, and, of course, all legislation must be signed by the Governor. There have been hiccups along the way, but Minnesotans expect elected officials to work together and get their work done, even if a little late.
According to data released by the Bureau of Labor Statistics (BLS) there were fewer unemployed job seekers in April 2022 than in any other month since data became available in January 1990. With only 766 unemployed, this was the first time that unemployment in Greater Mankato dropped below 1000 since November 1999 when unemployment was at 924. Due to a smaller labor force in 1999, that reflected an unemployment rate of 2.5% while the April 2022 unemployment rate fell to an all-time low of 1.3%.
Since January, the region has added 1,600 jobs and increased employment by 1,060. Between March and April, 600 jobs were added and employment increased by 268. This is shrinking the gap that exists from employment, where numbers have returned to pre-pandemic levels and jobs, where numbers have lagged behind. This shrinking gap could be caused by more people from outside the region taking jobs locally, individuals working remotely for a company outside of our region deciding to work for a local business, and individuals deciding to work multiple jobs.
Note that the difference between these two statistics is that jobs record the number of paychecks being issued by companies in Blue Earth & Nicollet County regardless of where employees live. Employment records the number of people living in Blue Earth & Nicollet County who work, regardless of where they work. A deeper explanation of this difference can be found at the end of the January employment figure report.
MANKATO, MINN. (June 10, 2022) – Greater Mankato Growth (GMG) is calling on the Minnesota Legislature to return to St. Paul for a special session to pass a bonding bill and provide meaningful tax relief for Minnesota businesses.“This week at a Legislative Forum hosted by...
Preliminary figures for March were released by the Bureau of Labor Statistics and showed minor changes to both jobs and employment numbers in the Greater Mankato Area. The region saw job (nonfarm payroll) growth of 200 increasing to 56,400. This follows adjustments to the February numbers that added an additional 200 jobs to what was reported in February.
Conversely, the region saw employment fall by 193 to 60,114. While this sets a historic record for the highest employment seen in March, seeing a reduction in employment between February and March is unusual for our region. The 193 person decrease reflected a reduction of 3 tenths of one percent. A deeper explanation of the difference between these two statistics and why the number of jobs is less than employment can be found at the end of the January employment figure report.
The total labor force saw a similar decrease as 146 people exited the labor force bringing the March labor force to 61,478.
Unemployment remained at a historic March low of 1,364. Traditionally, our region only sees unemployment numbers this low between September and December. The 2.2% unemployment rate remains much lower than the state unemployment rate of 2.8% and the federal unemployment rate of 3.8%.
There are two upcoming opportunities for employers to reach potential candidates in May. On Wednesday, May 11, Mankato Area Public Schools is hosting their first-ever job fair, volunteer fair, and enrichment fair aimed at high school students. On Saturday, May 14, Greater Mankato Growth is...
We are already into the second half of the 2022 legislative session. Unfortunately there has not been a lot accomplished yet, despite the legislature setting a record for the number of bills introduced with more than 4,700 in the Senate and 4,300 in the House. It seems that legislators have a lot ideas, but have taken very little action. We have passed all the committee deadlines and the House and Senate have started to move on their omnibus bills: taxes, transportation, environment, etc. Not surprisingly, the House and Senate omnibus bills are vastly different on both policy and fiscal impact. Much work will have to be done to come together in conference committee or with leadership.
Budget Surplus
The Senate passed the first omnibus tax bill off the Senate floor in bipartisan fashion. Among other things, it permanently reduces the first tier individual income tax rate from 5.3% to 2.8% and eliminates income tax on social security income. The Senate Republicans touted this as the "largest tax cut ever," totaling $3.38 billion this biennium and $5 billion in the FY 24/25 biennium.
Preliminary figures for February were released Wednesday by the Bureau of Labor Statistics. Between January & February, Greater Mankato saw employment growth of 900 to a post-pandemic high of 60,194. Jobs (total nonfarm payroll) increased by 700 to 56,000. In short, the difference between jobs and employment is that the jobs number counts the number of paychecks being issued in Greater Mankato and employment counts the number of people who live in Mankato who work. A deeper explanation of the difference between these two statistics and why the number of jobs is less than employment can be found at the end of the January employment figure report.
Unemployment decreased by 342 and the labor force grew by 558. The growth in employment and labor force comes on top of January numbers that have been adjusted up by 200 since they were released last month.
The employment numbers in our region and the jobs numbers in our region paint two very different pictures of the talent shortage. Employment is at its highest point since the beginning of the pandemic and is down by less than 400 compared to February 2020. This tells us that the vast majority of people in our region have returned to work in some form. In contrast, jobs are down by 2,800 compared to February 2020. This helps explain why there are so many businesses short workers despite the labor force return in Greater Mankato. There are a number of possible reasons for this difference:
Preliminary figures for February were released Wednesday by the Bureau of Labor Statistics. Between January & February, Greater Mankato saw employment growth of 900 to a post-pandemic high of 60,194. Jobs (total nonfarm payroll) increased by 700 to 56,000. In short, the difference between jobs and employment is that the jobs number counts the number of paychecks being issued in Greater Mankato and employment counts the number of people who live in Mankato who work. A deeper explanation of the difference between these two statistics and why the number of jobs is less than employment can be found at the end of the January employment figure report.
Unemployment decreased by 342 and the labor force grew by 558. The growth in employment and labor force comes on top of January numbers that have been adjusted up by 200 since they were released last month.
The employment numbers in our region and the jobs numbers in our region paint two very different pictures of the talent shortage. Employment is at its highest point since the beginning of the pandemic and is down by less than 400 compared to February 2020. This tells us that the vast majority of people in our region have returned to work in some form. In contrast, jobs are down by 2,800 compared to February 2020. This helps explain why there are so many businesses short workers despite the labor force return in Greater Mankato. There are a number of possible reasons for this difference:
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