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Greater Mankato Continues to Gain Jobs Year over Year
Mankato, MINN (August 15, 2013) – 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. According to the Current Employment Statistics (CES) figures released today by the Minnesota Department of Employment an Economic Development, the number of jobs in the Mankato-North Mankato Metropolitan Statistical Area (MSA) in July grew by 1.7%.
The Net Year over Year Increase was 933, with the Public Sector losing 428 jobs (5.1% year over year decrease) and the Private Sector gaining 1,331 jobs (3.1% year over year increase and all time high).
The significant job gains in the Private Sector, resulted in the highest July Private Sector job number on record. Private sector increases came from both Goods Producing and Private Service Providing businesses:
Goods Producing gained 336 jobs (3.5% year over year increase). Goods Producing jobs continue to be at a five year high, with an average year over year gain of 3.93% throughout 2013, leading all Minnesota based MSAs.
Private Service Providing (which includes all private sector businesses with the exception of manufacturing, construction and mining) gained 995 jobs (3% year over year increase). The Service Providing sector has shown all time monthly job highs for 11 straight months.
In a typical seasonal pattern, month to month job number decreased from June to July. “Overall job numbers always go down between June and July, but this year’s decrease of 2.1% was much less than previous years, explained Greater Mankato Growth President & CEO Jonathan Zierdt. “It’s also important to note that a majority of those losses came from the public sector, with a decrease of 12.1%, while the private sector decreased a negligible .1%.”
For more CES jobs data, visit http://www.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. Still, LAUS employment numbers for the MSA continue to look good, with a June 2013 regional unemployment rate of 4.5%, compared to 5.3% a year ago. 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: Visit Mankato, 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, 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.