You are here
Increase in March Year Over Year Job Numbers
Mankato, MINN (April 18, 2013) – According to the Current Employment Statistics (CES) figures released today by the Minnesota Department of Employment and Economic Development, the number of jobs in the Mankato-North Mankato Metropolitan Statistical Area (MSA) in March grew by 757 jobs over the previous year (a 1.4% increase), with the public sector losing 97 jobs and the private sector gaining 854 jobs. Of the 854 private sector jobs gained, service-providing businesses gained 457 jobs (a 1.3% increase) and good-producing businesses gained 397 jobs (a 4.4 % increase and the highest of any Minnesota-based MSA).
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.
The Mankato-North Mankato MSA’s overall annual gain of 1.4% was consistent with the gains of the state at 1.7% and country at 1.5%. The Mankato-North Mankato MSA also had the highest overall gain of any Greater Minnesota-based MSA. In today’s release put out by the Minnesota Deparrtment of Employment and Economic Development (DEED), Commissioner Katie Clark Sieben explained, “After seven straight months of strong job growth in Minnesota, this pause in gains is consistent with the slower job growth rate nationally in March and is due, in part, to weather conditions that are slowing hiring in the state.” DEED’s release is available at: positivelyminnesota.com/Newsroom/Press_Releases/index.aspx.
The Mankato-North Mankato MSA did see a slight .2% decrease in jobs between February and March, but according to Greater Mankato Growth President & CEO Jonathan Zierdt, this decrease of one fifth of a percent is not cause for concern. “Based on seasonality and data corrections that sometimes occur, one month does not define our job condition,” said Zierdt. “It’s much more important to look at the year over year numbers. Those are positive and illustrate sustained, stable growth in our marketplace.”
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. Still, LAUS employment numbers for the MSA continue to look good, with a February 2013 regional unemployment rate of 4.9%, 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.