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Increase in Year Over Year Job Numbers Points to Private Sector Strength
Updated (Paragraph 3)
Mankato, MINN (May 16, 2013) – When it comes to judging the economic strength of a region relative to jobs, one of the best sources is Current Employment Statistics (CES) data, which measures the number of paid employees in a particular region, excluding self-employment and farm jobs. According to the CES data 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 April grew by 395 jobs over the previous year (a .7% increase), with the public sector losing 80 jobs and the private sector gaining 475 jobs.
The latest positive numbers continue to point to the benefits of Greater Mankato’s balanced private sector-driven economy. Of the 475 private sector jobs gained, Service Providing businesses (which includes all private sector businesses, with the exception of manufacturing, construction and mining) gained 131 jobs, a .4% year over year increase and the highest April number ever for the region. Goods Producing businesses gained 344 jobs, a 3.7% increase, which was once again the highest of any MSA in the state. “One of the major strengths of our marketplace continues to be its industry diversification, which sets the stage for stable continued growth across all business sectors,” said Greater Mankato Growth President & CEO Jonathan Zierdt.
The Mankato-North Mankato MSA also had a
.6% .7% month to month increase in jobs, growing from 34,923 53,578 in March to 35,122 53,957 in April, a positive difference of 199 379 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. Still, LAUS employment numbers for the MSA continue to look good, with a March 2013 regional unemployment rate of 4.6%, compared to 5.1% 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.