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Mankato – North Mankato MSA Growth Rate Double that of State, Hits another all-time record high number
Mankato, MINN (December 18, 2014) – The Minnesota Department of Employment and Economic Development (DEED) released the Current Employment Statistics (CES) figures for the month of November today. Jobs in the Mankato – North Mankato Metropolitan Statistical Area (MSA) reached another milestone hitting 58,097 jobs. This far surpasses last month’s (October) milestone month where the MSA reached more than 57,000 jobs for the first time on record.
The MSA also lead growth rates over all the MN based MSAs at 3.6% year-over-year grow. The MSA’s growth rate of 3.6% is currently twice that of the State of MN (1.8%) and greater than the U.S. growth rate of 2%.
“The synergy of the marketplace, coupled with the business confidence, persistence and success in the region shows in this month’s numbers” said Jonathan Zierdt, President & CEO of Greater Mankato Growth. “The pipeline of construction in the upcoming years hints that these numbers will only keep out performing previous years.”
Leading the gains were goods producing and private service providing job sectors at 3.8% year-over-year growth. Government jobs grew 3% month-over-month, surpassing any November on record for the sector.
If you look at past trends, November is a month that usually sustains its job numbers from October or loses a few from seasonal positions, but not this year. For the first time in three years the MSA gained jobs (256) from October – November.
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.
contact: Amy Linde, 507.382.3993 or firstname.lastname@example.org