Job Growth in Greater Mankato Remains Stable | Demographic shifts impact workforce availability
The Minnesota Department of Employment and Economic Development (DEED) released the Current Employment Statistics (CES) figures for the month of September revealing total jobs in the Mankato – North Mankato Metropolitan Statistical Area (MSA) remained consistent compared to September of 2014. Total jobs in the MSA this September were 55,422 compared to 55,405 last September with the largest changes in jobs by sector occurring with a 1.4% and 1.5% gain in goods producing and government jobs respectively. This September marks a record high September for jobs in the MSA and the 37th straight month of positive gains for the marketplace.
“The leveling of the job growth rate coupled with the area’s low unemployment rate reveals the current circumstances of labor availability. With fewer people looking for employment, businesses have been challenged to find potential employees” said Jonathan Zierdt, president & CEO of Greater Mankato Growth, Inc. “We continue to keep dialogue open with our businesses to ensure we have an idea of how they are all doing and what can be done to support them.”
An update to the unemployment statistics for the MSA is due later this month, however the August 2015 figure of 2.8% represents a 15-year low dating back to 2000. National demographic shifts tied to the retirement of the baby boomer generation are an impacting factor for workforce availability, not just in our marketplace but across the country.
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/workforce-labor-statistics.
About Greater Mankato Growth
Greater Mankato Growth, Inc. exists to intentionally develop the regional center by promoting, supporting and serving as a catalyst for economic development through: business growth, retention and attraction; talent growth, retention and attraction; regional livability and advocacy of the marketplace. Greater Mankato Growth, Inc., the regional Chamber of Commerce and Economic Development organization, includes two LLCs: 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.