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Twenty-two Month Job Growth Streak Snapped for Mankato – North Mankato MSA
Mankato, MINN (October 20, 2016) – The Mankato – North Mankato Metropolitan Statistical Area (MSA) had a total of 55,937 jobs, down 0.2%, or 134 jobs, as compared to September of 2015. This decline ended a 22-month streak of positive job growth.
The Minnesota Department of Employment and Economic Development (DEED) released the September 2016 Current Employment Statistics (CES) for the state of Minnesota and Minnesota based Metropolitan Statistical Areas (MSA) today.
“The private sector job market has been unusually steady in 2016 with little variation,” said John Considine III, Director of Regional Business Intelligence. “This plateau began in April and initially showed increases in May and June when employment figures typically decreased. However, the employment figures have continued to stay flat in July, August and September, all months when jobs have typically increased in the marketplace. Area employers do have employment opportunities and have been challenged to find workers as the national workforce has shrunk due to an increase of babyboomer retirements.”
Since April of this year, private sector employment has only varied from 47,251 to 47,340 employees. The MSA is still on track to have a record breaking year in both private and total employment. Currently, the year-to-date annual average for private sector employment is 47,072 (up from 46,720 in 2015). Total employment year-to-date annual average is 55,964 (up from 55,758 in 2015).
President and CEO of Greater Mankato Growth, Inc. Jonathan Zierdt stated, “Partners in our MSA are currently engaged in efforts to address our region’s talent shortage. There are available employment opportunities, how we respond to the talent shortage will determine if job growth will continue to be curtailed or we will return to positive year over year job gains. Greater Mankato has the opportunity to fair better than most due to the presence of our post-secondary institutions who offer not only a talent pipeline but also the activities and culture making us a desirable community for talent.”
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 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. includes two affiliates: Visit Mankato, which focuses on visitor attraction and servicing, and the City Center Partnership, 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 and Nicollet Counties. 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.