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Year Over Year Job Increase Driven by Private Sector Gains
Mankato, MINN (June 20, 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 May grew by 639 jobs over the previous year (a 1.2% increase), with the public sector losing 156 jobs and the private sector gaining 795 jobs.
Of the 795 private sector jobs gained, Service Providing businesses (which includes all private sector businesses with the exception of manufacturing, construction and mining) gained 453 jobs, a 1.3% year over year increase. Goods Producing businesses gained 342 jobs, a 3.6% increase, which was the highest since 2008 and once again the highest of any MSA in the state. “The growth in the goods producing sector helps serve as a catalyst for our positive job growth overall in 2013,” said Greater Mankato Growth President & CEO Jonathan Zierdt.
The Mankato-North Mankato MSA also had a negligible 0.2% month to month decrease in 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 an April 2013 regional unemployment rate of 4.3%, compared to 4.4% 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.