Minneapolis-St. Paul maintains it’s fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
New workforce highs were achieved in Education and Health Services and Government while professional and Business services have seen a slight pullback from its recent run in growth. Y-O-Y Education and Health Services claims the top spot creating 9,700 jobs over the trailing 12 month period.
Among office using sectors, all have seen a month to month contraction in growth except information which maintains still a negative overall growth rate, losing 300 jobs Y-O-Y.
Nationwide, unemployment dropped by 30bp over the year to 4.7 percent. Declines in unemployment came as a result of a steadily increasing workforce, marginally boosting participation, and job growth outperforming the rate of expansion in the workforce.
Wage growth continues to outpace inflation, reaching highest rate of increase this cycle.
TENANT SCREENING REPORT SERVICES How Tenant Screening Reports Work
Minneapolis-St. Paul JLL employment update January 2017
1. Total jobs vs. unemployment rate: MSP
Source: JLL Research, Bureau of Labor Statistics
Job growth/loss by sector (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
Industrial employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
• Minneapolis-St. Paul maintains it’s fourth-lowest unemployment rate in the
nation among all large metros, according to the most recent BLS estimates.
• New workforce highs were achieved in Education and Health Services and
Government while professional and Business services have seen a slight
pullback from its recent run in growth. Y-O-Y Education and Health Services
claims the top spot creating 9,700 jobs over the trailing 12 month period.
• Among office using sectors, all have seen a month to month contraction in
growth except information which maintains still a negative overall growth rate,
losing 300 jobs Y-O-Y.
• Nationwide, unemployment dropped by 30bp over the year to 4.7 percent.
Declines in unemployment came as a result of a steadily increasing
workforce, marginally boosting participation, and job growth outperforming the
rate of expansion in the workforce.
• Wage growth continues to outpace inflation, reaching highest rate of increase
this cycle.
Employment Update
Minneapolis-St. Paul | January 2017
4.7%U.S. unemployment
1.5%U.S. 12-month job growth
3.0%MSP unemployment
1.4%MSP 12-month job growth
3.8%Minnesota unemployment
1.1%Minnesota 12-month job growth
Office employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
Peak: 1,908,991 jobs
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
1,550,000
1,650,000
1,750,000
1,850,000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Total Employment
Unemployment
-500
-300
-300
700
1,100
1,900
2,000
2,700
7,800
9,700
Manufacturing
Information
Leisure & Hospitality
Trade, Transportation & Utilities
Mining and Logging
Other Services
Government
Financial Activities
Professional & Business Services
Educational & Health Services
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
2011 2012 2013 2014 2015 2016
Mining, Logging & Construction Trade, Transportation & Utilities
Manufacturing Other Services
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
2011 2012 2013 2014 2015 2016
Financial Activities Professional and Business Services
Information Government
In thousands