Laura Kalambokidis One Minnesota Conference January 7, 2015 Minneapolis, MN Economic Outlook Across Minnesota MINNESOTA MANAGEMENT & BUDGET MMB.STATE.MN.US.

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Presentation transcript:

Laura Kalambokidis One Minnesota Conference January 7, 2015 Minneapolis, MN Economic Outlook Across Minnesota MINNESOTA MANAGEMENT & BUDGET MMB.STATE.MN.US

Percent of Total Non-Farm Employment by Sector (2013) Minnesota’s diverse industry profile mirrors U.S. Source: MN Department of Employment and Economic Development (DEED) 2

Regional center unemployment rates falling 3

County unemployment rates falling 12-month change in unemployment rates by county, not seasonally adjusted, November 2014 (Source: U.S. Bureau of Labor Statistics)

Low unemployment, high growth region Unemployment rates by state, seasonally adjusted, November 2014 (Source: U.S. Bureau of Labor Statistics) Percent change in real GDP by state, plains region, 2013 (Source: Bureau of Economic Analysis )

Industry profile, labor market influence Minnesota economy Industrial diversity helps economic resilience Perfect storm tightens state labor market – Economic expansion – Slower labor force growth – Low unemployment neighborhood To thrive: attract, train, retain workers