© 2014 Regents of the University of Minnesota. All rights reserved. Greater Minnesota’s Economic Composition: Industries and Performance JANUARY 2015.

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Presentation transcript:

© 2014 Regents of the University of Minnesota. All rights reserved. Greater Minnesota’s Economic Composition: Industries and Performance JANUARY 2015

© 2014 Regents of the University of Minnesota. All rights reserved. 1. GENERAL THEMES OF GREAT RECESSION ( ) HOLD TRUE IN GREATER MINNESOTA

© 2014 Regents of the University of Minnesota. All rights reserved. RECOVERY HAS BEEN UNEVEN SPIKE IN TEMPORARY HIRING RETAIL TRADE AND CONSTRUCTION INDUSTRIES SUFFERED Change in Number of Jobs, Gold = Decline Maroon=Increase Regions with Declines in Retail Trade Wages, After Adjusting for Inflation,

© 2014 Regents of the University of Minnesota. All rights reserved. 2. MANUFACTURING, PROFESSIONAL AND BUSINESS SERVICES, AND AGRICULTURE ARE TYPICALLY THE “BIG 3” IN TERMS OF OUTPUT

© 2014 Regents of the University of Minnesota. All rights reserved. MANUFACTURING Regions with Increase in Manufacturing Jobs,

© 2014 Regents of the University of Minnesota. All rights reserved. PROFESSIONAL AND BUSINESS SERVICES Change in Number of Jobs in Professional and Business Services Industry Gold = Decline Maroon = Increase

© 2014 Regents of the University of Minnesota. All rights reserved. AGRICULTURE

© 2014 Regents of the University of Minnesota. All rights reserved. 3. MINING REMAINS IMPORTANT

© 2014 Regents of the University of Minnesota. All rights reserved. 4. HEALTH CARE IS FASTEST GROWING INDUSTRY, BUT…. Change in Health Care Industry’s Competitive Share, Gold = Negative Maroon = Positive

© 2014 Regents of the University of Minnesota. All rights reserved. DECLINE IN # OF JOBS AT OFFICES OF PHYSICIANS Regions with Declines in Number of Jobs at Offices of Physicians,

© 2014 Regents of the University of Minnesota. All rights reserved. SHIFT IN NURSING AND RESIDENTIAL CARE Regions With Decline in Skilled Nursing Care and Increase in Continuing Care Retirement and Assisted Living Facilities,

© 2014 Regents of the University of Minnesota. All rights reserved. 5. CERTAIN INDUSTRIES PERFORM WELL IN CERTAIN REGIONS  Wholesale trade  Housing markets  Banking

© 2014 Regents of the University of Minnesota. All rights reserved. The University of Minnesota is an equal opportunity educator and employer. This PowerPoint is available in alternative formats upon request. Direct requests to Brigid Tuck,