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Twin Cities Metropolitan Area Economic Analysis
<br /> EPAUL-BLOOMINGTON
<br /> ANALYTICS
<br /> ECONOMIC DRIVERS EMPLOYMENT GROWTH RANK RELATIVE COSTS VITALITY
<br /> BUSINESS CYCLE STATUS AWXY55
<br /> EXPANSION :10 Recent Peribli-M K2. Minneapolis St. Paul High tech_Hlrrh-te€h employrrr?rlt has risen
<br /> ir Re€overy ■ nlooamingion is gilding aloi ai an Impressive steadily since 2014 and will prow at an above
<br /> pa€e.job creation has broadened this year with average rate LINS Year and niaL Medical deatce
<br /> At Risk the pubLic sector and.almosttwao-thirds GI private. makers Bove made a dlttermoe for MIN.Withthe
<br /> moderatingRecemliGn mdusnesaddingworkers.AfterStruggling tomake acquisition of Heat Ware, Medtronlc Is expand-
<br /> headway lastyea, ods-producing Indwtrles" IN,Its martt and positioning Itself to produce
<br /> ■
<br /> In Recession ■ showing signs of Me wit hlring In man ifacwrlrg trM-Ww assist devices. Medical device equlp-
<br /> t and c€nnx
<br /> sttion.0111ce-usin Industries are also etnp{o}^ment Is rising at tl�e fastest rate M
<br /> pefklng up, but firrim are hawing trouble llrrdl ve years.Going forward. prospects for growth
<br /> STRENGTHS workers In high-skid f4t. TI-m unem bettii for other parts of high tech such as
<br /> 144m reiieaTch institutions and corparate rate Is ria IAngef dedlning thar'ks to r systems design and Information.The
<br /> headquarters faster innovation. sI[minftlatorfcrr€e.but ar3.s%.it4 ow I being hiurt by oftrmss Irl Telecom. but
<br /> t Highly educated later force a:tra is firms and av mge and WowIts trough the of Information g.Ich as software pub-
<br /> mTports a�Me-aarerage rr,cornes. Lm rezRmw.A tk T job pled with I lshinrg ng and will emplay more workers
<br /> o Healtby consumer balance sheets. mid-and nl.gh-wage j€rh aye=u g- than e,wr fore by✓decade"s end_
<br /> Stable,positivefRi rni a.iDn. es;I Oudy pay Is LIP about t m na- Healthcare.Healthcare, whict-4 Is b-wieflting
<br /> WEAKNESSES tlonatfyMWthe past year. ng from an agng and expanding population and
<br /> e WativeLy high tax twden for businesses. demand and Low IrhwrMrl5 of sale are more Insured residents.will add rule jobs In
<br /> . Urv3aLy Eet Labor market;worker shormEes in. tLr�l tnp nicde dlrg_ I real MIN this far than Lv_industry paymtJs are up
<br /> higlrskll fields estate Ls benefltl tIFtS to - abaut 3%from a yea ago,more than In the fest
<br /> l€t Mall andew of the Midwest,and have risen by one-firth since
<br /> offke ndustrl a In- 2010.Mwum has hoped expard the pool of in-
<br /> SHOUTERN LONGTERM dui r,and . willLmi-easeat suredresidentsandl.nowsedemand for medical
<br /> e as gal bLskrle,a professional services.Rising hospital admittances and shrink-
<br /> RISK
<br /> hrinkalsl€P osunE H r Ices than c s to financial I staff-to- atlent ratios at Alllna Heatth's five
<br /> zai zoz,I 4thqulnu8e �" services rs haw y beefed up lhelr ho pltas will Spur filnng. Primary care 4attlftles
<br /> UPSIDE
<br /> and the Af- are also expandingwith Job gains In ambulatory'
<br /> Care Act an tlI nonv grow more SJIYW- healthcare and social assistance that vA1l help VP
<br /> instruction acts:ity wins out to be stm L , banks wills rocused on cuT.ting coconsumer-related comes and consumrelated Industries
<br /> helical✓'=vicernanufaRuringprow
<br /> boast to hight:edt. t nt Lintemst rate environment MinnaM&St_ Pauoml-Lklo0911 WE
<br /> H.ealtl• are invastments and Ti andiuel I nd professional serwlces. an the maintain Its lead over the Midwest,blit Withbigger inv�sy job gains. ha ,will soon turn mare expamsowy. the labor market tight and tour- and h
<br /> DOWNSIDE a T€91t5 are rising,but business costsoveraJI skill Jobs becoming hard to fill,growth In the
<br /> e Fewer-inanagernentjobs ur,sarmine" and ysligtitlyaterve averageand relatively low ecommy will decelerate modestly this year
<br /> spending growth. wch a large economy.MIN's highly educated and next.The long-run outlook rernaitls posl-
<br /> En6 f insurance boom weighs more heavily w>arkforog well appeal to talerrt-hurigry firms,but tfve. A diversified economy,the presence of
<br /> financiala€tNitinsemploynmmt. grorw0i will be hampered by poor labor avall. key anchors,and stretngtheningdemographics
<br /> ablfrtr.Nevertheless,the nurnrber of high-paying w9teriable MIN toperform betterthanthere-
<br /> , mann ementjobs is nolor rdedlningandwill gm and the nation over the tbrecastttx orL
<br /> Aa++�� fget a boost next year w4ten stailil Corrsrructron shanncav CVotxf r-&66-2753266
<br /> Ci AS C1F'3ill13,2Q73 moves Its headquarters to MIN. JuRe2076 ire' a3�tk my.aatT
<br /> a C�4dl 41 M4
<br /> 1135.1 190_7 1927 196.8 241.1 2OG3 Grass(metro praducttC4)9$bil} 213.8 2.21,13 227.5 232.0 237.0 242.9
<br /> 33 307 7.1 2.7 2.2 2.6 %chmge 36 37 2.6 Z:O 22 2-5
<br /> 1.750.6 1]91.2 1,824.1 5,8615 1.894.6 19299 Total emptoyrnent(ths) 1.9613 1,984.8 2,016,13 2,037-2 2.1146-1 2.053.1
<br /> 0s 2.3 7_8 ZVI 1-9 7.9 %change 96 LS 1,d 7.0 Old 0_3
<br /> 73 63 5.4 4.6 3.8 3.4 Unemployment fate(%) 3.1 2.6 2.3 25 2.7 2.8
<br /> 38 7111 5.2 Q8 4_q 4;® Personal fnrnmegrawth(%) 27 .431 3.9 33 37 3.8
<br /> 635 643 66.0 677 69.1 70.5 Mediar%hausehald income{$this) 71.1 73.2 75.1 76.9 78-2 79.7
<br /> 33555 3389.6 3,4233 3,460.8 3,4957 3,S24i; Pcputation(tths) 35623 3,61)07 3,(AITS 3.0843 3)ral 3,7625
<br /> 0_8 J.0 To J-7 8.0 0.8 5a&nge 1.1 11.1 1.1 1.J 1.J 1.7
<br /> -02 147 9.8 13.9 17-1 4,11 Net inlgran W) 13-6 145 16.1 15,9 173 17.3
<br /> 3,857 3,832 5,829 7262 6,589 8.499 Single-f3mily permits{#) 9.869 15.075 18,519 18,6-02 V7 121 18321
<br /> TX1 1396 5]43 4,865 4,736 5,484 MuLtrf'arn4pesrattsIJ) 2,842 53985 6468 5,590 5.7 3Z 6.126
<br /> 186.8 175.1 74.2 184.8 1963 205.5 FHFAhauseprice(19996Q1=108) 214.7 223.5 228.9 232.8 237.7 243.8
<br /> 75 MOOCYf'S ANALYTICS f Pnmsr~u-s.Mevo f mioNest i Jane 2G-.[.
<br /> 361 Page
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