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Twin Cities Metropolitan Area Economic Analysis
<br /> I ' PAUL-BLOOMINGTON
<br /> ANALYTICS
<br /> ECONOMIC DRIVERS EMPLOYMENT GROWTH RANK RELATIVE COSTS VITALITY
<br /> ddddMWCEO WRO
<br /> 1E= 10=1111
<br /> N El 11
<br /> a�a,w�r-eae
<br /> BUSINESS CYCLE STATUS ANALYSIS
<br /> EXPANSION Recant Performance. rtlnneapolts st. Paul. High tech-HlRh-tech employment has rlsI
<br /> Recovery ■ Bloomington Is 51dlrg along at an Impremlve steadily since 20'4 and will pn3w at an above,
<br /> pare.icib cmatlon has broadened this year with average rate dins,pear and rraxi Medical deuice
<br /> At Rlsk the pu3ksector and almosttwo-Chirds of private makershave made a dN7erence for MLN.wlththe
<br /> Moderating RLIG slop0 Industries addingwsorkers.Afterstrugglirig tomak, acqulslllon of Heat Ware, Medtronlc Is expand-
<br /> headway last year,goods-producing IrcLctrleswe Ing Its market and posltloning Itself to pTtaduce
<br /> ■ I n Recesshan ■ showing 3 of life wit flln In marufacttmrig ventrkculau assist 3Fulces. Medrral dewlce equip-
<br /> , and rr,ngn vi M e rflk P.I Kirg irrii isrrlas are alsr, mart PmOnympr f Ic xIW9 at tha f=asr mla in
<br /> perking up. but flmrs are hawing trouble finding flue years.Going-forward. prospects for growth
<br /> STRENGTHS work m high-skO reads. The unemployxrlent are better for other parts of high tech such as
<br /> a major resear is inst uticns and corporate rate Is no Lamerdedlning thanks to Wd arpan- computer systems.design and Inilomatlan-The
<br /> hesadquartus.faster'nncvation. Slot In the labor force.but at3.s%.It isvwI below latter Is being hurt by Softness 7I lelecorrl, but
<br /> Hilly educated lata,force a:tra rts firms and amgp and below its tmgh maclhed te4ore the same parts of rrlfoYmatron such as software pub-
<br /> supports sboML�average[mcornes. re<esslam.A 4glA Job market coupled with I Icing are hiring and will employ more workers
<br /> Healtby consumer balance sheets. mild-and high-w;W lob additions we lilting wad- than ever before by decade's end-
<br /> It stable,positiverRt mica,ion. es;hourly pay Is up about twice as much as na- Healthcare.Healthcare, whi&4 Is benefiting
<br /> WEAKNESSES 110-tallyover the past year.Meanwhile,Improving from an aging; and expanding population and
<br /> o Relatively high tax Barden For businesses. demand and low Irluentorles of homes for sa;e are mare Insured residents.will add mere Jobs In
<br /> . UraiLy KW Labor market;worker shorrages im ILrI more fesl&ntlal bu4ldlrg.Commercial real MIN this far than last.Industry paymlL ale up
<br /> high-skill 494tr estate Is benefiting from rematlares to the N Icor- about 3%from a year ago,more than In the rest
<br /> Let Nta t and Amamn's new dnibutlo-,center. of the Midwest,and have risen by one-fltth since
<br /> c9Hke Industries.The ILAL In offlcc:using In- 2010.MPZure has helped expand the pool of in-
<br /> L11111111
<br /> n-
<br /> roueTFRM dust-les Is over,and err#oymant will uTcreaw at sured residents and I Ixrease demand for medical
<br /> a rrxod.rate rate as pains In bush professhonal services.Rising hospital admittances and shrink
<br /> RISK LOCI #thgrrinute Hrgro�T seruloI more than offset cutbacks s tnI financial Ing staff-to-patl�'it ratios at Aulna Health'sflve
<br /> zal zoza .-413r services. Insurers have already b€eled up their hospltas will spur filnng. Primary care laalftles
<br /> UPSIDE workforces In response to MNsuae and the Af- are also expanding with Job gains In ambulator'
<br /> fordableCaTe Aft and will now grow more sllnw- healthcare and so-lalasslstamethat vA9Lhelpin-
<br /> Constru=ion activity L.ums out IQ b4 strangar ly.wMillp Mfiks will my rocu=rn curring cosy {omm and conSumu dklat€6 Imumef,
<br /> Meda boost to
<br /> L d high
<br /> manufacturing prop es bigger in the zlrrent interest rate enylronment Mlrlrlea st Paul-&loom on velli
<br /> bcasttohightedr.
<br /> Healthcare investments and rising demand fue: Business and professional service}. on the maintain Its lead over the mice restt but with
<br /> biRgeri us=Jp job gains. otl-,f hand,will soon turn mare exparsianaiy. the labor market tight and low- and hlgh
<br /> DOWNderSjobs
<br /> Office Tents are using,but business coststn+erall shill Jobs becoming hard to fill,growth In the
<br /> D
<br /> m Fewer anagenjabs a IDE ne inco a and are ofily sligtltiy acorn average and r2latdvely low economy'wilt decelerate modesdy this year
<br /> spending growth. for such a large economy.MIN's holy educated and next.The long-run outlook remaM5 pDsk
<br /> Ery6of insurance bacm weighs more heayhy on workforce volt appeal to talent-hungry firms,but true. A diversified economy,the presence of
<br /> financialactiviLiesrnarploymem. growth will tie hampered by poor labor avall- key anchors,and strengtheningderrtographks
<br /> abdrtv Neverttleless,the nurtrher of high-paying will enabie MIN 10 perform hettsrlhartthere-
<br /> ■ matnaVrilentjobs Is no k erdedlningand-1.l elan and the nation over the forecast harbixL
<br /> ++�� get a 000st next year when Stahl Corrstct
<br /> ru 'on 5^a La';Nott r_&6¢-75-3266
<br /> male AS 0FCJ341yT13,2013 moue_Its headquairtem to MIN. JuRe2015
<br /> 185.1 1901 192.7 196.B 201.1 21363 Gross metro product(095 bit) 213.8 2218 ZZ7.5 232.0 237.0 252.9
<br /> 33 3-0 7.1 2-1 22 26 %change 3.6 39 2.6 2:0 22 25
<br /> 1.750.6 1]91.2 1,824.1 1.9615 1.894.6 19299 Total employment(tW 1.9613 1,989-8 2.016,8 2,037-2 2.048.1 2,053.1
<br /> DS 2.3 Jeb 231 7.9 7.9 %change 96 IS I'd 7.0 0.d 0-3
<br /> 73 63 5.4 4.6 3.8 3.4 Unemployment rate M) 3.1 2.6 2.3 25 2.7 2.8
<br /> -A III 7n 47 r1n d4 AR Oaiavralrnnxnwsrnwth(W.) 77 A -40 aq 77 :1R
<br /> 635 643 66.6 67 7 69.1 70.5 Median household Income{$tha) 71.1 73.2 75.1 76.€4 782 791
<br /> 33555 3389.6 3,4233 3,460.8 3,4951 3,S246 Papulation(Eths) 3aFi23 3,600.7 3kAI 3 W_9 3)ral 3,7625
<br /> 0-8 J.0 fD U �.0 0.8 5..cI 1.1 1.1 J.f TJ TJ 1.7
<br /> -02 107 9.8 13.9 17-1 4.8 NetmtgratFan ftraj 13-6 145 16.1 16.9 1r79 17.3
<br /> 3.,867 3,B32 5,829 7,262 6,689 8,495' SmgLe-faanl{y permits{#) 9.869 15,075 18,519 18,842 17]21 18321
<br /> TX1 1-4% 5,T43 4,886 4,736 5,484 MuittfamrtyperrnlG�#) 2,842 538.5 6368 5.690 5]32 6,126
<br /> 18SA, 175.1 174.2 154.8 1963 205.5 FHFhhousr prke(19QSQ1=100) 214.7 223-6 2a8.9 232.9 237.7 2.43.8
<br /> 76 MQ4DY'S ANALYT4C5 f Pr(=t4 LI.S.Mean f mlimest f June 2GIF
<br /> 361 Page
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