Jobs and minnesota s future
1 / 27

- PowerPoint PPT Presentation

  • Updated On :

Jobs and Minnesota’s Future. Tom Stinson, State Economist January, 2011. Minnesota Has Been Very Successful (Especially For a Cold Weather State at the End of the Road). Our economic growth rate has exceeded the national average Our population growth rate leads the frost belt

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
Download Presentation

PowerPoint Slideshow about '' - brygid

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Jobs and minnesota s future l.jpg

Jobs and Minnesota’s Future

Tom Stinson, State Economist

January, 2011

Minnesota has been very successful especially for a cold weather state at the end of the road l.jpg
Minnesota Has Been Very Successful(Especially For a Cold Weather State at the End of the Road)

  • Our economic growth rate has exceeded the national average

  • Our population growth rate leads the frost belt

  • We rank with the leaders on many social and economic indicators

Minnesota s current success is due to decisions made 50 years ago l.jpg
Minnesota’s Current Success Is Due to Decisions Made 50+ Years Ago

  • Private sector and public sector decisions established the foundation for growth in Minnesota’s economy

  • Dealing with challenges brought by the baby boom was a key to our success

  • Wise investments were made

  • Education has been a key contributor to the state’s success

Midway through this decade minnesota s economy was struggling l.jpg
Midway Through This Decade Minnesota’s Economy Was Struggling

  • Per capita personal income growth (2004-06)

    • 3.5 percent – Rank 47th

  • Real per capita gross state product growth

    • 1.4 percent – Rank 45th

  • Payroll employment

    • 1.2 percent – U.S., 1.6 percent

  • Unemployment Rate at U.S. average

Minnesota employment is recovering faster than the u s average l.jpg
Minnesota Employment Is Recovering Struggle Faster than the U.S. Average

We are headed to a new normal l.jpg
We Are Headed to a New Normal Recession

  • The Great Recession Is over, but we will not return to where we were

  • We are moving to a New Normal

  • Minnesota is not alone—this a global phenomenon

  • Those who recognize this and adapt first will be most successful

  • The next four years will be critical to Minnesota’s future

Workforce development will be crucial to minnesota s economic future l.jpg
Workforce Development RecessionWill Be Crucial to Minnesota’s Economic Future

  • Number of workers

  • Quality of workers

    • New entrants

    • Incumbent workforce

From 2010 to 2020 minnesota will see large increases age 50s and 60s l.jpg
From 2010 to 2020, Minnesota Will RecessionSee Large Increases Age 50s and 60s

Source: Minnesota State Demographic Center, rev 2007

Numbers are rounded

Competition for the future workforce will increase l.jpg
Competition for the Future Workforce Will Increase 2008

Census Bureau US Proj, Mn State Demographer Mn Proj

Slide25 l.jpg
For Many Occupations, Replacements Will Outnumber New Job GrowthProjected Openings In Minnesota Occupations 2009-19

DEED projections. Percent of 2009 level

The new 3 r s for economic success l.jpg
The New 3 R’s for Economic Success Growth

  • Retention

  • Recruitment

  • Retraining

Education is the key to productivity minnesota high school graduation ratio l.jpg
Education Is The Key To Productivity GrowthMinnesota High School Graduation Ratio

2007-08 Mn Dept of Education 5 year graduation rate. Percent of 9th graders who graduate within 5 years