4.1. PCSR 08-10-2004 - Laserfiche WebLink

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Executive Summary ECONOMIC DEVELOPMENT REGION 7W Figure 3. Annual Employment Growth: Employment in Region 7W - four counties Region 7W, 1992-2003 located in Minnesota's Central Planning Region - had been growing ai a rapid pace throughout 6% the 1990s, before tapering off during the 6.3% statewide recession in 2001. However, Region 7W 5% 4.8% . :°. was able to add jobs while many other regions 2 4 3% 4.30/0 4.4% suffered severe employment declines. (See Figure o 3.) c 4% • I :.2% Region 7W offers an abundant, well-educated o 3% workforce to businesses in the area. The available E W 2°7° I . 1 1. 2.0% 2.0% labor force 2 hovered around ,00,0ju workers ■� ■■■ throughout 2003, up from 185,000 just three years To earlier. Even as the labor force has increased, the 2 region's unemployment rote has remained stable , 1% and tracked with the state rate. 0% I. �'- , INDUSTRY COMPOSITION rn m L ti m S 8 5 0 0 The region's top-employing industries were ° ° ° O 0) ° ° ° ° N N N manufacturing, retail, healthcare and social assistance, and accommodation and food Source: DEED, Labor Market Information Office. services. Together, these four broad sectors Quarterly Census of Employment and Wages (QCEW). generate almost three-fifths of all employment, Online at www.deed.state.mn.us/Imi/tools/qcew/ or close to 75,000 jobs. Rapid population growth has pushed construction into the top-five list of employing industries in the region. WORKFORCE CHARACTERISTICS Labor force participation rates in Region 7W are • above the already-high state of Minnesota rates, p si V . y Department especially for women. Overall participation rates .e eeumm�ia°s.einmrnmm pp were over 75 percent in every county except uiVSGLU ;. Stearns, which held at 72.8 percent, compared to Minnesota's rate of 71.2 percent. Wages in the Know Your Market! region are lower than the Twin Cities metro area, Effective decisions;require an understanding of although median household incomes are the regional economy and the market-from ' comparable. This is due to the high number of current market conditions, to " residents in Sherburne and Wright County who underlying trends and future commute into the Twin Cities for work. challenges. DEED's Regional Analysis INDUSTRY AND EMPLOYMENT OUTLOOK &Outreach Unit provides Central Minnesota is expected to continue expert analysis services and leading the state in job growth, with employ- 7W customized reports and - ment projected to increase 18 percent through ' I presentations; extending 2010. As in all regions, employment growth will labor market information to be concentrated in services-producing industries aid in planning and - including healthcare and social assistance, decision-making. business services, and educational services - while manufacturing and agriculture are In Central Minnesota, contact Cameron Macht expected to add jobs at a more moderate pace. at: 320.231:5174 ext. 7535 or by e-mail at: cameron.macht @state.mn.us. For other However, the statewide recession has caused regions, see the list of Regional Analysts at Initial Claims for unemployment insurance to www.deedstate.mn.us/Imi/contact/ - increase since 2000. Likewise, the average unemployment spell has increased. The region is expected to regain strength in 2004 .r+r y. :dr- tr ie.4- ,y rp 4.7 x .r' t 's; may. June2DD4