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Executive Summary <br /> • ECONOMIC DEVELOPMENT REGION 7W Figure 3. Annual Employment Growth: <br /> Employment in Region 7W - four counties Region 7W, 1992-2003 <br /> located in Minnesota's Central Planning Region - <br /> had been growing at a rapid pace throughout 6% <br /> the 1990s, before tapering off during the 5.3% <br /> statewide recession in 2001. However, Region 7W t ° 4.8% . <br /> was able to add jobs while many other regions o 5/O 4 3°7e 4.3% 4.4% <br /> suffered severe employment declines. (See Figure 0 <br /> ' <br /> 3.) 4%E .2% 3.3% <br /> Region 7W offers an abundant, well-educated c 3% <br /> workforce to businesses in the area. The available E <br /> labor force hovered around 200,000 workers <br /> w 2°!D I I I <br /> 2.0% I 2.0% <br /> throughout 2003, up from 185,000 just three years <br /> earlier. Even as the labor force has increased, the c <br /> region's unemployment rate has remained stable a 17o I ' <br /> and tracked with the state rate. <br /> 0% <br /> INDUSTRY COMPOSITION <br /> The region's top-employing industries were °' °' °' °' °' g N N N <br /> manufacturing, retail, healthcare and social <br /> assistance, and accommodation and food Source:DEED, Labor Market Information Office. <br /> services. Together, these four broad sectors Quarterly Census of Employment and Wages (QCEW). <br /> generate almost three-fifths of all employment, Online at www.deed.state.mn.us/Imi/tools/gcew/ <br /> or close to 75,000 jobs. Rapid population growth <br /> has pushed construction into the top-five list of <br /> • employing industries in the region. WORKFORCE CHARACTERISTICS <br /> Labor force participation rates in Region 7W are <br /> above the already-high state of Minnesota rates, <br /> p si V Department W Employment especially for women. Overall participation rates <br /> J ane Economic Development <br /> p�+ t were over 75 percent in every county except <br /> 1��(�J GL Stearns, which held at 72.8 percent, compared <br /> to Minnesota's rate of 71.2 percent. Wages in the <br /> Know Your Market! region are lower than the Twin Cities metro area, <br /> Effective decisions require an understanding of although median household incomes are <br /> the regional economy and the market-from comparable. This is due to the high number of <br /> current market conditions, to residents in Sherburne and Wright County who <br /> underlying trends and future commute into the Twin Cities for work. <br /> challenges. <br /> DEED's Regional Analysis INDUSTRY AND EMPLOYMENT OUTLOOK <br /> & Outreach Unit provides Central Minnesota is expected to continue <br /> expert analysis services and leading the state in job growth, with employ- <br /> customized reports and ment projected to increase 18 percent through <br /> presentations; extending 2010. As in all regions, employment growth will <br /> labor market information to be concentrated in services-producing industries <br /> aid in planning and - including healthcare and social assistance, <br /> decision-making. business services, and educational services - <br /> while manufacturing and agriculture are <br /> In Central Minnesota, contact Cameron Macht expected to add jobs at a more moderate pace. <br /> at: 320.231.5174 ext. 7535 or by e-mail at: <br /> cameron.macht@state.mn.us. For other However, the statewide recession has caused <br /> regions, see the list of Regional Analysts at Initial Claims for unemployment insurance to <br /> www.deed.state.mn.us/Imi/contact/ increase since 2000. Likewise, the average <br /> unemployment spell has increased. The region is <br /> expected to regain strength in 2004. <br /> 2 June 2004 <br />