•Minneapolis-St. Paul has the fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates. •Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,800 jobs have been added in the industry year-over-year (Y-O-Y). •While office-using sectors were responsible for 52% of growth this month, educational and health services continue to drive regional employment gains and currently account for 37% of Y-O-Y job growth. •Nationwide, unemployment dropped by 30bp to a cyclical low of 4.6 percent. This is possible by consistent job growth and a slight decline in the labor force participation rate to 62.7 percent. •With continued wage growth and inflation now at 1.6 percent, nearing the Federal Reserve’s 2.0-percent target and unemployment at its lowest point since August 2007, the stage has been set for a rate hike by the end of the year.

1. Total jobs vs. unemployment rate: MSP
Source: JLL Research, Bureau of Labor Statistics
Job growth/loss by sector (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
Industrial employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
• Minneapolis-St. Paul has the fourth-lowest unemployment rate in the nation
among all large metros, according to the most recent BLS estimates.
• Once again, MSP achieved record-breaking employment totals for
professional and business services, a fundamental component to the metro’s
economic growth. A net total of 8,800 jobs have been added in the industry
year-over-year (Y-O-Y).
• While office-using sectors were responsible for 52% of growth this month,
educational and health services continue to drive regional employment gains
and currently account for 37% of Y-O-Y job growth.
• Nationwide, unemployment dropped by 30bp to a cyclical low of 4.6 percent.
This is possible by consistent job growth and a slight decline in the labor force
participation rate to 62.7 percent.
• With continued wage growth and inflation now at 1.6 percent, nearing the
Federal Reserve’s 2.0-percent target and unemployment at its lowest point
since August 2007, the stage has been set for a rate hike by the end of the
year.
Employment Update
Minneapolis-St. Paul | December 2016
4.6%U.S. unemployment
1.6%U.S. 12-month job growth
3.1%MSP unemployment
1.4%MSP 12-month job growth
4.0%Minnesota unemployment
1.1%Minnesota 12-month job growth
Office employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
Peak: 1,908,991 jobs
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
1,550,000
1,650,000
1,750,000
1,850,000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Total Employment
Unemployment
-1,000
-500
-300
500
1,400
2,500
2,500
2,900
8,800
9,700
Leisure & Hospitality
Manufacturing
Information
Trade, Transportation & Utilities
Mining and Logging
Government
Other Services
Financial Activities
Professional & Business Services
Educational & Health Services
-20.0
-10.0
0.0
10.0
20.0
30.0
2011 2012 2013 2014 2015 2016
Financial Activities
Professional and Business Services
Information
Government
In thousands
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
2011 2012 2013 2014 2015 2016
Mining, Logging & Construction
Trade, Transportation & Utilities
Manufacturing
Other Services

2. Industry employment stratification
Minneapolis-St. Paul
Source: JLL Research, Bureau of Labor Statistics
©2016 Jones Lang LaSalle IP, Inc. All rights reserved.
Employment statistics
Minneapolis-St. Paul
October 2014 October 2015 October 2016
Total Non-farm
Employment
1,920,600
1.5%
1,955,700
1.8%
1,982,200
1.4%
Unemployment Rate 3.1% 2.9% 3.1%
MSP supersectors October 2014 October 2015 October 2016
Mining, Logging &
Construction
79,000 7.9% 82,300 4.2% 83,700 1.7%
Manufacturing 192,500 2.8%194,600 1.1% 194,100 -0.3%
Trade, Transportation,
& Utilities
345,200 1.4%350,200 1.4% 350,700 0.1%
Information 39,400 -1.3% 39,200 -0.5% 38,900 -0.8%
Financial Activities 144,400 -0.6%147,500 2.1% 150,400 2.0%
Professional &
Business Services
304,300 1.6%308,200 1.3% 317,000 2.9%
Educational & Health
Services
311,200 2.2%320,600 3.0% 330,300 3.0%
Leisure & Hospitality 174,000 0.6%179,200 3.0% 178,200 -0.6%
Other Services 79,600 1.5% 80,700 1.4% 83,200 3.1%
Government 252,800 0.6%253,200 0.2% 255,700 1.0%
For more information, please contact:
Tyler Hegwood │ tyler.Hegwood@am.jll.com
18%
17%
16%13%
10%
9%
7%
4%
4% 2%
Professional and Business Services Financial Activities
Leisure and Hospitality Information
Educational and Health Services Mining, Logging and construction
Manufacturing Trade, transportation and Utilities
Other Services Government