This year has been filled with milestones for the Minneapolis-St. Paul economy, and once again the metro has achieved its largest ever employment count and labor force: 1.91 million and 1.97 million, respectively. Additionally, this month marked Minneapolis-St. Paul’s peak employment in professional and business services, a fundamental component to the metro’s economic growth. Over 4 thousand jobs have been added month-over-month, an impressive gain after an addition of 8,500 jobs last month. At the national level, June saw 287,000 net new jobs added to the U.S. labor market, a return to healthy growth after a weak May that saw gains revised downward to just 11,000 jobs. This is the highest monthly figure in eight months and will be reassuring to decision makers such as the Federal Reserve. High-performing markets across the U.S. have seen and expect further slowdowns in the rate of job growth as employers run up against talent shortages–a challenge that is especially pertinent to Minneapolis-St. Paul.

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
• This year has been filled with milestones for the Minneapolis-St. Paul
economy, and once again the metro has achieved its largest ever
employment count and labor force: 1.91 million and 1.97 million, respectively.
• Additionally, this month marked Minneapolis-St. Paul’s peak employment in
professional and business services, a fundamental component to the metro’s
economic growth. Over 4 thousand jobs have been added month-over-month,
an impressive gain after an addition of 8,500 jobs last month.
• At the national level, June saw 287,000 net new jobs added to the U.S. labor
market, a return to healthy growth after a weak May that saw gains revised
downward to just 11,000 jobs. This is the highest monthly figure in eight
months and will be reassuring to decision makers such as the Federal
Reserve.
• High-performing markets across the U.S. have seen and expect further
slowdowns in the rate of job growth as employers run up against talent
shortages–a challenge that is especially pertinent to Minneapolis-St. Paul.
Employment Update
Minneapolis-St. Paul | July 2016
4.9%U.S. unemployment
1.7%U.S. 12-month job growth
3.1%MSP unemployment
1.5%MSP 12-month job growth
3.8%Minnesota unemployment
1.1%Minnesota 12-month job growth
Office employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
-200
500
700
900
1,100
1,600
4,300
4,500
4,600
10,400
Information
Mining and Logging
Trade, Transportation & Utilities
Financial Activities
Other Services
Manufacturing
Professional & Business Services
Government
Leisure & Hospitality
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
In thousands
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
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
Peak: 1,908,991 jobs

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
May 2014 May 2015 May 2016
Total Non-farm
Employment
1,903,000
1.8%
1,944,600
2.2%
1,973,000
1.5%
Unemployment Rate 3.7% 3.5% 3.1%
MSP supersectors May 2014 May 2015 May 2016
Mining, Logging &
Construction
72.5 8.5% 79.5 9.7% 80 0.6%
Manufacturing 189.2 1.8% 193.8 2.4% 195.4 0.8%
Trade, Transportation,
& Utilities
343.2 1.9% 349.5 1.8% 350.2 0.2%
Information 39.4 -2.0% 38.9 -1.3% 38.7 -0.5%
Financial Activities 144.0 -0.3% 147.9 2.7% 148.8 0.6%
Professional &
Business Services
296.3 1.9% 304.7 2.8% 309 1.4%
Educational & Health
Services
308.2 2.1% 315.9 2.5% 326.3 3.3%
Leisure & Hospitality 179.2 2.9% 183.4 2.3% 188 2.5%
Other Services 79.5 0.4% 79.2 -0.4% 80.3 1.4%
Government 251.6 1.1% 251.8 0.1% 256.3 1.8%
18%
16%
16%13%
10%
9%
8%
4%
4%
2%
Trade, transportation and Utilities Educational and Health Services
Professional and Business Services Government
Manufacturing Leisure and Hospitality
Financial Activities Other Services
Mining, Logging and construction Information
For more information, please contact:
Carolyn Bates │ carolyn.bates@am.jll.com