DEED Roundup – July 23, 2018

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July 23, 2018

DEED in the News

Minnesota's Diverse Economy Offers Advantages

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The Minnesota economy grew at a slower pace than the U.S. economy in the past year, but that doesn't necessarily indicate a problem. In fact, it might reflect one of the state's strengths.

Minnesota's economic diversity can insulate the state from the benefits of an economic boom, but it also works as a buffer against busts, said Neal Young, economic analysis director at DEED.

“The highs are maybe not quite as high, the lows are maybe not quite as low as some of those states that really have more of their eggs in one basket,” Young said. 

Kensington Gets DEED Funding for New Water Infrastructure
Echo Press-7/19/18

Kensington is on its way to getting a new water tower. DEED recently announced a $600,000 grant for the tower from its Small Cities Development Program. It's the first large funding piece to be announced for the estimated $2.4 million project, which also will include replacing wells and deteriorating water mains and adding to the water treatment plant.

"We've been working at this for two years, and it's exciting to see it start to come together," said City Clerk Jennifer Kangas.

Recent Press Releases

Another Strong Month for Minnesota Labor Market

Minnesota employers added 6,600 jobs in June, according to seasonally adjusted figures released by DEED last week. The latest figures brought state job growth over the past year to 45,517, an increase of 1.5 percent. The U.S. growth rate during that period was 1.7 percent. Minnesota now has a seasonally adjusted total of 2,962,300 jobs statewide, the most in state history. The unemployment rate held steady at 3.1 percent in June.

Serving Our Customers

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Mexico Minnesota's third-largest export market –  offers ​vast ​and ​growing ​opportunities ​for ​Minnesota ​companies. The Minnesota Trade Office will present a seminar on Aug. 3 that covers trends and opportunities in Mexico, market entry and expansion considerations, navigating export sales, and assistance available to Minnesota producers of goods and services. Register here to participate.  

Did You Know?

Great Lakes freighter

Shipping along the Great Lakes-St. Lawrence Seaway accounted for $1.4 billion in spending and 6,361 jobs in Minnesota last year. The Great Lakes Seaway Partnership released a study last week that said 31.2 million metric tons of iron ore, grain, machinery and other cargo were shipped through Minnesota ports in 2017.