Regional Employment Projections
DEED's Employment Outlook provides projections compiled by both occupation and industry for the state and for the six regional planning areas. These 10-year forecasts are updated every other year, showing net employment growth and net replacement demand over the projection period. Net replacement demand shows the need for new entrants to the field of work to replace workers who retire or otherwise leave the field.
Employment in Central Minnesota is projected to grow by 5% from 2020 to 2030 according to DEED's recently released employment projections. The region is expected to have 15,046 openings from new job growth, and an even more impressive 136,960 openings from workers leaving the labor force. Combined we project more than 152,000 openings in the region from 2020 to 2030.
The most recent projections period was 2020 to 2030, which captures the initial impacts that the pandemic had on the workforce. Having the base year of projections coincide with the most acute employment decline in decades, however, had some additional, less intuitive effects. The largest of these is that the 2020-2030 projected employment growth rate (+5.5%) was more than triple the projected growth rate of the 2018-2028 period (+1.6%).
In addition to surging levels of current demand, Minnesota's Northwest Region is also projected to see strong job growth over the next decade. This round of projections start with the recession-depressed job counts from 2020, and therefore some of the expected growth is actually remaining job recovery. This includes faster gains in the industries that were hardest hit, including Leisure & Hospitality, which typically is not among the fastest growing industries in our 10-year forecasts.
Newly updated employment projections data from DEED's Employment Outlook shows that the Southeast region of the state is projected to see 5.1% job growth from 2020 to 2030. That equals 13,235 new jobs, with many of the projected openings in occupational groups that are prime for youth employment, including Food Preparation & Serving, Healthcare Support (i.e., CNA's and Personal Care Assistants), and Sales & Related.
Even accounting for the record levels of current demand, Minnesota's Southwest Region is also projected to see job growth of nearly 7,700 new jobs over the next decade. DEED's Employment Projections through 2030 start with the recession-depressed job counts from 2020, and therefore some of the expected growth is actually remaining job recovery. However, even once the region gets back to pre-pandemic employment levels, there is expected to be some additional growth.
Recently the Minnesota Department of Employment and Economic Development (DEED) released updated job vacancy data with its Job Vacancy Survey (JVS) data tool. According to this data, job openings across the state climbed to a record high in the fourth quarter 2021 - nearly 214,100 job vacancies. Similarly, the Seven-County Metro Area hit a new record high of over 126,900 job vacancies.
2022 Connecting Entrepreneurial Communities Conference
September 8-9, 2022 - Red Wing, MN
Entrepreneurs will help create the future of Minnesota. That's why the Connecting Entrepreneurial Communities (CEC) conference will, for the fourth year, bring together entrepreneurs, business leaders, economic development professionals, decision makers, and community champions. Together, we can create the kind of supportive networks that help entrepreneurs succeed in our communities.
The conference is being led by University of Minnesota Extension Center for Community Vitality, and joined by the Minnesota Small Business Development Centers, Rethos, Launch Minnesota, Minnesota Department of Employment and Economic Development, the University of Minnesota Carlson School of Management, and many other organizations.
https://sites.google.com/umn.edu/entrepreneurial-communities-mn/home
Please reach out to your regional analyst if you or your staff would be interested in having a customized LMI training session. We would be happy to accommodate your training requests, either on LMI Data Tools or local economic conditions!
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