Every quarter, the Labor Market Information (LMI) Office of the Minnesota Department of Employment and Economic Development (DEED) publishes a slate of research articles that offer insights into important labor market trends. Below is a quick wrap up of all the research articles included in the September 2021 issue of Minnesota Economic Trends, with links to the articles to explore each topic further.
Accelerated Retirements May be Playing a Role in the Current Workforce Shortage
For decades, we knew that a retirement wave was coming based on demographic shifts as baby boomers age. But a few years ago, no one could foresee the behavioral changes due to pandemic-related early retirement. Both the demographic and accelerated retirement trends are being seen around the country – and here in Minnesota.
Second Quarter Forecast: Tight Labor Supply Slows Job Growth
The state of Minnesota is projected to add more than 100,000 jobs from the second quarter of 2021 to the second quarter of 2022. This projected job growth rate surpasses the 1.0% job growth experienced between 2017 and 2019, prior to the pandemic. However, job growth will continue to be limited by workforce shortages in Minnesota, similar to the shortages faced in many parts of the country.
Greater Minnesota's Resident Recruitment Advantage
Minnesota is a leader in rural resident recruitment thanks in part to the University of Minnesota Extension’s pioneering rural movers research. Resident recruitment efforts focus on showing people why working – and living – in a community is the right choice for them. After all, it’s not just about jobs – especially in a tight labor market.
Greater Workforce Shortages in Greater Minnesota
People dropping out of the labor force due to the pandemic is part of the problem right now, but the more systemic reasons for workforce shortages are years of economic growth, an aging workforce heading toward retirement, and fewer young people to replace them. Read what some employers are doing to find more applicants.
Regional & County Profiles: The Beauty is in the Details
Which Minnesota regions are growing in population, which are shrinking and how do demographic changes impact the labor force in various parts of the state? Take a deep dive on the data in this article.
Hardest-Hit Industries During the Early Part of the COVID-19 Recession
The bulk of the jobs lost over the year between second quarter 2019 and second quarter 2020 were concentrated in just five industry sectors. Learn more about these industries and the workers impacted by the jobs that were lost.
Assessing the Initial Impact of the COVID-19 Recession on Minnesota Businesses by Firm Size Class
What sizes of businesses experienced the largest employment impacts during the earliest months of the COVID-19 recession and which were most likely to close during second quarter 2020? Read this article to find out.
You can see an archive of past Minnesota Economic Trends articles on the DEED website.
