About the Business Services Industry
The Business Services field includes the Professional, Scientific & Technical Services, Management of Companies, Real Estate, Rental & Leasing and Administrative Support & Waste Management Services sectors.
Featured Careers in Business Services
In Demand Careers
- General and operations managers
- Financial managers
- Property, real estate, and community association managers
- Human resources specialists
- Project management specialists
- Management analysts
- Market research analysts and marketing specialists
- Accountants and auditors
- Computer systems analysts
- Software developers
- Paralegals and legal assistants
- Security guards
- Janitors and cleaners, except maids and housekeeping cleaners
- Landscaping and groundskeeping workers
- Sales representatives of services, except advertising, insurance, financial services, and travel
- Real estate sales agents
- First-line supervisors of office and administrative support worker
- Bookkeeping, accounting, and auditing clerks
- Customer service representatives
- Secretaries and administrative assistants, except legal, medical, and executive
- Office clerks, general
- Maintenance and repair workers, general
- Laborers and freight, stock, and material movers, hand
- Miscellaneous assemblers and fabricators
Business Services Industry Trends
- In 2022, there were around 46,000 establishments providing almost 425,000 jobs in the Business Services field, with a payroll of just over $41 billion dollars. That accounted for about 15% of total employment in the state, or 1 in every 7 jobs.
- The largest sector was Professional, Scientific & Technical Services with 167,000 jobs at 27,300 establishments, followed by Administrative Support & Waste Management Services, with 135,000 jobs at 10,000 establishments. Management of Companies provides 87,500 jobs at 2,000 firms, and Real Estate, Rental & Leasing is the smallest sector with 35,000 jobs at 7,000 establishments.
- Average annual wages topped $96,700 in 2022, which was about $27,000 above the average across all industries but varied from a low of just over $53,500 in Administrative Support & Waste Management Services to a high of nearly $143,000 in Management of Companies, which was the highest among the 20 main industries in the state.
- In sum, the Business Services field gained more than 45,500 jobs from 2012 to 2022, including a jump of 26,500 jobs in the past 2 years. Professional, Scientific & Technical Services was one of the fastest and largest growing industries in Minnesota since 2012, gaining more than 35,000 jobs over the past 10 years, including 12,000 new jobs in the past 2 years. Administrative Support & Waste Management Services has added almost 13,000 jobs since 2020 as the economy has recovered.
- Employers in the Business Services field reported nearly 17,000 job vacancies in 2022, as employers struggled to find workers to fill open jobs. A higher percentage of openings require postsecondary education, and median wage offers were higher than in other industries.
- According to DEED’s long-term projections, the Business Services field is expected to add about 26,700 jobs over the next decade, a 6.8% rate of growth.
- Several occupations in demand in Business Services are expected to see growth in the future as well as demand from replacement openings as existing workers retire. Many jobs in Business Services require postsecondary education, though some can be started with a High School Diploma and some on-the-job training.
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