Dear neighbors,
Minnesota’s economy is healthy and growing.
Yesterday, we learned that employers added over 10,000 jobs in May, reducing our unemployment rate to the lowest level in seven years. That’s something every Minnesotan can be proud of.
Our outstanding businesses and talented workforce deserve a tremendous amount of credit for the strong jobs report. And those kinds of numbers show that putting middle-class families ahead of special interests is a good recipe for economic growth, which is exactly the approach the legislature took during the 2013-2014 session.
I proudly put a major focus on creating good jobs by investing in incentives for business expansions, strengthening job training programs and reducing unemployment insurance taxes for businesses. Yesterday’s jobs report shows that approach is paying big dividends.
To learn more, continue reading or click on the video player below to watch my latest video.
Investing in Job Creation
The legislature’s Jobs Bill provided new resources for the Minnesota Investment Fund and the Job Creation Fund, which offer financial incentives to encourage out-of-state companies to set up shop in Minnesota and for existing in-state businesses to expand their operations.
For example, thanks in part to a forgivable loan from the Minnesota Investment Fund, Toro Company is building an addition to their corporate headquarters in Bloomington, retaining 900 workers and adding 50 new corporate positions.
Cutting Business Taxes
The legislature reduced unemployment insurance taxes for businesses by over $346 million, the largest business tax cut in state history. Those savings are helping businesses expand operations and hire more employees.
For example, Thor Construction Company, a Fridley-based firm, expected an estimated savings of $500 annually per worker when the tax cut went into effect last summer.
Investing in Job Training
We invested in customized job training and workforce development programs like FastTRAC and Twin Cities Rise. These programs give workers the training they need to get back to work. Set up through partnerships with local MnSCU campuses and organizations, these training programs can be customized to meet the needs of the businesses in their area.
For example, heavy-duty bus manufacturer New Flyer is expanding operations in St. Cloud and creating over 150 new jobs, bringing their total workforce to over 730 positions. All current and new employees will receive training at St. Cloud Technical and Community College thanks to a job training grant.
Improving Our Infrastructure
A strong bipartisan coalition of state lawmakers approved a capital investment bill estimated to create more than 30,000 jobs by repairing and improving state assets such as roads, bridges and buildings at our public colleges and universities. The result is better and stronger public infrastructure that families and businesses can rely on into the future.
There is more work to do to create good jobs, but if we keep putting middle-class families first, we can build an even brighter future for all.
Sincerely,
Will Morgan
State Representative, District 56B