Dear neighbors,
This will be my final legislative update of the year. During an election year, state law prohibits elected officials from sending mass emails after 60 days from adjournment of the legislative session. That deadline is today.
If you would like to read the latest news and updates about the legislature, you will still be able to find them by visiting my website at www.house.mn/11B.
For my final legislative update, I want to share some of the positive economic news we’ve received over the past few weeks. The facts show that businesses are hiring, more people are working, and our economy is growing. We still have plenty to do to help Minnesotans who have not felt the economic recovery, but the steps we took during the 2013-2014 legislative session, such as investing in education, job creation and property tax relief, are working well and positioned us to build on our positive momentum in the years ahead.
Please contact me with any questions, ideas or concerns. You can reach me by phone at (651) 296-0518, by email at rep.tim.faust@house.mn or by postal mail at 567 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.
It is an honor to serve you at the legislature.
Sincerely,
Tim Faust
State Representative, District 11B
Jobless rate at lowest level in seven years:
Minnesota employers added over 10,000 jobs in May, according to the most recent jobs numbers available. Our unemployment rate is now at its lowest level in seven years. Minnesota’s manufacturing sector added an impressive 2,900 jobs, an important sector that ripples across others. Even better, Minnesota added a healthy 3,800 construction jobs, showing that businesses and communities are expanding.
From the time the 2013-2014 legislative session began, Minnesota has added well over 50,000 jobs statewide – restoring all the jobs lost during the Great Recession. There are now more jobs in Minnesota than at any time in our state’s history. We must do more to put people back to work but those kinds of strong numbers indicate that we are on the right track.
Minnesota ranked second for talent pipeline:
According to the U.S. Chamber of Commerce, Minnesota is home to the second best ‘talent pipeline’ in the nation – an important measurement of the skills and talents of our workforce.
The Chamber had this to say in a recent report:
“Ranked 2nd for its talent pipeline in this year's report, Minnesota is strengthening workforce skills and economic growth by bringing multiple stakeholders to the table to work in partnership.
The state's Governor's Workforce Development Council (GWDC) brings together leaders from the private, public, and education sectors, along with community leaders, to recommend ways to better align the state's workforce skill development with real-world needs.
The Minnesota Job Skills Partnership, part of the state's Department of Employment and Economic Development (DEED), has also been tasked with leading state efforts to build a more globally competitive workforce. The initiative provides training grants of up to $400,000 to educational institutions throughout the state to build workforce skills training partnerships with private industry.”
The legislature’s investments in education, including all-day Kindergarten for every child, preschool scholarships, more funding for every student and a two-year college tuition freeze, are helping to build an even better workforce that can compete in today’s increasingly global economy.
Budget outlook stable and strong:
Thanks to our talented workforce, outstanding small businesses and smart fiscal management by the legislature, Minnesota’s budget outlook remains stable and strong – something that hasn’t happened in a decade. If you recall, we began the 2013-2014 legislative session with a $627 million budget deficit and nearly $1 billion in debt to our schools. The turnaround we’ve seen over the past two years is nothing short of remarkable.
According to the most recent economic report from Minnesota Management and Budget, general fund revenue for Fiscal Year 2014 (which ended on July 1) was $168 million more than projected in February 2014. Most of that extra revenue came from income tax receipts, a key metric that shows more people are going back to work. We also now have $150 million more revenue in our budget reserves, helping to provide a financial cushion during future economic downturns and protecting vital services and needs like education, health care and infrastructure.
Minnesota ranked sixth best state for business:
Minnesota is the sixth best state for business according to CNBC’s eighth annual “America’s Top State’s for Business” report (a strong improvement from 13th place last year). The rankings cite Minnesota’s “superior quality of life, a vibrant economy and a robust infrastructure” as a few of the biggest reasons behind our success.
Minnesota ranked third best state to make a living:
Forbes recently ranked Minnesota the third best state to make a living, up from being ranked sixth last year due to our “very low unemployment rate and excellent workplace conditions.”A diverse economy and well-educated workforce are big reasons why our median household income and our quality of life is consistently above the national average.