Dear neighbors,
We’ve received an overwhelming amount of positive news over the past few weeks indicating strong economic growth in Minnesota right now and into the future. This is largely the result of hardworking Minnesotans and businesses.
There is more work to do to create jobs and ensure a thriving business climate, but we are well positioned to build on our positive momentum in the years ahead. Here are some recent headlines about our economy that we can all be proud of.
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.
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.
Budget outlook remains strong:
Minnesota’s fiscal outlook remains strong thanks to a budget that is structurally balanced into the future. According to the most recent economic report from Minnesota Management and Budget, general fund revenue for Fiscal Year 2014 (which ended on July 1) came in at $168 million more than projected in February 2014. Most of that extra revenue came from income tax receipts, which shows that more people are going back to work. We also have an additional $150 million in our budget reserve, which will help provide a stronger financial cushion during future economic downturns and protect vital services and needs we all depend on, such as education, infrastructure and health care.
Minnesota ranked 6th best state for business:
According to CNBC’s eighth annual “America’s Top State’s for Business” report, Minnesota is the sixth best state for business in the entire country – a strong improvement from our13th place ranking 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 2nd best state for talent pipeline:
The U.S. Chamber of Commerce recently ranked Minnesota second in the nation for our ‘talent pipeline’ – a key metric of the skills and talents of our workforce. The ranking shows that our state’s historical commitment to providing every child with a high quality education is paying off.
Here is an excerpt from the Chamber’s 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.”
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.
Contact me with any questions or concerns:
During an election year, elected officials are prohibited from sending mass emails from 60 days after adjournment of the legislative session. That deadline is today.
Although this is my last legislative update of the year, I am still able to communicate with constituents on a one-on-one basis. Please contact me with any questions or concerns. You can reach me by phone at (651) 296-4193, by email at rep.jeanne.poppe@house.mn or by postal mail at 487 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.
Sincerely,
Jeanne Poppe
State Representative, District 27B
Chair, Agriculture Policy Committee