Friends,
We got some more great economic news on Thursday. Minnesota employers added 9,500 jobs in October. When you combine those numbers with updated September figures, Minnesota has gained 49,679 jobs in 2014 – more than 28,300 jobs in just the past three months.
Our state’s unemployment rate – already one of the lowest in the nation – fell even lower. In October, it fell 0.2 percent to a seasonally adjusted 3.9 percent, our lowest unemployment rate since June 2006. The last time unemployment was lower than 3.9 percent was June 2001. Our lowest rate was 2.5 percent in 1999.
The U.S. unemployment rate in October was 5.8 percent.
We’ve added jobs in nearly every sector over the past year. The professional and business services sector added 11,722 jobs, manufacturing 10,451, education and health services 9,536, construction 6,877, leisure and hospitality 5,051, government 3,508, trade, transportation and utilities 2,788, information 910 and logging and mining 616.
The best news may be that this jobs boom is statewide. The Mankato area leads the way with a 2.7 percent increase in employment in 2014. The St. Cloud area has seen a 1.7 percent increase. Minneapolis-St. Paul area (up 1.7 percent) and Rochester area (up 0.9 percent) have also added jobs since January.
Minnesota is back on track. We’ve restored all the jobs that we lost during the Great Recession and then some. Earlier this month Forbes magazine released its annual rankings of the best states for business in the country. Minnesota ranks 9th overall, which comes on the heels of our 2013 ranking, when we jumped from 20th to 8th. CNBC also released its rankings of the best states for businesses, with Minnesota capturing the #6 spot on the list. Minnesota receives especially strong marks for our economic climate, our workforce and our overall quality of life, where we ranked second in the country. The factors that go into economic climate include job growth and GDP growth in the past five years. The quality of life category takes into account poverty rate, crime rate and health statistics.
We also learned that a report from the Pew Charitable Trust that Minnesota had the third-largest percentage increase in state revenue since the Great Recession began in 2008.
Hopefully, these new numbers will shed some light on the state of Minnesota’s economy and guide our decision-making in the near future. We have to continue on the path Minnesota is on – a path to continued prosperity for all.
Minnesota aids in the fight against Ebola
Nearly 700 Minnesota Army National Guard Soldiers from the Rosemount-based 34th Red Bull Infantry Division will be mobilized to support humanitarian relief in Liberia in spring of 2015. The soldiers will provide command and control, coordinating the Department of Defense resources in Liberia to support USAID’s efforts to contain the virus. The unit will not be engaged in treatment of Ebola victims.
Here at home, Minnesota's hospitals have been readying for the possibility of an Ebola case since July, with training and drills on delivering care safely. I believe that, should we be confronted with a case of Ebola, we are better prepared than most other states, thanks to our quality health care facilities and professionals.
Roads and bridges on the agenda
With the 2015 legislative session still weeks away, the hottest issues are already taking shape, with road and bridge projects right at the top of the list. One project close to home that needs to be addressed is the Kellogg Boulevard-Third Street Bridge in downtown St. Paul.
But part of that discussion will have to be how to fund these much-needed projects. Members of both parties have staked out their ground, but we’ll need real cooperation from everyone – from the governor on down – to see real progress made. I think we can get something accomplished in the session ahead if lawmakers reach across the aisle.
Tackling rising student debt
Statistics show Minnesota ranking 5th in the nation for student debt. That’s not a list we want to lead. And 70 percent of our students that graduated last year left college with at least some debt. Nationally, student debt has surpassed credit card debt. This debt load keeps many grads from buying a home or a car, or starting a family. In 2013, we froze tuition at all Minnesota public colleges and universities and expanded student aid. We need to continue in that direction in 2015.
Honoring our vets with a license designation
If you are a vet and would like to have that designation shown on your driver’s license, you could have that option as soon as next year. According to staff at Driver and Vehicle Services, the capability to include the designation on a driver's license is set to be added in late 2015. For more information, go to the DVS website.
Being grateful
I wanted to take a moment to wish you a very Happy Thanksgiving. It’s a wonderful time of the year when we can gather with family and friends and consider the things we have to be grateful for.
So, as we celebrate our joys, let us remember and pray for those who are less fortunate and dedicate ourselves to work to ensure a bright and better future for all.
Happy Thanksgiving!
Sheldon