Community News
Community News
Grand Opening of Mayo Clinic's New Building
Big Job Gains in Minnesota The Minnesota Department of Employment and Economic Development posts five straight months of growth in the later part of 2023
Mayo Clinic celebrated the grand opening of the 11-floor Anna-Maria and Stephen Kellen Building. The building will support hiring more scientists to contribute to Mayo's unique capabilities to bring scientific discoveries to patients. It joins other Mayo Clinic research facilities where investigators discover scientific advancements that affect patient care, leading to better outcomes and improved quality of life in Minnesota and beyond. At Mayo Clinic, research is the engine that drives advances in medical care, and the building expands the research footprint in the Discovery Square district in downtown Rochester.
Minnesota gained 9,500 jobs from October to November, the fifth straight month of growth, the largest increase since
Construction posted growth of 300 jobs over the month, meaning that supersector has posted job growth in seven of the past eight months.
January and well higher than the national rate, according to numbers released in December by the Minnesota Department of Employment and Economic Development (DEED). Minnesota jobs grew 0.3% on a seasonally adjusted basis last month, outpacing the nation as whole (up 0.1%).
"Minnesota continues to see sustained and notable job growth and we're consistently adding jobs at a faster rate than the national average, which is phenomenal news..."
Over the year, Minnesota has gained 47,829 jobs, up 1.6% with all but four supersectors posting annual job growth. Overall U.S. employment grew 1.8% over the year and all supersectors grew nationally except information. Minnesota's average hourly wage is $36.29 in November. Over the year, average hourly
Minnesota's unemployment rate ticked down one-tenth of a percentage point to 3.1% in November, compared to 3.7% nationally. Over the last three months, jobs in Minnesota grew by 17,300, or 0.6% – far higher the national rate for that timeframe (up 0.2%). "Minnesota continues to see sustained and notable job growth and we're consistently adding jobs at a faster rate than the national average, which is phenomenal news for workers," said DEED Commissioner Matt Varilek. "We are confident that current and soon-to-be-launched efforts by DEED and our workforce development partners to connect people with employment and to help connect employers with often overlooked labor pools will bring more people into the labor force in 2024." Minnesota's labor force decreased by 7,433 people over the month, bumping the labor force participation rate down two- tenths of a percentage point to 68.3%, compared to 62.8% nationally. Over the month, eight of 11 supersectors gained jobs on a seasonally adjusted basis in Minnesota. Top gainers were: • Trade, Transportation & Utilities, up 3,300 jobs • Education & Health Services, up 2,700 jobs
earnings increased 3.4%, and they are up 13.2% over three years. Nationally, average hourly wage is $33.99, up 4.0% over the year and 14.2% over three years. The CPI inflation index rose 3.1% over the year and 18.0% over three years. "Minnesota's average hourly wage continues to be higher than the national average, and wage growth has generally kept up with inflation over the last six months," said DEED's Labor Market Information Director Angelina Nguyễn.
Read more about the Anna-Maria and Stephen Kellen Building at https://mayocl.in/3TTXXjP
Anna-Maria and Stephen Kellen Building will support more scientists to contribute to Mayo's unique capabilities to bring scientific discoveries to patients.
Grantees Announced to Support Small Business Success
The 41 grantee organizations will provide small business development services to entrepreneurs and small business owners, with a particular focus on underserved populations and geographies, including individuals who are Black, Indigenous, People of Color, U.S. military veterans, people with disabilities, low-income people and residents of Greater Minnesota. One of the organizations receiving the funding includes the Rochester Area Economic Development, Inc. (RAEDI)for $214,000.
The Minnesota Department of Employment and Economic Development (DEED) announced in December that 41 organizations across Minnesota will receive Small Business Assistance Partnership funding to help small businesses grow and thrive. DEED will award more than $12.5 million to nonprofit organizations, higher education institutions, community development financial institutions and community development corporations. These projects are projected to serve almost 36,000 Minnesota small businesses and entrepreneurs through Oct. 31, 2025. The $12.5 million in state funding is matched by $21.8 million in funding from local, private and federal sources. The grants support the start-up, growth and success of Minnesota's entrepreneurs and small businesses through the delivery of high-quality free or low-cost professional business development, education, subject matter expertise and technical assistance services.
• Government, up 1,100 jobs • Manufacturing, up 1,000 jobs
36 | ROCHESTER AREA CHAMBER OF COMMERCE ADVANTAGE MAGAZINE — FEBRUARY 2024
FEBRUARY 2024 — ROCHESTER AREA CHAMBER OF COMMERCE ADVANTAGE MAGAZINE | 37
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