Total jobs vs. unemployment rate: MSP

Source: JLL Research, Bureau of Labor Statistics

Job growth/loss by sector (12-month change): MSP

Source: JLL Research, Bureau of Labor Statistics

Industrial employment trends (12-month change): MSP

Source: JLL Research, Bureau of Labor Statistics

• Minneapolis-St. Paul’s unemployment rose to 3.9 percent, according to the most recent estimates available from the BLS. Although still 100 basis points lower than the national rate, this month is the first time since July 2015 that the metro unemployment rate is higher than the state of Minnesota’s.

• Industrial sectors were responsible for 26.7 percent of the 12-month total employment growth, outperforming office-using sectors which saw 19.6 percent of total growth. Trade, transportation, and utilities added 3,200 jobs year-over-year and drove the bulk of industrial growth throughout 2015.

• Although national year-to-date figures are down compared to 2015, January saw significant upward revisions to 172,000 jobs, improving the year’s initial performance. Despite global tensions and economic shifts, the U.S. economy seems to be holding its own, although certain sectors such as energy and trade could be impacted by fluctuations in domestic and international demand.

Employment Update

Minneapolis-St. Paul | March 2016

4.9%U.S. unemployment

1.9%U.S. 12-month job growth

3.9% MSP unemployment

1.7%MSP 12-month job growth

3.7%Minnesota unemployment

1.3%Minnesota 12-month job growth

Office employment trends (12-month change): MSP

Source: JLL Research, Bureau of Labor Statistics

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20161,550,000

1,600,000

1,650,000

1,700,000

1,750,000

1,800,000

1,850,000

1,900,000

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%Total Employment

Unemployment

Information Mining and Logging

Manufacturing Government

Financial Activities

Professional & Business Services

Other Services

Trade, Transportation & Utilities

Leisure & Hospitality

Educational & Health Services

-1001,3001,300

1,7002,3002,500

2,9003,200

5,70011,800

Peak: 1,891,323 jobs

2011 2012 2013 2014 2015 2016-20.0-15.0-10.0

-5.00.05.0

10.015.020.025.0

Financial ActivitiesProfessional and Business ServicesInformationGovernment

In thousands

2011 2012 2013 2014 2015 2016-5.0

0.0

5.0

10.0

15.0

20.0

25.0Mining, Logging & ConstructionTrade, Transportation & UtilitiesManufacturingOther Services

In thousands

Industry employment stratificationMinneapolis-St. Paul

Source: JLL Research, Bureau of Labor Statistics

©2016 Jones Lang LaSalle IP, Inc. All rights reserved.

Employment statisticsMinneapolis-St. Paul

January 2014 January 2015 January 2016

Total Non-farm Employment

1,843,0001.6%

1,876,0001.8%

1,908,6001.7%

Unemployment Rate 4.9% 4.1% 3.9%

MSP supersectors January 2014 January 2015 January 2016

Mining, Logging & Construction 59,300 10.4% 64,100 8.1% 65,400 2.0%

Manufacturing 186,400 1.1% 191,50

0 2.7% 192,800 0.7%

Trade, Transportation, & Utilities

337,800 1.3% 342,90

0 1.5% 346,100 0.9%

Information 39,600 -1.5% 38,700 -2.3% 38,600 -0.3%

Financial Activities 144,300 0.2% 145,70

0 1.0% 148,000 1.6%

Professional & Business Services

289,200 1.6% 295,20

0 2.1% 297,700 0.8%

Educational & Health Services 301,400 2.4% 307,50

0 2.0% 319,300 3.8%

Leisure & Hospitality 163,100 1.9% 167,10

0 2.5% 172,800 3.4%

Other Services 77,300 -0.3% 77,200 -0.1% 80,100 3.8%

Government 244,600 1.5% 246,10

0 0.6% 247,800 0.7%

18%

17%

16%13%

10%

9%

8%

4%3% 2%

Trade, transportation and Utilities Educational and Health Services

Professional and Business Services Government

Manufacturing Leisure and Hospitality

Financial Activities Other Services

Mining, Logging and construction Information

For more information, please contact:

Carolyn Bates │ carolyn.bates@am.jll.com