“Minnesota’s construction job growth is more than three times the national average,” said Steve Hein of the Minnesota Department of Employment and Economic Development (DEED) this morning. All Minnesota jobs are up by 600 in January, according to DEED figures released today. In addition, year-end revisions show a gain of 12,661 jobs compared to what had been reported during the last 21 months. This upward revision put total employment in the state over 2.8 million in December for the first time in history.
Construction back to pre-recession high
While constructions jobs are “well below the peak of February 2006 as the housing bubble burst,” explained Hein, “we had returned (with December revisions) to levels we last saw in October 2008 when the recession started.” This good news from revisions more than offsets slight dip of 900 construction jobs in January this year.
Unemployment rate holds steady
January’s unemployment rate for Minnesota in was unchanged from the December seasonally adjusted revised rate of 4.7 percent. The state’s recovery is well ahead of the U.S., which has a 6.6 percent unemployment rate in January. The all-time historical low unemployment rate for Minnesota was 2.5 percent in March 1999.
Jobs growing for six consecutive months
Jobs grew by during the past year by 52,160 and have been expanding for six consecutive months. Minnesota’s growth rate is 1.9 percent compared to 1.8 percent for the U.S. This marks 190,400 jobs gained since the low point of the recession and places current jobs above the state’s pre-recessionary peak by 31,400.