Presentation on theme: "Demographic Impacts on Minnesota’s Work Force: the future in 15 minutes or less Kyle Uphoff Regional Analysis & Outreach Manager."— Presentation transcript:
Demographic Impacts on Minnesota’s Work Force: the future in 15 minutes or less Kyle Uphoff Regional Analysis & Outreach Manager
Job Openings have Collapsed as Unemployment has Increased
The recent recession will restructure an already shifting economic structure: Industries losing jobs in MN since March 2007 Total Employment: -140,000 in 2 years Construction: -28,600 (-37,000 in 3 years) Manufacturing: -42,500 (-53,300 in 3 years) Wholesale: -6,500 Retail: -19,000 Transportation: -10,000 Information: -3,700 Professional & Technical Services: -20,600 Employment Services: -9,000 Leisure & Hospitality: -12,800
A few Industries are still adding jobs but there are no safe bets anymore Healthcare: +8,200 Social Assistance: +5,100 Insurance: +1,200 Utilities: +700 Education: +3,600 Food Manufacturing: +1,000 Wholesale Nondurable goods: +1,200 Government: +200
Regional Analysis & Outreach Unit Analysis and Evaluation Office A full labor market recovery is years away…assuming we are in recovery now ActualProjected ~140,000 Jobs Lost ~90,000 Jobs Late 2012 Calculated based on Global Insight Inc US forecast,
The Post-Recessionary Landscape Lower labor force mobility Postponed retirements Less consumption- “the new frugality” Increasing skills requirements Continued shift to services Government Policy risk and opportunity Globalization risk and opportunity
The Shift to Services: Employment Change since 1991 MN Manufacturing vs. Healthcare
Education Requirements are Increasing Twin Cities data presented. Source: MN Dept of Employment & Economic Development
Education will be even more important in the future 65% of new job growth will require education beyond high school. Education beyond high school will be required for 17 out of the 20 fastest growing occupations. Good communication skills, customer service and computer knowledge will be required for future jobs.
Minnesota is projected to add 270,000 jobs between 2006 and 2016 Source: MN Dept of Employment & Economic Development
Minnesota is projected to have over 600,000 replacement job openings by 2016 Source: MN Dept of Employment & Economic Development
Technology is the biggest unknown Time Employment IT Services? Green Tech? Nanotech? Computer Mfg? Commoditization Maturation or “the Golden Age” Correction Expansion/ Speculation? Inception Microchips? Creative Financing?
Skill and knowledge areas for “in demand” jobs Skills and knowledge areas projected to be most utilized by future occupations: Reading comprehension Active listening Speaking Writing Active learning Critical thinking Customer service Mathematics Clerical Education/training
Working in an era of shortage Labor Availability- Twin Cities Region
Minnesota is Aging When will they retire? Will there be enough? How productive can they be?
An expanding economy will have to do with a slowing labor force
Labor shortages are already here in some places