News from MN Department of Employment and Economic Development (DEED)

State Unemployment Rate Drops to 3.6 Percent

Minnesota’s seasonally adjusted unemployment rate fell to 3.6 percent in December, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED). The U.S. unemployment rate was 5.6 percent.

State employers cut 5,200 jobs during the month. Those figures, combined with revised figures that reduced November’s gains by 4,000 jobs, brought job growth in Minnesota over the past year to 33,400. Jobs are up 1.2 percent in the state from one year ago, compared with 2.2 percent nationally. Find the complete DEED news release employment data here: http://mn.gov/deed/newscenter/press-releases/newsdetail.jsp?id=466-153344

2015 funds available for the DEED Innovation Voucher Program
This pilot program provides up to $25,000 in financing to help small businesses purchase technical assistance and services necessary to advance research, development or commercialization of new or innovative products and services. Qualifying companies receive vouchers, which can be redeemed with approved public universities, colleges, technical schools and nonprofits in Minnesota.

For more information on eligible activities, terms, and finding a service provider, please follow this link:
http://mn.gov/deed/business/financing-business/deed-programs/innovation-voucher.jsp

DEED Survey: Manufacturing Strength to Continue in 2015
Minnesota manufacturers are optimistic about the industry in 2015, with more than 90 percent saying they expect production and employment levels to increase or stay the same – up more than 10 percent from 2014 for both indicators– according to a survey by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis.

In the random survey of Minnesota manufacturers conducted in November, 52 percent of those that responded expect orders to grow in 2015 and 42 percent expect to hire more workers.  “Based on the results of the annual Manufacturing Business Conditions Survey, manufacturers have a positive outlook for their industry and for the state’s economy in 2015,” said DEED Commissioner Katie Clark Sieben. "In terms of new jobs, Minnesota's manufacturing industry is growing at more than double the national pace, and the continued positive expectations from industry leaders reflect added confidence for the coming year.” The full report is available at: http://www.mn.gov/deed/data/research/manufacturing-conditions-survey.jsp

DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development.

For more details about the agency and our services, visit us at http://mn.gov/deed/ 

Posted on January 2, 2015 .