by Erik White
November 2017
Minnesota is rooted in a tight labor market where there are as many job openings as there are job-seekers, and this is expected to continue as baby boomers continue to exit the labor force. This dynamic, in theory, leads to higher wages and better benefits offered as employers compete vigorously to attract and retain the limited supply of workers, and job-seekers have more options to choose from in their job search. However, the tightening of the labor market can constrict economic growth as businesses struggle to fill current vacancies and discourage future expansion.
Have no worries though, Millennials are here to help! This much maligned demographic group will play an important role in future economic growth and prosperity as those places that are able to attract this younger generation will be able to provide the workforce needed to replace those retiring or fill the new jobs that are to be created.
Below is a map that shows the number of 22-34 year olds that Minnesota firms hired who had held jobs in other states with little or no unemployment between jobs, based on data from the U.S. Census Bureau’s Job to Job Flows Explorer, a data product from their Longitudinal Employer-Households Dynamic (LEHD) data program.
