Job recovery in Minnesota is further along than thought. The Minnesota Department of Employment and Economic Development has issued revisions to the state's job numbers going back almost two years. The new numbers suggest that in another month or two, Minnesota's payroll levels will return to their pre-recessionary peak.
Minnesota's employers added about 12,000 new jobs in January, which helped put the state's job market 90 percent of the way back to pre-recession levels.
The new state budget forecast indicates Minnesota's job market will grow modestly and employment could finally return to pre-recession levels this year. The review out yesterday says federal spending cuts taking effect today threaten relatively few jobs in Minnesota. But political uncertainty continues to be a damper on growth.
Across-the-board federal budget cuts known as the sequester are unlikely to derail the state's economy, says Tom Stinson, state economist.
Home prices in the Twin Cities finished 2012 with their strongest gains in more than a decade, according to a new report Tuesday.
Minnesota's community banks enjoyed some financial gains in 2012, according to a report from the Federal Reserve Bank of Minneapolis. But it was not a banner year.
The Mayo Clinic said its planned expansion will create about 35,000 jobs in Minnesota; 10,000 to 15,000 of those jobs would involve direct employment at Mayo. Some experts are skeptical of the job projections.
Home foreclosures in Minnesota have fallen to their lowest level since 2006, according to the Minnesota Home Ownership Center.
The Twin Cities housing market posted more signs of health in January.
The glut of homes that the housing crisis dumped into the real estate market has largely dried up. By the end of last year the supply of homes for sale in the Twin Cities hit its lowest level in 10 years. Reluctant sellers are partly responsible for those low inventories. Many home owners still feel uneasy about putting their homes up for sale.
Twin Cities builders pulled about 300 permits to break ground on new projects in January-- a nearly 70 percent increase from the same month last year. The dollar value of those permits was also considerably higher.
Job openings posted online in Minnesota dropped this month, according to the latest report from The Conference Board.
Twin Cities home prices posted healthy gains in November, according to the latest Standard & Poor's Case-Shiller home price index.
Many unemployed people crave feedback from employers who turn them down for jobs. But most applicants only get a rejection form letter, if they receive any communication at all. Hiring professionals say companies are trying to do a better job responding to job applicants. But many remain overwhelmed by the flood of candidates knocking on their door.
The head of the Federal Reserve Bank of Minneapolis says the central bank's current easy money policy needs to be pushed further.