Twin Cities Leaders Flag 35th-Ranked Job Growth as Affordability Strains Deepen
Updated
Updated · St. Paul Pioneer Press · Aug 5
Twin Cities Leaders Flag 35th-Ranked Job Growth as Affordability Strains Deepen
2 articles · Updated · St. Paul Pioneer Press · Aug 5
Summary
Twin Cities business leaders said slowing growth is now a central economic problem, citing a new regional dashboard that places Minneapolis-St. Paul 35th among the 50 largest U.S. metros for annual job growth.
The report also showed Minnesota ranking 43rd for new businesses per 1,000 residents, the metro’s unemployment standing slipping nine spots to 13th, and venture capital falling about $363 million from a year earlier.
Affordability pressures are compounding that slowdown: fewer than half of workers earn a family-sustaining wage, estimated at $33.86 an hour for a family of four, while state childcare costs reached $20,592 and median two-bedroom rent hit $1,676.
Business leaders argued weaker growth is suppressing wages — saying the typical family would earn about $9,000 more annually if Minnesota had kept pace nationally — even as home prices rose to $400,400.
Despite the weak growth picture, leaders pointed to strengths including a 76.3% six-year college graduation rate and nearly 90% park access, while urging investment in sectors such as medtech, clean energy, semiconductors and AI.
Can Minnesota's billion-dollar push into AI and semiconductors save its slowing economy without destroying the high quality of life residents currently enjoy?
With local childcare costs topping $20,000 annually, how can everyday workers survive the affordability crisis while leaders focus on venture capital?