Date post: | 15-Aug-2015 |
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Greater MSP Regional Economic Updates
Quarter 2 - 2015
Unemployment
MSP Unemployment
Rates
April2015
May2015
June2015
Change from June 2014
Total Unemployed 67,489 67,587 73,195 -6.56%
Unemployment Rate
3.5% 3.5% 3.8% -0.2 %
Source: Local Area Unemployment Statistics (LAUS), MN DEED, Seasonally Adjusted
Real EstateMSP
Commercial Real Estate
Q2 – 2015 Q1 – 2015 1 Quarter Change
Q2 – 2014 1 Year Change
Office Vacancy Rate
14.5% 14.6% -0.1% 14.7% -0.2%
Office Rental Rate (Sq. Ft.)
$13.33 $12.94 3.1% $12.42 7.3%
Industrial Vacancy Rate
TBD TBD TBD TBD TBD
Industrial Low-High Quoted
Rates (Sq. Ft.)
TBD TBD - TBD -
MSP Housing April2015
May2015
1 Month %
Change
June2014
1 Year % Change
Housing Starts/Authorized Building Permits
566 653 0.0% 692 -0.2%
Source: Collier’s Market Reports
Source: U.S. Department of Commerce; U.S. Census Bureau; Federal Reserve Bank, St. Louis Branch
Project Completions – Year To Date
2015 Goal
Visits Q1 + Q2
Advanced Manufacturing
HQ & Business Services
Health & Life Sciences
Food & Water
Finance & Insurance
OtherQ1 Jobs (949)
Q2 Jobs (2,893)
% still needed(1,183)
$0.00 $550M
Quarter 2 Project CompletionsUponor Corporation, Apply Valley: $18M in Capital Investment; 82 New Jobs, 6 RetainedUponor Corporation is expanding their Apple Valley location, spending $18M and creating 82 new jobs. GREATER MSP helped the city complete the incentive applications for the Minnesota Department of Employment and Economic Development (DEED).
Rahr Malting Co., Shakopee: $68.3M in Capital Investment; 28 New Jobs, 154 Retained JobsRahr Malting Corporation is one of Minnesota’s longest-standing family businesses, Rahr manufactures malt and distributes ingredients for the brewing and beverage industry worldwide. Rahr Corporation’s expansion plans include the construction of four new facilities: a malt house, pilot brewery and technical center, maintenance warehouse, and distribution center. New parking, green space, ponding and other site improvements will occur, as well.
Post Holdings Inc., Lakeville: 250 Jobs Retained, 150 New JobsPost Holdings Inc. selected Lakeville for the cereal division headquarters. They will use former MOM brand offices preventing a relocation to the east coast.
Spectro Alloys Corp, Rosemount: $7M in Capital Investment; 25 New JobsThe Midwest’s largest aluminum recycling plant will add state of the art machinery and equipment to sort and process pure metal. Spectro Alloys plans to take this process and equipment nationwide.
Renewal by Anderson, Cottage Grove: $38M Capital Investment; 200 JobsRenewal by Anderson is planning a $38 million expansion of their Cottage Grove facility, which currently employs approximately 450 workers. This project is expected to create more than 200 new full-time jobs. The Cottage Grove expansion will receive an award from the Minnesota Investment Fund of $50oK and $1.5M from the Minnesota Job Creation Fund, if the company meets hiring and investment goals.
Quarter 2 Project CompletionsAmazon, Shakopee: $230M in Capital Investment; 1,200 New JobsAmazon selected Shakopee for a 850,000 square-foot fulfillment center. The expansion will create about 1,200 jobs.
SterilMed Inc., Brooklyn Center: $250K in Capital Investment; 11 New JobsSterilMed is implementing a “preclean” operation in the Brooklyn Center “Receiving” facility. This new operation will eliminate the need to preclean surgical devices in some 1,500 hospitals across the country and consolidate that activity in Brooklyn Center.
BioSig, Golden Valley: $50K in Capital Investment; 12 New JobsMedical device company BioSig Technologies Inc. is moving its headquarters from Los Angeles to Golden Valley, where it plans to hire about a dozen new workers. BioSig makes an electrophysiology recording system physicians use to diagnose abnormal heart rhythms and picked the MSP region largely because of its strong med-tech workforce.
Ally Servicing, Inc., Shoreview: $6.5M in Capital Investment; 250 New Jobs, 150 Retained JobsAlly Financial Inc., a leading financial services company, is consolidating its Twin Cities operations in Shoreview, moving 150 jobs from their Roseville and Bloomington offices and adding 250 jobs over two years. The company plans to invest $6.5M in the project and will receive $648,301 in funding from the Minnesota Job Creation Fund once Ally completes hiring and investment commitments.
Prime Therapeutics, Mendota Heights: $8M Capital Investment; 375 New JobsPrime Therapeutics plans to hire 375 workers in Minnesota over the next three years in 70,000 of newly leased space in an existing Mendota Heights facility. The new jobs being created by the company will include pharmacists and clinical review assistants.
Business Investment Team Market Visits (YTD)
Quarter 2 - Rankings• Minneapolis became the first U.S. city on the world bike-friendly
list.o Copenhagenize Design Company’s Index of the most bike-
friendly cities in the world• Minneapolis Ranked the healthiest city in America
o Livability• Minnesota Ranked 2nd best state for recent grads
o RealtorMag• Minneapolis Ranked the most literate city
o Central Connecticut State University• Minneapolis/St. Paul ranked America’s 2nd greenest cities
o Travel and Leisure• Minnesota ranked 2nd best state for working moms
o WalletHub• Minnesota ranked the 3rd best state for a summer road trip
o WalletHub• Minneapolis ranked best city for book lovers
o The Culture Trip• Minneapolis ranked best metro area to work for a small business
o WalletHub• Minneapolis ranked the 6th best foodie town in the U.S.
o The Daily Dish
New Videos
Greater MSP Innovation Video:
https://youtu.be/qaEaOoqYCf4
Northern Spark Highlight Video:
https://youtu.be/9QqY3W1Pk7Q
New Publications
MSP Regional Indicators
Life Science Brochure (updated)
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