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Minnesota Job Vacancies Hit Record

October 13, 2017


Ron Wirtz Director, Regional Outreach
Minnesota Job Vacancies Hit Record

Take a drive virtually anywhere, and you’re bound to see help-wanted signs. And it’s not your imagination that they seem to growing in number.

Twice a year, the Minnesota Department of Employment and Economic Development measures job vacancies (second and fourth quarter). Recently released figures for the second quarter of 2017 showed a record number of job vacancies in the state, with annual growth of about 25 percent over a year earlier (see chart). Median wages of all job openings have also rebounded strongly in the last three years, rising almost $2 an hour on an inflation-adjusted basis. But median vacancy wages have bounced around considerably since the recession, and are still at roughly pre-recession levels.

Other trends are also worth noting among annual job vacancy pools. For example, full-time jobs have seen considerable growth, but the overall share of part-time job vacancies has risen somewhat (see chart). At the same time, the share of temporary or seasonal jobs has fallen significantly. The share of jobs that require post-secondary education has continued to fall. From 2007 to 2013, post-secondary education was required for more than 40 percent of vacant jobs. That figure started falling in 2014, and this year it hit 32 percent.

Ron Wirtz
Director, Regional Outreach

Ron Wirtz is a Minneapolis Fed regional outreach director. Ron tracks current business conditions, with a focus on employment and wages, construction, real estate, consumer spending, and tourism. In this role, he networks with businesses in the Bank’s six-state region and gives frequent speeches on economic conditions. Follow him on Twitter @RonWirtz.