Post on 15-Aug-2015
Unemployment
MSP Unemployment
Rates
January2015
February2015
March2015
Change from March 2014
Total Unemployed 78,257 76,935 77,650 -15.8%
Unemployment Rate
4.1% 4% 4% -0.8 percentage points
Source: Local Area Unemployment Statistics (LAUS), MN DEED, Seasonally Adjusted
Real EstateMSP
Commercial Real Estate
Q4 – 2014 Q3 – 2014 1 Quarter Change
Q3 – 2013 1 Year Change
Office Vacancy Rate
14.3% 14.2% 0.1% 16.5% -2.2%
Office Rental Rate (Sq. Ft.)
$12.58 $12.53 0.4% $12.18 3.3%
Industrial Vacancy Rate
8.6% 8.8% -0.2% 9.1% -0.5%
Industrial Low-High Quoted
Rates (Sq. Ft.)
$4.85-9.13 $4.65-9.09 - $4.84-8.90 -
MSP Housing February 2015
January 2015
1 Month %
Change
February2014
1 Year % Change
Housing Starts/Authorized Building Permits
386 408 -3.9% 358 4.6%
Source: Collier’s Market Reports
Source: U.S. Department of Commerce; U.S. Census Bureau; Federal Reserve Bank, St. Louis Branch
Quarter 1 Project CompletionsBAE Systems, Fridley: $15M in Capital Investment; 70 New Jobs, 560 Retained JobsBAE Systems Inc. signed at new 10-year lease. The lease will help BAE keep its 560 current employees and add 70 new engineering and research jobs in the region. GREATER MSP helped the City of Fridley and Hyde Development apply for a DEED Innovative Infrastructure Grant to help finance the cost of an intersection providing access to the site.
Werner Electric Supply, Cottage Grove: $30.7M in Capital Investment; 70 New JobsWerner Electric announced their expansion plan of their headquarters, regional distribution center and office facility to begin in the Spring of 2015. The expansion will bring investment in additional staff and inventory over the next three years. The company has been approved for a Job Creation Fund Award of $325,000 to assist with the expansion.
Advanced Extrusion Inc., Rogers: $2.9M in Capital Investment; 17 New Jobs, 31 Retained JobsAdvanced Extrusion Inc. is a 14-year-old manufacturer of extruded plastic roll stock. The company worked with DEED, the City of Rogers and GREATER MSP to secure $280,000 in MIF financing to support the expansion of its product line. This will allow the company to purchase new production equipment and create 17 additional jobs.
DCI Technology Holdings LLC, Minneapolis: $72.4M in Capital Investment; 25 New JobsDCI Technology Holdings LLC, a Dallas-based company, bought an empty 541,000 square foot building that housed the former American Express data center in downtown Minneapolis from a German fund associated with KanAm Grund. DCI already has a presence in the region, but is looking to create a co-location data center.
Van Wagenen Financial Services, Eden Prairie: $800,000 in Capital Investment; 10 New Jobs, 166 Retained JobsVan Wagenen Financial Services has chosen to remain in their current office space located in Eden Prairie. They will be renovating their office space. DEED and GREATER MSP worked with the company on the MIF loan application and a JCF grant.
Quarter 1 - Rankings• Minneapolis is the 6th Best City for Millennials; Saint Paul is #8
o Vocativ’s Livability Index• Minneapolis Ranked as the Most Literate City; Saint Paul Ranks #4
o Central Connecticut State University Study• Minnesota Ranked 2nd for Business Conditions
o Creighton University Mid-America Business Conditions Index• Minneapolis Ranked 4th Best City for Job Seekers
o NerdWallet• Minneapolis ranked one of the most bike-friendly cities in the world
o Trazee Travel• Minnesota ranked the best state for women
o WalletHub• Minneapolis/St. Paul International Airport ranked 2nd most high-tech airport
in the U.S.o Fodor’s Travel
• Minneapolis ranked the healthiest city in Americao Livability
• Minneapolis/Saint Paul ranked the 2nd best city for recent gradso Realtor Mag
• Minnesota has the 8th best economyo Business Insider
New Videos
Business Retention & Expansion
Greater MSP Partnership Video:
https://youtu.be/flYJCb_otg4
Business Retention & Expansion Video:
https://youtu.be/gN_W0qAoxWs
New Publications
2014 Success Stories
The Talent Initiative
MSP Trade & Investment Plan
Summary2014 GREATER
MSP Annual Report