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GREATER MSP Regional Economic Updates | Quarter 1 - 2016
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Transcript of GREATER MSP Regional Economic Updates | Quarter 1 - 2016
Greater MSP Regional Economic Updates
Quarter 1 - 2016
UnemploymentMSP
Unemployment Rates
January 2016 February 2016 March 2016Change from
March2015
Total Unemployed 76,675 76,514 77,841 2.3%
Unemployment Rate
3.9% 3.9% 4.0% 0.0 percentage points
Source: Local Area Unemployment Statistics (LAUS), MN DEED, Not Seasonally Adjusted
Real Estate
MSP Commercial Real Estate
Q1 – 2016 Q4 – 2015
1 Quarter Change
Office Vacancy Rate
15.9% 15.5% 0.4 percentage points
Office Rental Rate (Sq. Ft.)
$14.27 $14.18 0.6%
Industrial Vacancy Rate
5.2% 5.6% -0.4 percentage points
Industrial Rental Rates (Sq. Ft.)
$5.57 $5.52 0.9%
Source: CBRE Local U.S. Reports
Project Completions – Year To Date
*Goal to be established.
Health & Life Sciences
HQ & Business Services
Q1 Jobs (399)
Jobs needed to reach goal (4,851)
$0.00 $575M
$105.9M
Jobs Pledged Through Quarter 1
82BRE Visits through Q1 - 2016
Quarter 1 2016 Project CompletionsNovu, St. Louis Park: $750in Capital Investment; 85 JobsExisting Health IT company secured new space in St. Louis Park and will be adding 85 jobs in the coming years.
Matisia, Minneapolis: $100K in Capital Investment; 30 JobsMatisia Consultants is a Seattle based management consulting firm specializing in business intelligence, ERP (SAP), digital product management, agile transformation and IT. They opened an office in the MSP region.
Millennium Pharmaceuticals, Brooklyn Park: $90M in Capital Investment; 195 jobsTakeda/Millennium Pharmaceuticals purchased the 215,000 Baxter-Baxalta facility at 610 and 100 in Brooklyn Park. The company purchased the site for and will hire 195 people. Takeda will be retaining all of the 42 existing employees. GREATER MSP’s main role moving forward is to work with the company and our partners on workforce development/recruitment issues.
Calyxt, Roseville: $15M in Capital Investment; 89 JobsCalyxt has purchased the 10-acre property just south of the intersection of Mount Ridge Road and County Road C2 W, in Roseville, MN. The headquarters facility will include a new 35,000-square-foot office and research facility and a 6,000-square-foot greenhouse with 4.5 acres of test fields.
Business Investment Team Market Visits (2015)
Quarter 1 2016 - Rankings
• Minnesota is the 2nd most financially literate stateo WalletHub
• Minneapolis ranked 5th best city for recent gradso NerdWallet
• Minnesota ranked 3rd best state for doctorso WalletHub
• Minneapolis ranked 19th best place for minority-owned businesseso NerdWallet
• Minneapolis/St. Paul ranked 12th best place to live in the USAo U.S. News - Real Estate
• Minnesota named best state for job creation in 2015o Gallup
• Minneapolis ranked 3rd most romantic U.S. city o Groupon
• Minnesota ranked 2nd strongest state in the uniono Politico
• Minneapolis ranked the 6th best city for an active lifestyleo WalletHub
• Minneapolis ranked the 8th in the best job markets for 2016o Zip Recruiter
New Videos4Play MSP | Winter 4Play https://youtu.be/acUJNcn_VTA
GREATER MSP Business FeaturesInterview with 75F CEO Deepinder Singhhttps://youtu.be/71o5hWTHBoY?list=PL6njOThqbIox9OIN_PNyGLkHrN8Xd3Uud
Interview with Zipnosis CEO Jon Pearcehttps://youtu.be/7ioqAeEZEro?list=PL6njOThqbIox9OIN_PNyGLkHrN8Xd3Uud
Outreach EventsMake It. MSP. Chicago Outreach EventIn March, GREATER MSP hosted the first Make It.MSP. out-of-market attraction event in Chicago.
The event, a pre-game Chicago Blackhawks vs. Minnesota Wild gathering, took place at Haymarket Pub and Brewery attendees entered to win tickets to the hockey game that evening, a round-trip ticket to MSP and Minnesota Wild hockey gear.
Ambassadors of Make It. MSP. were on-hand to share information about the initiative as well as new things happening in the MSP region.
New Publications2015 Regional
Accomplishments
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