Governor Tim Walz celebrated new job numbers that show Minnesota created nearly 17,400 new jobs in October, outpacing the nation by half a percentage point. For the first time, Minnesota’s job growth over the last 12 months is outpacing the country at 3.6 percent, compared to 3.4 percent. Minnesota’s October jobs report marks 13 straight months of job growth in Minnesota.
“With historically low unemployment and job growth that is outpacing the nation, Minnesota’s economy is strong,” said Governor Walz. “By supporting our small businesses and investing in our people, Minnesota will continue to lead the nation in economic expansion.”
Minnesota’s unemployment rate remains historically low at 2.1 percent, up one-tenth of a point from September. Over the year, Minnesota gained 102,931 payroll jobs, up 3.6 percent; the private sector gained 98,685 jobs, up 4 percent. These figures were compiled by the State of Minnesota’s Department of Employment and Economic Development.
This announcement comes after a summer and fall of record low unemployment rates and a focus on economic expansion across the state.
In July, Governor Walz announced a ten-year economic plan in a 28-page report by the Governor’s Council on Economic Expansion. The comprehensive report covers recommendations from public safety, to infrastructure, to health care, to reducing barriers to job creation and innovation. In October 2020, Governor Walz signed into law the Local Jobs and Projects Plan , the largest jobs bill in state history, which invested $1.9 billion into construction and renovation projects across Minnesota and created thousands of jobs.
In August, Minnesota was recognized as a top state to raise a family. WalletHub ranked Minnesota as the 4th best state to have a baby and 4th best state for health care . Minnesota was also ranked third in KIDS COUNT’s 2022 state-by-state comparison of child well-being based on economic well-being, education, and health data. Additionally, Minnesota received AAA bond ratings from Fitch and Moody’s, reflecting the state’s strong economy, record-low unemployment, and highly educated workforce.