Retirements, new jobs create 97,600 opportunities for workers
ST. PAUL – Minnesota employers reported 97,600 job vacancies in the second quarter of 2016, an indication that the state’s labor market remains tight, according to figures released today by the Minnesota Department of Employment and Economic (DEED).
DEED said the Job Vacancy Survey figures were slightly behind the same period a year ago, when there 97,997 job vacancies, the second-highest total on record. The record for quarterly vacancies was 115,072 in the second quarter of 2001.
The ratio of unemployed people to job vacancies in the Twin Cities was 1-to-1. In Greater Minnesota, there were 1.3 unemployed people for each job vacancy.
“These figures suggest strong hiring demand statewide as more baby boomers retire and job growth continues at a steady pace,” said DEED Commissioner Shawntera Hardy.
According to the survey, the seven-county Twin Cities metro had 53,984 of the openings (55.3 percent), while Greater Minnesota had 43,616 openings (44.7 percent).
Health care and social assistance accounted for 21.4 percent of the openings statewide, followed by accommodation and food services (14.4 percent), retail trade (12.3 percent), manufacturing (8.7 percent) and construction (6.9 percent).
By size, firms with 10 to 49 employees had the highest job vacancy rate at 5.2 percent (5.2 openings per 100 jobs). Firms with one to nine employees had a job vacancy rate of 4 percent, while firms with 250 or more workers had a vacancy rate of 2.2 percent.
The following were other findings of the study:
1. Thirty-five percent of job vacancies were for part-time employment. Part time is defined as fewer than 35 hours per week.
2. Eleven percent of job vacancies were for temporary or seasonal work.
3. Thirty-six percent of vacancies required some level of post-secondary education or training beyond a high school diploma.
4. Forty-five percent of job vacancies required one or more years of work experience.
5. The median (50th percentile) wage offer for all job vacancies was $14 an hour. Wage offers are highly correlated with experience and education requirements. On average, the more education or experience required, the higher the wage offer.
6. Fifty-seven percent of vacancies offered health insurance. Health care benefits are by far less common for part-time job vacancies than for full-time job vacancies.
Go here to see more details from the second quarter report.