Two stories in this issue of Minnesota Economic Trends examine ongoing changes in the Minnesota labor market. One story looks at Minnesota’s shift from a goods-based to a knowledge-based service economy and what that means for certain types of occupations. The other story looks at how aging workers are affecting Minnesota’s economy. The workforce in virtually every region and industry in the state is aging.
This issue’s cover story focuses on the rising cost of higher education and whether continuing an education after high school pays off in the long run. The answer can vary, depending on several factors.
Another story takes a deep data dive, examining the pros and cons of each of the nine sources of government wage data that are available for free on the internet.
Download the full pdf file or select the links below to view individual stories.
One wild card in the labor market in coming years will be how many older workers choose to stay on the job beyond traditional retirement age.
Higher education is considered the gold standard for increased earnings potential and quality of life. The rapidly rising cost of higher education, however, has left many wondering if college is worth the cost.
Shifts in consumer tastes, evolving technology, innovations in business and management practices, changes in government funding, globalization and changes in laws are driving job growth in some Minnesota occupations and decline in others.
The increasing number of older workers is one of the most significant changes in the Minnesota labor force.
Each of the nine sources of wage data collected and published by government agencies has its own strengths and limitations.
