Hennepin County & Minneapolis/St. Paul, Minnesota Unemployment Rates August 31 2011

 I have been preaching for many postings about what our real estate market needs to recover is JOBS.  It is difficult to buy a home if you don’t have a job…  The pricing won’t recover until we get the unemployment rate back to 3% – 5%, this gets more and more challenging the longer the recession (or this “recovery”) continues.  Assuming we retain population and households, we continue to add people to the workforce and need that many more jobs.  (as a side note, this may not be a problem referring to a  previous posting on the twin cities population and households moving away – which is directly related to JOBS.)

Twin Cities Region Unemployment Rate 07/01/2011 Released 09/01/2011

These charts come from US Department of Labor, Bureau of Labor Statistics graphed by the St Louis Federal Reserve, just released today.

This chart shows us the unemployment rate for Minneapolis/St Paul – Bloomington region, aka. the Twin Cities metro area.  As you can see we are not back to where we should be,  we are at 7.5% unemployment rate.  A far cry from the 2% to 3% we were experiencing in the late 90’s and early 2000’s.

We can zero in a little further to just Hennepin County.  Hennepin County is doing slightly better running at 6.9% unemployment rate.   Again a far cry from the 2%-3% unemployment rate and the 4%-5% rates through the first decade of the 2000’s.

Hennepin County Unemployment Rate 07/01/2011 Released 09/01/2011

If you are interested in seeing the real estate market turn-around restoring your home’s value – then we need to solve this employment problem.
How do we encourage business to stay or locate here and hire more employees?
Do we shift the tax burden over to the business’s property taxes so we can see our single family home’s property taxes stay lower? (which is what many municipalities are proposing..)  This is every bit as damaging to property values as higher single family property taxes, be it  in an indirect way. 
You will need to make your voices heard at the City, County and State level.  We need to create an environment to attract and retain employers in order to have employment, which in turn will provide economic growth including property values stabilizing or increasing. 


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13 responses to “Hennepin County & Minneapolis/St. Paul, Minnesota Unemployment Rates August 31 2011

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