October 2011

Minneapolis house prices go up steadily, wages and salaries grow fastest in the nation and more..

"A reasonable cost of living and comparatively more jobs being available has kept Minneapolis an attractive location for young adults. "

House prices

 

House prices have tended to rise in Minneapolis this year. On Tuesday, The Standard & Poor’s/Case-Shiller index demonstrated that home prices went up between the months of July and August in 10 of the 20 cities followed. The chairman of S.& P.’s index committee, David M. Blitzer, stated that other cities in the Midwest such as Chicago and Detroit had strong growth in house prices since May.

Higher prices and better sales figures are being recorded in Chicago and Minneapolis due to a smaller number of homes being put on sale in these cities. It may be also due to a lesser number of foreclosures in the two cities. According to the Minneapolis Area Association of Realtors, there was a drop in the number of homes for sale in the Twin Cities in September and it was the largest in over 7 years.[1]

 

Wages and Salaries in Minneapolis

 

Without including benefits, wages and salaries grew by 2.5 percent in the Minneapolis area this year and this was the fastest growth rate in compensation in the country. The other cities that had similar growth rates were Houston and Boston.[2]

 

The Twin Cities still an attractive place for young professionals

 

A reasonable cost of living and comparatively more jobs being available has kept Minneapolis an attractive location for young adults. The 2010 census data shows that the region has added over 20,000 college grads between the ages of 25 to 34 since the last census in 2000. The city of Minneapolis realizes the value of this youthful energy and has spent billions on new and expanded stadiums, music venues, rail transit and art museums to make the city more attractive.[3]

Minneapolis: A Promising Job Market

I have been analyzing the Minneapolis job market ever since I was in college at the University of Minnesota. Since graduating I have applied to numerous jobs and finally started working at a boutique investment bank.

Minneapolis is a great city and there are plenty of career opportunities. Nine Fortune 500 companies have their headquarters in the city and they are Target Corporation, U.S. Bancorp, Medtronic, General Mills, Xcel Energy, Ameriprise Financial, Thrivent Financial for Lutherans, Nash-Finch and Alliant Techsystems.[1] As of 2009 the city's largest employers are the State of Minnesota, Mayo Clinic, United States Federal Government, Target, the University of Minnesota, Allina Health System, Fairview Health Services, Wal-Mart and Wells Fargo among others.[2]

The work force in Minneapolis is highly educated with several individuals holding advanced degrees. Minneapolis was one of America’s Best Cities For Young Professionals in a Forbes publication in 2010.[3] Additionally, the city was named one of the “Best Places to Live in 2010” in an April 2010 issue of Men’s Journal magazine.[4]

 

Unemployment Rate

 

The unemployment rate in Minneapolis is 8.8%, which is higher than the national average of 6.9%.

According to some trend data obtained by Simply Hired, the number of jobs in Minneapolis has gone up by 41% since February 2010.

 
 

Popular Minneapolis Jobs

 

Right now, the most commonly listed Jobs in Minneapolis by Simply Hired are business analyst jobs, registered nurse jobs, project manager jobs, java developer jobs, retail sales associate jobs sales associate jobs.[5]