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<br /> Construction Industry Flourished During the Summer
<br /> 'L The pick-up in new housing starts since the spring quarter and low mortgage rates produced a
<br /> xr ' P P o P o q o P
<br /> robust 1995 summer construction activity in the state. According to the Department of
<br /> Economic Security, total summer construction jobs increased almost two percent from the
<br /> same quarter of 1994, or twice the growth rate from the previous summers. Expandin g large •
<br /> companies created most of the new jobs, and attained for the construction industry the highest
<br /> rate of job growth from expansions (33 percent) among the major industries in the state.
<br /> Although the number of manufacturing start-ups did not change significantly compared to the
<br /> Minnesota previous quarter, their initial large sizes tripled the total number of start-up jobs in manufacturing.
<br /> Statewide With fewer business dissolutions during this quarter, there were 97 net new manufacturing
<br /> businesses and over 600 net new manufacturing jobs. Major manufacturin- expansions in the state
<br /> 3rd Quarter, 1995 continued to outpace major contractions, creating over 800 net additional jobs during the summer.
<br /> The largest source of new jobs in the state- the services industry- showed similarly improved
<br /> performance of net new job creation from business start-ups (811 net new businesses and 2,000 net
<br /> new jobs) and major business expansions (3,900 net additional jobs). In addition, the large retail trade
<br /> industry created almost twice as many new start-up jobs as those jobs lost from business dissolutions.
<br /> Greater Minnesota Job Growth (page 13)
<br /> Number of Business Establishments*
<br /> Births Dissolutions Expansions** Contractions" Total
<br /> Industry No.Rate(%) No.Rate(%) No.Rate(%) No.Rate(%) Estab.***
<br /> Agriculture D D D D 28 1.0 D D 2,802
<br /> Mining D D D D 4 2.1 D D 189
<br /> Construction 405 3.3 226 1.9 138 1.1 100 0.8 12,226
<br /> Manufacturing 156 1.9 59 0.7 140 1.7 93 1.1 8,385
<br /> Trans., Comm., Utilities 179 3.1 105 1.8 40 0.7 43 0.7 5,930
<br /> Wholesale Trade 409 2.9 217 1.6 47 0.3 38 0.3 14,094
<br /> Retail Trade 623 2.3 482 1.8 191 0.7 223 0.8 26,780 .
<br /> Finance, Ins., Real Estate 328 2.6 178 1.4 51 0.4 44 0.4 12,711
<br /> Services 1,451 3.2 640 1.4 309 0.7 245 0.5 45,012
<br /> Public Administration 11 0.4 D D 56 2.2 4 0.2 2,203
<br /> TOTAL 3rd Qtr., 1995 3,651 2.8 1,940 1.5 1,004 0.8 816 0.6 130,332
<br /> TOTAL 2nd Qtr., 1995 3,244 2.4 2,933 2.2 831 0.6 6.17 0.5
<br /> TOTAL 3rd Qtr., 1994 3,446 2.6 2,353 1.8 1,029 0.8 697 0.5
<br /> Number of Jobs*
<br /> Births Dissolutions Expansions" Contractions" Total
<br /> Industry No.Rate(%) No.Rate(%) No.Rate(%) No.Rate(%) Jobs***
<br /> Agriculture D D D D 362 1.8 D D 22,645
<br /> Mining D D D D 93 1.2 D D 7,593
<br /> Construction 654 0.8 272 0.3 2,618 3.1 1.838 2.1 95,574
<br /> Manufacturing 1,055 0.3 381 0.1 4,423 1.1 3.558 0.9 411,519
<br /> Trans., Comm., Utilities 374 0.3 208 0.2 919 0.8 1,050 0.9 110,691
<br /> Wholesale Trade 899 0.6 571 0.4 817 0.6 715 0.5 144,584
<br /> Retail Trade 4,262 1.0 2,213 0.5 3,214 0.8 3.762 0.9 419,316
<br /> Finance, Ins., Real Estate 632 0.5 292 0.2 1,079 0.8 1,28» 1.0 131,411
<br /> Services 3,459 0.5 1,424 0.2 9,533 1.3 5,601 0.7 696,069
<br /> Public Administration 2 0.0 D D 935 1.4 132 0.2 55,632
<br /> TOTAL 3rd Qtr., 1995 11,590 0.5 5,394 0.3 23,994 1.1 18,390 0.9 2,095,034
<br /> TOTAL 2nd Qtr., 1995 9,340 0.4 5,901 0.3 16,945 0.8 12.439 0.6 -
<br /> TOTAL 3rd Qtr., 1994 11,234 0.5 4,472 0.2 25,379 1.2 14.673 0.7
<br /> * The rates in this table are based on totals from previous quarters.
<br /> ** Covers only major expansions and contractions. ,!
<br /> *** Total establishments and total jobs, 3rd Quarter. 1995, unadjusted for late or missing employer reports.
<br /> D = Suppressed to avoid disclosure of individual company data.
<br /> Note: See notes on Page 13 of Report for Terms, Definitions and Sources.
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