Minnesota will soon face a significant labor shortage. In some key industries, the shortage is already being felt acutely by employers. If unemployment rates, existing racial and ethnic employment disparities, and trends in migration continue, we can expect only an average 0.35% annual increase in employment between 2016 and 2022. This is due in large part to the rapid retirement rate of the baby boomer generation, and the decreasing rate of participation in the labor force of young people.
This graphic, originally developed in October 2016 and later updated with new data and insights, offers a simplified 6-year outlook at the impact of several challenging, yet important goals for the future employment of Minnesotans.