2022 Workforce Trends for Career and Technical Education
Two and a half years after COVID-19 first appeared, the U.S. economy has shifted and strained under the weight of disrupted supply chains and an ever-tightening labor pool. The continuing effects of the pandemic, domestic and international unrest, and shifting economic models have been felt in disparate ways across the nation.
Between July and August 2022, unemployment rose in 32 states, fell in 7 states, and remained unchanged in 12. Minnesota’s unemployment rate rose by 0.1 percentage point but remains the lowest unemployment rate nationwide at just 1.9% compared to the national average of 3.7%. Since August, the market has remained tight with unemployment dropping nationally to an all-time nonwartime low of 3.5% unemployment in September. As of October 2022, US unemployment returned to 3.7% with 261,000 net new jobs added to the economy and about two open jobs for every one jobseeker. Despite the Federal Reserve raising interest rates, significantly high corporate profits throughout 2022 mean that companies are likely to continue to invest in their businesses, hold onto their employees, and seek to hire more workers in this tight market.
The reports for each of the six regions in Minnesota, as well as the statewide report, provide a comprehensive analysis of the current workforce landscape. They offer insights into the economic and demographic conditions at a regional level. Additionally, these reports delve into the various career fields, highlighting their significance within each region and presenting key labor market statistics. Future demand forecasts are also included for six career fields: Health Science Technology, Engineering, Manufacturing, and Technology, Arts, Communications, and Information Systems, Agriculture, Food, and Natural Resources, Business, Management, and Administration, and Human Services. Furthermore, the reports conduct a thorough gap analysis in these career fields, identifying talent shortages, award gaps, certification gaps, and skill gaps. They also offer an analysis model that outlines pathways for students to move from entry points in their field of interest to other aligned careers, considering factors such as automation, remote work, and evolving work environments. Additionally, the reports touch on the topic of remote work and the implications it holds for the jobs of the future.
