Labor market data (LMI) from the Bureau of Labor Statistics, DEED, and the U.S. Census Bureau can tell as a lot about our state’s economy and labor force: our current unemployment rate, how successful college graduates are in getting jobs, and disparities in employment by race and ethnicity, to name just a few. These traditional data sources are invaluable to academics, economic development planners, and workforce developers who need hard data on Minnesota’s labor force statewide. In many cases, this data is also available regionally by DEED’s economic development regions, and sometimes by metropolitan area. However, these traditional data sources tell us very little about which employers are hiring now, the kinds of hard and soft skills that are currently in demand, or where job vacancies are advertised.
LifeScience Alley is one organization that is using new real-time labor market data from TalentNeuron Recruit alongside traditional LMI sources to analyze detailed healthcare recruiting trends in Minnesota. In their Quarter 2 workforce report, they found significant demand for engineers, making up 17 percent of all open positions advertised online by healthcare companies. Medical device manufacturers, IVD, and pharmaceutical firms were found to have the most open positions during that quarter, with most job openings seeking candidates with skills in quality systems and quality assurance. They also discovered that most positions advertised in the Twin Cities were concentrated in the northwest in cities like Plymouth and Fridley.
Take a look at LifeScience Alley’s report to learn more about the healthcare industry in the Twin Cities metro, or use this as an example of how other organizations might use this data source to better understand their local labor force economy.