Why this is important
Job is a prerequisite to participating in the economy and sharing in its benefits. At the community level, a shortage of jobs increases unemployment, reduces tax revenues, and hinder economic growth. A diversity of industries promotes stability in the local/regional economy. Regions with a great breadth of industries are more stable during business cycle downtowns and suffer fewer negative economic impacts.
In 2010, Dakota County had the lowest employment concentration of any of the 87 counties in Minnesota. There were 16 industries in the county with 1% or more of total employment, which made Dakota County the most diverse industry base of any county.
What the data show
The first figure shows the total number of jobs in all industries in Dakota County in the last decade. The number of jobs steadily increased at an average annual rate of 2% (or approximately 3,280 jobs) between 2001 and 2007. Between 2007 and 2011, the number of jobs in the county decreased on average 0.7% (or approximately 880 jobs) annually. However, at the end of the recent recession in 2010, Dakota County gained 1,373 jobs (or 0.8%) between 2010 and 2011. For more information see: http://www.positivelyminnesota.com
The second figure shows gains and losses in the number of establishments in the top five industry categories in Dakota County. The number of establishments in these industries increased between 2000 and 2007, and declined after 2007, except for health care services, which saw an increase of 79 establishments during the time period between 2007 and 2010. Wholesale trade experienced a slight decrease of 13 establishments between 2000 and 2007 and continued to see a decline of 95 establishments between 2007 and 2010. Construction experienced the largest decrease (-182 establishments) between 2007 and 2011.
The third figure shows the employment trend of the top industries with the most establishments in 2011. The total jobs in construction, professional services, retail trade, and wholesale trade experienced a similar trend as the number of establishments, increasing between 2000 and 2007, and declining between 2007 and 2010. The number of jobs in the health care industry increased by more than 61% (or 6,676 jobs) between 2000 and 2011.
The final figure shows average weekly wages for the top five industries with the most establishments in 2011. All five industries experienced an increased average weekly wage between 2010 and 2011. Wholesale trade experienced the largest increase in the dollar amount (+$202) of the weekly wage between 2010 and 2011. The average weekly wages of construction, professional services, and wholesale trade industries were higher than the average weekly wages of all industries ($892) in Dakota County in 2011.
Construction and professional services had few jobs compared to retail trade and health care in 2011. However, the average weekly wages in construction and professional services were much higher compared to retail trade and health care. In 2011, the average weekly wages in retail trade ($522) and health care ($701) were lower than the average weekly wage of all industries ($892).