priority for many businesses, especially those in the manufacturing industry.
According to the state demographers office, the Mankato-North Mankato MSA labor force is projected to grow in several important areas. The 15-24 year-old group (the “talent pipeline”) is expected to grow by 30% from 2015 to 2030. While the nation has growing concerns around the supply of “experienced peak performers” (45-64 year-olds), projected at only 5.4% growth over the next 25 years, our MSA is projected to have 15.5% growth over the same time period (see chart below). Some key components that make the Mankato – North Mankato MSA attractive include livability, cost of living, jobs and educational opportunities. LIVABILITY Many studies indicate that the top factor people look for when deciding to relocate is the quality of life offered. From a short commute time (12 minute average) to availability of outdoor recreation, Greater Mankato has diverse and desirable attributes. The region also offers access to nationally recognized healthcare and top notch K-12 education.
Greater Mankato Growth is also committed to continuing education for business leaders. Through the more than 30 year-old Greater Mankato Leadership Institute and the Greater Mankato Young Professionals group, GMG strives to retain and train the workforce and ensure they have the resources they need to be successful. WHAT WE DO Greater Mankato Growth is a business development organization. Being a unique and combined chamber of commerce and economic development non-profit, they serve as a catalyst and convener for existing businesses and potential new business. GMG markets the community, gathers input from the business community and provides them with resources and/or connections to make everyone successful. GMG strives to ensure that the business community is able to position and properly represent the region so that those who may have not visited or heard of the region know the advantages of living here without having to travel. The Way to Grow, a community positioning video, was released in March by Greater Mankato Growth. The video is a great tool for employers, educators, businesses and public entities alike to show what it’s like to live, work and do business in Greater Mankato.View the video online at: greatermankato.com/ way-to-grow.
JOBS According to Current Employment Statistics (CES) figures from the Minnesota Department of Employment and Economic Development, Greater Mankato’s businesses keep adding jobs. In Q1 of 2014, the region saw record high private sector and private service providing (a subset of the private sector) job growth. Greater Mankato Growth continues to hear that employers tend to struggle to find talent to fill their job openings. Resolving this issue tends to be a top
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Greater Mankato Growth
COST OF LIVING It is likely no surprise for those living and doing business in Greater Mankato that the costs are below the national average, which allows people to do more with less. According to Moody’s Analytics, cost of living in the MSA is 73% of the national average and cost of doing business comes in at 89% of the national average. In Greater Mankato housing costs 19% less, utilities cost 1.5% less and groceries cost an average of 2% less compared to the national average (according to COLI).
EDUCATIONAL OPPORTUNITIES What makes our marketplace unique is the five higher education institutions in the area. Also, the region’s K-12 schools are among the best in the nation, with innovative educators partnering with businesses and organizations to ensure students are well-prepared to meet the needs of employers and as a result, achieve success for themselves.