Mankato economy: some surprises

Mankato's economic indicators for this month are offering some surprises to the positive side.

Twelve indicators are up and five are down, according to the data provided in Free Press Media's Minnesota Valley Business magazine, a business magazine that's a must for anyone who is in business. (You can get on the  list for free if your are a business owner or you can subscribe for $19.95 per year. Call 625-4451 to subscribe or e-mail to readerservice@mankatofreepress.com).

But the most positive signs appear in the area of jobs. The Mankato/North Mankato metropolitan statistical area has about 1,000 more jobs than a year ago through August. The number of jobs is 54,350. But what's interesting looking at the historical data, we hit 55,343 jobs in April of this year, the highest level going all the way back to 2001.

Other indicators that are positive: initial claims for unemployment down 50 percent in nine county region from a year ago; The number of people looking for jobs is down by about 500 for the same place and time; unemployment rates for nine counties are all down; residential building permits in Mankato and North Mankato are up over last year comparing August, and prices for corn, soybeans, hogs and milk are up; vehicle sales and general sales are up in Mankato, compared to a year ago May.

Still, the economic impact of the state balancing a $6 billion deficit is likely to his the Mankato region more so than other places. In 2009, 10 percent of all wages paid in Blue Earth County came from state government. In Nicollet County, 17 percent of all wages came from state government jobs.