State sees 1.5 percent uptick in employment.
About 42,000 jobs were created in Minnesota during 2014, a 1.5 percent increase. That percentage means Minnesota ranked about in the middle of all the states—a tie for 25th place.
North Dakota, fueled by an oil and gas boom, led the nation in job growth percentage, adding 22,000 new jobs, a 4.8 percent improvement, according to a Stateline analysis of Bureau of Labor Statistics data released in December. Texas led in number of jobs created, with 417,000. More than a dozen states added at least 50,000 jobs last year.
The final 2014 data, which could be revised, is expected to be released by Bureau of Labor Statistics this month. See which industries contributed to the gains here.
Overall, the national increase in employment—almost every state added jobs—was reflected in NFIB’s most recent Small Business Optimism Index, released in December and based on November data. Up 2 percentage points to 98.1, the index is finally approaching pre-Great Recession levels, said Bill Dunkelberg, NFIB’s chief economist.
“Expectations for business conditions six months out rose a huge 16 percentage points while expectations for real sales volumes rose 5 percentage points,” Dunkelberg says. “Unfortunately, the Index did not sprint past the average which is typical of a strong recovery before settling back down. Instead it’s been a slow slog just to reach this point. It’s a little early to declare a breakout. This performance will have to be consolidated by several more positive readings before owners are confident to hire more employees and expand their business. But it’s a good sign that comes at a good time for small business.”
Did you expand your small business in 2014? Do you expect 2015 to be a better or worse year for your firm? Tell us why in the comments section below.