January 28, 2024

Lakeville, MN – December 2023 Jobs Report – Steady Growth amid National Downturn

In a surprising turn of events, Lakeville’s job market defied national trends to exhibit stable growth in December 2023. While the national unemployment rate crept up to 4.2%, Lakeville held steady at 3.8%, reflecting continued resilience in the city’s diverse economy. The month saw an increase of 120 jobs, pushing the total employment figure to 54,320.

Highlights:

Healthcare Leads the Way: The healthcare sector emerged as the clear winner, adding 50 new jobs, primarily in nursing and administrative roles. The Moments, a senior living facility, played a significant part in this growth, actively recruiting nurses and support staff.
Retail Remains Consistent: Despite national concerns about holiday season hiring slowdowns, Lakeville’s retail sector held its ground with 30 new positions added. Local favorites like Fleet Farm and Target continued their expansion, seeking customer service representatives and sales associates.
Tech Sector Holds Steady: Lakeville’s burgeoning tech sector remained stable, with no significant job losses or gains. This stability bodes well for the future, as the industry continues to attract young talent and investment.

What Industries and Occupations Grew:

Healthcare: Nurses, Nursing Assistants, Medical Administrative Assistants
Retail: Customer Service Representatives, Sales Associates, Cashiers
Logistics and Distribution: Warehouse Workers, Package Delivery Drivers
Education: Teachers, Teacher’s Aides, Special Education Specialists

What Industries and Occupations Shrunk:

Construction: Carpenters, Electricians, Construction Laborers
Hospitality: Restaurant Servers, Hotel Front Desk Clerks
Leisure and Recreation: Fitness Instructors, Park Maintenance Workers

Compare to Same Month Last Year:

Compared to December 2022, Lakeville’s job market has shown modest but sustained growth. The unemployment rate has decreased by 0.2 percentage points, and total employment has increased by 2.5%. This indicates a steady upward trajectory for the city’s economy.

Compare to Previous Month:

Compared to November 2023, Lakeville’s job market saw a slight bump in growth. The number of jobs added in December was almost double the figure from the previous month. This could be attributed to the holiday season hiring activity and potentially signals a stronger start to 2024.

Future Outlook:

While national economic uncertainties linger, Lakeville’s diversified economy and strategic location near major Twin Cities businesses position it well for continued job growth in 2024. The healthcare, retail, and logistics sectors are expected to remain strong, while the tech sector holds potential for further expansion.

10 Growing Occupations in Lakeville (December 2023):

10 Companies Hiring Now in Lakeville (December 2023):

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