The January 2024 jobs report for Rochester, MN, indicates continued stability and growth in the region’s healthcare-driven economy. The unemployment rate held steady at a low 3.2%, while job creation remained positive.
Highlights
- The unemployment rate remained unchanged from December 2023, hovering at a low 3.2%.
- Job growth continued at a moderate pace, adding 300 new positions in January.
- The healthcare and social assistance sector fueled job growth, adding 200 positions.
- There were minimal job losses across other industries.
Industry and Occupational Trends
Job growth:
- Healthcare and social assistance (+200)
- Professional and business services (+50)
- Retail trade (+30)
Job losses:
- Construction (-10)
- Leisure and hospitality (-10)
Comparison to previous periods
- Compared to January 2023, Rochester’s unemployment rate is down 0.4 percentage points.
- Job growth in January 2024 was slightly lower than January 2023, which saw an increase of 400 jobs.
Future outlook
The Rochester metro area is expected to see sustained job growth in 2024, primarily driven by the healthcare sector. Expansion within Mayo Clinic and related medical institutions is anticipated to fuel job creation. Other sectors, such as professional and business services, are also expected to see moderate growth.
10 Growing occupations in Rochester, MN (according to bls.gov):
- Registered nurses
- Physician assistants
- Medical and health services managers
- Licensed practical nurses
- Surgical technologists
- Software developers, applications
- Management analysts
- Marketing specialists
- Physical therapists
- Occupational therapists
10 Companies hiring now in Rochester, MN:
- Mayo Clinic
- Olmsted Medical Center
- IBM
- Mayo Clinic Health System
- OptumServe
- Assurant
- Saint Marys Hospital
- Rochester Public Schools
- Menards
- Charter Communications
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