Report: Twin Cities Regional Growth Slowing

Fewer building permits, higher jobless claims to blame.

Growth in the Twin Cities’ economy is expected to slow over the next several months, according to a quarterly report conducted by St. Cloud State University.
 
The Index of Leading Economic Indicators (LEI) survey said lower residential building permits, higher jobless claims at the end of 2014 and weakness in statewide business conditions are all factors.
 
The LEI's findings coincide with the state’s unemployment rate ticking up for the first time in years.
 
Despite the situation sounding dire, growth continues throughout the Twin Cities. The Secretary of State’s office found nearly 10,500 new business filings in the seven-county metro region during the first quarter, which was a slight increase from the same time last year.
 
There are also now more job vacancies throughout the state: For every 100 people unemployed, there are about 100 job vacancies, though the skills necessary for such jobs do not necessarily align with the skills that a jobless person has.

Related Stories