Minnesota's Economy on the Right Track

Minnesota’s economy is kicking off the New Year on a good note.

Our unemployment rate stands at 4.6 percent (one of the lowest rates in the nation), all the money borrowed from our schools by previous legislatures has been repaid in full, and we have a projected budget surplus of over $800 million.

All signs show that our economy is on the right track, but there is a lot more work to do in order to build on our momentum from 2013. That’s why I’m excited to announce a new tool available to Minnesota businesses looking to expand and hire more employees. 

The Minnesota Department of Employment and Economic Development (DEED) recently launched the Job Creation Fund, a pay-for-performance business development initiative designed to create an estimated 5,000 new jobs statewide and attract another $450 million of private investment in our economy.

The Job Creation Fund, a key component of the jobs bill passed by state lawmakers during the 2013 Legislative Session, provides up to $1 million for businesses after they meet specific criteria. Among other requirements, businesses must create at least 10 full-time jobs and invest at least $500,000 of their own capital to receive financial assistance. 

Employers can learn more about the Job Creation Fund’s benefits and eligibility requirements at www.mn.gov/deed. This pro-business initiative will put more Minnesotans back to work, help businesses expand, and keep our economy on the right track in 2014.

If you have any questions or feedback about the Job Creation Fund, you can reach me by phone at (651) 296-5387, by email at rep.will.morgan@house.mn, or by postal mail at 401 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., Saint Paul, MN 55155.