You’ve likely heard by now what the analysts and forecasters are predicting for 2011: a mix of good and bad; numbers up in some sectors, down in others. Overall, there remains a very cautious attitude in regards to the economy, as reflected in the “moderate” and “modest” predictions, or as John Longwell, Vice President of Research for Computer Economics, puts it, “nervous stability.”
Here at True Source and in the Minneapolis/St. Paul area as a whole, the outlook is much better. Do I dare say sunny?
We have seen tremendous growth, doubling in both 2009 and 2010, and 2011 looks to be another 100 percent growth year. We’re obviously excited about the increased demand for IT work everywhere. When you take a look at the numbers—the IDC predicted a 5.7 percent growth for tech spending in 2011. That predicted increase in spending means a great deal more hiring in the technology sector.
There is clearly a demand for more contract workers, as is the case across the country, but we are also seeing a need for more part time and full time workers in all industries. We’re definitely seeing that spending/hiring in our market area. Companies that were hesitant to lay down the cash for IT workers before are not feeling that way now.
Candidates are out there again too, looking for different jobs, which is encouraging. For awhile many employees seemed to be hunkering down, afraid to seek new work and leave their current places of employment, but that’s not the trend now. A lot of that fear of leaving is gone—that’s really reassuring.
We are lucky to be in a very growth oriented state and the Twin Cities area is progressing better than the rest of the country. For starters, the Monster Employment Index showed growth in all 28 metro markets in 2010, but Minneapolis was among five of the top growth Designated Market Areas (DMA), with a 36 percent increase from 2009 to 2010. What a great way to go into and begin 2011!
Additionally, the employment market here in the Twin Cities is predicted to completely recover by the middle of this year. And we can be proud (and glad) of the fact that our metro area has an unemployment rate that is lower than the national average.
Here at True Source, we are excited for what the rest of the year will bring. Although the Beatles were certainly not talking economy and job outlook in this song of 1967, their lyrics seem quite fitting here: “ I’ve got to admit it’s getting better, better, a little better all the time. . .” Here’s to a promising remainder of 2011.