Podcast Episode Details
Back to Podcast Episodes
"Minneapolis Job Market: Cyber Surge Amidst Broader Shifts"
The job market in Minneapolis is experiencing a mix of growth and challenges. Despite a overall slowdown in the Twin Cities job market in 2024, with a contraction of 4,900 jobs, certain sectors are thriving. The cybersecurity sector, in particular, is projected to see a 28% growth rate in roles by 2025, driven by major employers like Target, U.S. Bank, and Best Buy. Cybersecurity analysts in Minneapolis earn a median salary of $124,380, significantly above the national average.
The employment landscape in Minneapolis is diverse, with Health Care & Social Assistance being the largest-employing industry sector, followed by Manufacturing and Retail Trade. Professional, Scientific, & Technical Services also constitute a significant portion of the employment market. In recent years, the Metro Area gained over 47,400 jobs between 2021 and 2022, with notable growth in Accommodation & Food Services, Manufacturing, and Transportation & Warehousing.
The unemployment rate in Minnesota slightly increased to 3.3% in August 2024, despite the national rate dropping. However, the labor force participation rate remains high at 67.7%. Major industries such as Health Care & Social Assistance, Manufacturing, and Retail Trade dominate the job market, while sectors like Professional, Scientific, & Technical Services and Finance & Insurance also play crucial roles.
Growing sectors include tech startups, particularly those focused on AI, machine learning, and cybersecurity. Companies like Arctic Wolf Networks and FRSecure are creating new opportunities in cloud security, incident response, and ethical hacking. The Minneapolis Technology Summit 2025 will highlight AI-driven security and cloud protection, further boosting these sectors.
Recent developments include a significant monthly job increase in August 2024, with 14,400 jobs added, the largest since July 2022. However, this growth is offset by job losses in sectors like office-using jobs. Seasonal patterns show variations, with industries like Leisure & Hospitality and Education & Health seeing significant job gains.
Commuting trends are not specifically highlighted in recent data, but government initiatives such as startup accelerators, networking events, and training programs support tech growth. The University of Minnesota has launched numerous startups, many of which remain in Minneapolis.
Key findings indicate a strong demand for tech and cybersecurity professionals, with supportive educational and training initiatives. Despite some employment contraction, the job market in Minneapolis remains robust in key sectors.
Current job openings include:
- Cybersecurity Analyst at Target
- Cloud Security Engineer at Arctic Wolf Networks
- Incident Response Specialist at FRSecure
This content was created in partnership and with the help of Artificial Intelligence AI
Published on 9 months ago