Unemployed? Just out of school? Collecting a steady paycheck but considering making a move?
If you're launching a job search and anticipating the kind of long, discouraging ordeal common in the wake of the Great Recession — those dark days of high unemployment, finicky employers, carefully crafted résumés sent out into apparent black holes — you may end up pleasantly surprised.
For those with science, engineering or computer backgrounds, "the future looks very bright," said Angie Froistad, director of the Career Center at the University of Minnesota's College of Science and Engineering (CSE). "I don't think there's ever been a better time to be in this field. The technical skills are in demand from a variety of employers, both in and outside of Minnesota, nationally and internationally."
Assorted factors, including economic recovery and aging baby boomers, have combined to create something of a job-seeker's market.
In the second quarter of 2016, Minnesota's job-vacancy rate — a measure of the openings employers are trying to fill — was 3.6 percent, representing 97,580 jobs. That's the highest in 15 years, excluding a brief hop to 3.7 percent a year earlier. It's well over three times the 25,885 jobs available in late 2009, when the post-recession vacancy rate plummeted to 1 percent.
"Minneapolis-St. Paul has one of the tightest labor supplies in the country, and so does Minnesota as a whole," said Oriane Casale, assistant director of the Labor Market Information Office at the Minnesota Department of Employment and Economic Development, which compiles the figures.
And the trend isn't changing anytime soon. The growth in labor supply, or availability of workers, has slowed drastically, to a projected 0.3 percent from 2015 to 2020, compared with 2.7 percent in the 1970s. That slowing is only expected to continue.
Boomers aging out
As with so many cultural phenomena, the employment situation is tied to the life stages of the 75-million-member baby boomer generation, born between 1946 and 1964. With 10,000 people a day turning 65, boomers are aging out of the workforce. The Generation Xers coming up behind them, numbering a mere 66 million, can't fill the openings they're leaving. And while 75.4 million millennials born from 1980 to 1995 slightly outnumber boomers, the youngest are just 19 years old, most not ready to step into those jobs.