What are the forces moving the Minnesota economy? Adam Belz tries to identify the trends and show the connections between Minnesota and the larger U.S. and global economies. You can connect with him on Twitter: @adambelz
Recent fall in U.S. labor participation entirely due to retirement – Philadelphia Fed
Developers propose rooftop golf in Minneapolis – Star Tribune
Rochester income growth lags a bit – Post-Bulletin
Minn-Dak CEO says growers will likely lose $ on 2013 crop – Fargo Forum
Q&A w/Mary Barra, first female CEO of major U.S. car company – NY Times
Old manufacturing jobs, new manufacturing jobs: Do they match up? – Midwesterner
Detroit launches new program to repair streetlights – WSJ
Thomson Reuters’ top legal executive departs – Star Tribune
A detailed look at Wisconsin job growth in past 12 years – Journal Sentinel
If you hit the snooze button, you will, in fact lose – New Yorker
A progressive meditation on fast food and strikes – Harper’s
How come nobody reads French novels any more? – BBC
Wells Fargo economists Mark Vitner and Michael Wolf write a monthly Minnesota Outlook that is generally a good summary of how the state economy is doing.
They talk specifics about jobs and industries, and they clearly do some of their own analysis. It’s useful stuff, which is hard to come by at the state level, and it's worth reading.
But I had to take issue with one section of the December report, where Vitner and Wolf suggest that the new Vikings stadium will be a boon for the real estate development market around the stadium.
This project will provide a much-needed boost to real estate development. Very little construction has come on line recently in the Minneapolis area as vacancy rates remain elevated slightly above the national rate.
The argument here is that vacancy is up, and more real estate development will...help that. This seems a little backward. When vacancy is elevated, even a little, isn’t it kind of a bad idea to build a bunch of new stuff?
Unless the project is transformative enough to create new demand on its own (say, maybe, it becomes the Central Park of Minneapolis), it’s just spreading thinner an already thin level of demand for downtown real estate. And the track record of football stadiums as economically transformative projects is not great.
I pressed Vitner on this by email, and he admitted that maybe they are "a bit optimistic" about the stadium. But still, the construction there "could get the ball rolling."
Minnesota Vikings owner Zygi Wilf, left, and Governor Mark Dayton shovel dirt at the groundbreaking ceremony outside the Metordome in Minneapolis on Tuesday, Dec. 3, 2013, as the team paves the way for a new home. (Glen Stubbe/Minneapolis Star Tribune)
Propane pipeline to dry up, Minnesotans scrambling – Star Tribune
High rents are driving the poor out of their apartments – NY Times
Midwest states are doing well west of the Mississippi – Wells Fargo
Treasury sells remaining GM stock, takes $10.5b loss – LA Times
Mandela was considered an enemy of the U.S. 30 years ago – Daily Beast
Big series on a homeless girl in Brooklyn named Dasani – NY Times
The NY Post has staked out a position on the series – NY Post
Union organizer pulls stunt, shouts down protesters in SF – SF Bay Guardian
The Megan McArdle holiday kitchen gift guide – Bloomberg
Fastenal opens 3rd store in Duluth/Superior – News Tribune
Oil boom, vacancy drive apartment boom in Fargo-Moorhead – Fargo Forum
Guthrie Theater reports first annual loss in 19 years – Star Tribune
Chinese assembly-line wages keep rising – Bloomberg
Some economists think inflation may be what the economy needs – NY Times
Car-commuting is down in much of the U.S. – Washington Post
Full report on transportation, lots of interesting facts – U.S. Public Interest Research
President Obama’s speech yesterday on inequality – White House
The importance of digital literacy for college grads – 21st Century Career
Oil by rail is basically a pipeline on wheels – NPR
Ha. Minnesota economic forecast will ratchet up political rhetoric – StarTribune
Wisconsin among states bidding for Boeing 777x production – Journal Sentinel
The young startup scene in Des Moines has hit hard times – Business Record
Subsidy for Midtown Global Market trimmed from Minneapolis budget – StarTribune
“The Desolate Wilderness,” William Bradford’s Thanksgiving account – Wall Street Journal
A China-Japan arms race could be excellent for the global economy – Telegraph
Unemployment in North Dakota drops to 2.7 percent – Fargo Forum
St. Cloud unemployment drops to 3.9 percent – St. Cloud Times
The Pope is definitely not a fan of “unbridled consumerism” (see #60) – Vatican
Spry: Gov. Dayton cherry-picks data to justify his position on taxes – Pioneer Press
Jeff Goldberg on Kiribati, the tiny Pacific nation that may disappear – Businessweek
Expansion debate already begins on proposed copper mine – StarTribune
Dock repair hearing devolves into worries over lake oil shipment – Duluth News Tribune
Putin, true to form, was nearly an hour late to a meeting with the Pope – Bloomberg
A book of Psalms may be the most valuable book in the world – New Yorker
Chef leaves $80k job at restaurant, now cooks for Salvation Army – StarTribune