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Minneapolis Saint Paul Regional Analysis: Demographics, Economy, Entrepreneurship and Innovation

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Minneapolis Saint Paul Regional Analysis: Demographics, Economy, Entrepreneurship and Innovation Cleveland State University EngagedScholarship@CSU Maxine Goodman Levin College of Urban Urban Publications Affairs 4-1-2011 Minneapolis Saint Paul Regional Analysis: Demographics, Economy, Entrepreneurship and Innovation Ziona Austrian Cleveland State University, [email protected] Merissa Piazza Cleveland State University, [email protected] Eli Auerbach Sunjoo Park Follow this and additional works at: https://engagedscholarship.csuohio.edu/urban_facpub Part of the Growth and Development Commons, Urban Studies Commons, and the Urban Studies and Planning Commons How does access to this work benefit ou?y Let us know! Repository Citation Austrian, Ziona; Piazza, Merissa; Auerbach, Eli; and Park, Sunjoo, "Minneapolis Saint Paul Regional Analysis: Demographics, Economy, Entrepreneurship and Innovation" (2011). Urban Publications. 0 1 2 3 449. https://engagedscholarship.csuohio.edu/urban_facpub/449 This Report is brought to you for free and open access by the Maxine Goodman Levin College of Urban Affairs at EngagedScholarship@CSU. It has been accepted for inclusion in Urban Publications by an authorized administrator of EngagedScholarship@CSU. For more information, please contact [email protected]. Prepared for: MINNEAPOLIS SAINT JUMPSTART COMMUNITY ADVISORS PAUL REGIONAL ANALYSIS: Prepared by: Ziona Austrian, Ph.D. DEMOGRAPHICS, Merissa C. Piazza ECONOMY, Eli Auerbach Sunjoo Park ENTREPRENEURSHIP AND INNOVATION Updated April 2011 CENTER FOR ECONOMIC DEVELOPMENT 2121 Euclid Avenue Cleveland, Ohio 44115 http://urban.csuohio.edu/economicdevelopment TABLE OF CONTENTS Executive Summary ....................................................................................................................................... 1 Demographics ........................................................................................................................................... 1 Industry and Economy .............................................................................................................................. 1 Entrepreneurship and Innovation ............................................................................................................. 2 Concluding Comments .............................................................................................................................. 2 Introduction .................................................................................................................................................. 3 Chapter 1: Demographic Analysis ................................................................................................................. 4 Population & Growth ................................................................................................................................ 4 Race & Age Distribution ............................................................................................................................ 5 Foreign-Born ............................................................................................................................................. 7 Income Measures ...................................................................................................................................... 7 Poverty ...................................................................................................................................................... 9 Education Measures ................................................................................................................................ 10 Labor Force Participation ........................................................................................................................ 11 Unemployment ....................................................................................................................................... 12 Housing Statistics .................................................................................................................................... 12 Chapter 2: Economy and Industry .............................................................................................................. 14 Review of Other Studies: Economy ......................................................................................................... 15 Regional Strengths .............................................................................................................................. 15 Regional Challenges ............................................................................................................................ 16 Industry Clusters ................................................................................................................................. 17 Industry Trends ................................................................................................................................... 18 Renewable Energy .............................................................................................................................. 18 Industries with High Concentrations in the State of Minnesota ........................................................ 19 Industry Analysis ..................................................................................................................................... 21 Employment Trends ............................................................................................................................ 21 Employment Churning: Job Gains and Losses .................................................................................... 22 Trends in Gross Product ...................................................................................................................... 23 Exports ................................................................................................................................................ 24 Trends in Average Wage ..................................................................................................................... 26 Employment Trends in high-Tech Industries ...................................................................................... 27 Growing Industries: Medical Device Industry ................................................................................. 30 Growing Industries: Security and Commodity Industry .................................................................. 31 Growing Industries: Insurance Industry .......................................................................................... 32 High Performance (Winner) Industries ............................................................................................... 33 Industry Occupations .......................................................................................................................... 37 Outperforming Occupations ........................................................................................................... 37 Underperforming Occupations ....................................................................................................... 37 Economic Inclusion (Minority- and Women-Owned Businesses) ....................................................... 40 Minority Inclusion ........................................................................................................................... 40 Women-Owned Businesses ............................................................................................................. 43 The Role of the Self-Employed ............................................................................................................ 44 Chapter 3: Enterpreneurship and Innovation ............................................................................................. 45 Review of Other Studies ............................................................................................................................. 46 Entrepreneurship and Innovation: Summary of Findings ....................................................................... 46 Entrepreneurship and Innovation Analysis ................................................................................................. 48 Entrepreneurship Trends .................................................................................................................... 48 Kauffman Index of Entrepreneurial Activity .................................................................................... 48 Public Offerings ............................................................................................................................... 50 Birth/Death and Business Churning ................................................................................................ 52 Propensity to Be in Business ........................................................................................................... 53 Propensity to Be an Entrepreneur .................................................................................................. 54 Capital Markets ................................................................................................................................... 55 Venture Capital Investment Trends ................................................................................................ 55 Early-Stage Investment Firms .......................................................................................................... 57 Late-Stage Investment Firms ..........................................................................................................
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