Rochester’s Job Market Sets Records – Unemployment Shrinks

Rochester, MN (KROC-AM News) - The unemployment rate in the Rochester area dipped back below 2% during the final month of 2024 as the local economy continued to add jobs at a record-setting pace.

The latest data released by the Minnesota Department of Employment and Economic Development shows overall employment in Olmsted County hit an all-time high of 96,330 in December. That is nearly 2000 higher than the previous employment record that was set in November.

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The data also shows record growth in the size of the local labor force, which is quickly approaching the 100,000 mark. The state reported there were 98,147 people in the labor force in Olmsted County at the end of 2024. The previous record, also set in November, was a bit over 96,500.

Just over 1800 residents of Olmsted County were officially classified as unemployed in December. That works out to an unemployment rate of 1.9%, which was the lowest it has been since April of last year when it was also reported to be 1.9%, although the jobless rate was a half of a percentage point higher than the rate reported in December of the previous year.

Across the region, the unemployment report was mixed with multiple counties reporting slightly higher rates and others reporting modestly lower unemployment. Olmsted County had the lowest rate in southeastern Minnesota in December, while the jobless rate in Wabasha County was the highest at 2.7%.