 Greetings all. Last Thursday, I had the opportunity to sit in on the Federal Reserve’s latest report on Regional Economic Conditions in the Ninth District. The survey was conducted in late July and reflects a snapshot rather than a scientifically sampled survey. The quick takeaways:
Ron Wirtz, the Fed’s Regional Outreach Director, spent a lot of time breaking out this idea that, regarding workforce and wages, “not all firms are created equal.” Large firms have an outsized impact on activity. Firms of 10 employees or fewer represent about 75% of all firms; their share of employment is 10%. Large firms are a tiny share of all firms, but they represent over 40% of all employees. The large firms are experiencing strong growth, so overall numbers reflect that. The smallest companies, certain sectors, and the minority- and women-owned firms are net positive but still lagging. The top 3 challenges companies are facing? Supply chain disruptions, labor availability, and price increases. What are national surveys telling us? Gallup’s latest Economic Confidence Index: reflects a dip in U.S. economic confidence as more say the economy is worsening. Alignable’s August Rent Poll Report: overall, 5% improvement in the number of small businesses that were able to pay their rent this month. This is the first time in 6 months where there was such a positive lift. That said, still 30% could not pay their rent on time or in full, and that number is 45% for restaurants (up from 40% in July). Regarding downtown Saint Paul, the Downtown Alliance has scheduled a virtual event this Thursday at noon bring together a whole host of public and private sector partners about what to expect in downtown as workers and visitors continue to return. See you in the trenches. B  The number of Minnesotans hospitalized with COVID-19 has more than doubled in August, which includes transfers in from other states, contributing to a tightening supply of available beds across the state – the greatest shortage, however, is highly trained staff. Last week’s update from MDH re how the Delta variant is impacting those who are vaccinated:
For the rest of us, a "booster" at about 8 mths after the 2-shot series. COVID-19 vaccines: The Biden administration is reportedly expected to soon approve COVID-19 vaccination booster shots at six months after people receive their original doses rather than eight months, the timeframe it had previously announced. Regulators also are reportedly expected to approve boosters for the Pfizer Inc.-BioNTech SE, Moderna Inc. and Johnson & Johnson shots by mid-September.  On July 22, 2021, the U.S. Secretary of Commerce Gina M. Raimondo announced the implementation of a series of programs to equitably invest $3B that the EDA received under the American Rescue Plan. View a complete list of EDA American Rescue Plan webinar recordings and additional resources on EDA’s American Rescue Plan Program Resources page. Great summary (introduction?) to Minnesota’s fiscal disparities program. Though contested by some, the program supports fiscal equity in its distribution of fiscal resources among local taxing jurisdictions in the metro area.  Federal: The Supreme Court blocked the Biden administration’s order extending the federal eviction moratorium to a large swath of the country, in a decision expected by both legal scholars and the White House. The ban on evictions, a two-month order, was issued by the Centers for Disease Control and Prevention. The pause covers parts of the United States that are experiencing what the CDC calls "substantial" and "high" spread of the coronavirus. The court's majority said the CDC exceeded its authority with the temporary ban. Regional: Ramsey County is considering a 1.5% property tax levy increase in 2022 (after 0% increase in 2021). Local: Saint Paul approves a $209.6M TIF district around Allianz Field, hoping to spur development. The move could make $209M available for developers looking to build housing and infrastructure in the area. Read more updates in our weekly Chamber Advocacy Update.  State Fair update: people are showing up! Here’s your guide to new foods for 2021 (and which 15 foods belong in the Minnesota State Fair’s hall of fame?). Saturday saw over 129K visitors, though attendance so far is down compared to previous years. And around 150 vendors have pulled out - though labor shortages and supply chain issues have also been cited as factors. When you go, prepare to wear masks when you are indoors (not required, but individual buildings and vendors are able to put their own mask policies in place). I’ll be there on Tuesday to listen to the Doobie Brothers… missed them last year! And, in case you’re playing, here are the 2021 Minnesota State Fair Treasure Hunt Clues. What’s ahead for your Chamber? Sep 8 is our Membership Meeting on Economic Development Sep 15 is the next event of our Equity Leadership Series: Leading Leaders – Success Stories from Peer Employers. Find these and more on our Events Calendar!  5 Ways to be a Change Leader: find out what that means, and learn about some effective habits you can implement as well – one at a time.  The Aspen Institute is holding a virtual event Wednesday at 1 p.m. titled "Shaping the Future of Work: A Conversation About Quality Jobs." Panelists from Jobs With Justice, the Families and Workers Fund and the Joint Center for Political and Economic Studies will discuss the need to invest in high-quality jobs and how the pandemic-induced financial crisis focused too much on overall job loss and not enough on raising the level of work, exacerbating economic inequality in the process. Why it's worth watching: Morning Consult has just released its August numbers for their Inequality Index. The main takeaway from the data was that a decline in “financial vulnerability inequality” offset marginal upticks in the index's other three components - inequality in consumer confidence, lost income and expectations of income loss. One especially relevant thing to note as it relates to the Aspen Institute event and the quality of jobs: Consumer sentiment among adults earning less than $50,000 annually declined 5.2 percent in August compared with July, while a drop of 3.7 percent among those making more than $100,000 per year occurred during the same time period. That key difference underscores how uncertainty over the Delta variant could be growing the gap between lower- and upper-income Americans. In a recent Robert Half survey, a whopping 63% of 100 recently surveyed Minneapolis senior company managers said their firms will require employees to work in the office full time after pandemic restrictions are completely lifted. Bump this up against a similar survey in April, that found 34% of employees would look for a new job if required to return to the office full time.  Energy Park Corporate Center, home to Kemps, sells for $9.3M. Kemps has downsized and is staying in place, consolidating its former Minneapolis HQ and a smaller sales office into this space.
And Saint Paul’s Full Stack initiative got some great coverage in the Pioneer Press this past weekend. Relaunching with optimism!
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So, what did we learn from our survey last week? We asked you about your timing for return to office. Responses remain fairly mixed. As I talk with business leaders, the one sense I’m getting is that larger companies are delaying, smaller companies are coming back sooner (or already back in the office). Across all company sizes, hybrid approach to “return to office” is the generally agreed-upon approach moving forward. Of the respondents, we had an equal mix from companies across all sizes. Unfortunately, we were not able to assign responses to company sizes. 44% of respondents are back in office already (or are “essential” and never left) 7% are targeting September 20% are targeting October 26% are undetermined at this time And are you tracking – or even requiring - vaccinations for your employees? A running list of Minnesota employers requiring COVID-19 vaccines for employees. And, yes, you could face legal consequences for lying about your vaccination status. See you in the trenches. B As the COVID Delta variant spreads, masks now recommended in all but 3 Minnesota counties. And, yes, the entire metro’s counties now recommend masks. As of Thursday, August 18:
 Monetary policy: Federal Reserve Chairman Jerome Powell will speak at the Kansas City Fed’s annual symposium on Aug 27. Why it's worth watching: Chair Powell will deliver remarks at the conference. The theme this year is "Macroeconomic Policy in an Uneven Economy," a timely topic given the uneven economic recovery from the country's coronavirus lockdown. Minneapolis Fed President Neel Kashkari on the labor market: continues to be tight but there are signs it’s starting to stabilize. And what’s next? Minnesota saw solid job growth in July, adding 14,500 jobs. State’s seasonally adjusted unemployment rate now dropped to 3.9% (5.4% nationally). And U.S. jobless claims hit new pandemic low. Consumer spending numbers are due out Friday. Why it's worth watching: Consumer spending grew 1% last month, but the delta variant could change how often people are comfortable returning to pre-pandemic habits. For the next several months, economists will be watching consumer spending figures, along with other indicators, to see if the economy continues to improve or if it starts to falter. Events and meeting industry is facing new headwinds with the Delta variant – though both the industry and the airlines are still ahead of where they were 5 months ago. What is manufacturing telling us this month? Orders are up 17% year-over-year; in June, 17 of the 18 manufacturing industries reported growth. The Purchasing Managers Index (PMI) for July was 58.4. Strong, certainly a positive indicator of growth, but not quite “humming along,” constrained by supply chain disruptions and labor shortages. Prime Therapeutics just pushed their return to office until January 2, 2022. Planning for the Hillcrest golf course redevelopment project calls for 1000 units of housing and 1000 jobs. This week the Saint Paul Port Authority announced the site is aiming to be carbon neutral as well. The vision is for the Hillcrest site to be the nation's first made-from-scratch, carbon-neutral, mixed-use development. Many renewable energy solutions are expected to be deployed, including rooftop solar arrays, a geothermal heating and cooling network, energy-efficiency and electric vehicle charging stations, planners at the St. Paul Port Authority,  Federal: House Democratic leaders are set to move forward with a vote on President Joe Biden's $3.5 trillion budget despite pushback from moderates to consider a rule that would allow the chamber to simultaneously consider both the budget resolution, which includes the party's social spending proposals, and the bipartisan, Senate-passed infrastructure package. The plan - a move to mollify moderates calling for passage of the physical infrastructure spending first - would be to vote this week on the budget resolution to kick-start social spending negotiations and come back to the roads and bridges later. Local:
Read more updates in our weekly Chamber Advocacy Update.  State Fair adds five more new food vendors to 2021 lineup, despite losing 150-200 vendors. We are seeing some pull backs in terms of participation and volunteers from state offices like the DNR. And WCCO Radio will not be broadcasting live. I’ll most definitely be there, and some of my friends are equally as enthusiastic about NOT attending. Sigh… deep breath. Watch this video to hear what Ben Fowke has to say as he retires from Xcel, and get ready to welcome veteran Bob Frenzel, as their new CEO!  Join GreaterMSP for the ConnextMSP virtual launch event Tuesday, September 14 12:00 - 1:00 pm. ConnextMSP brings together employers, college and career readiness programs, and higher education partners to support young adults as they navigate their early career journey and reach their full potential. Next month’s launch of ConnextMSP is the result of more than five years of research and in collaboration with many regional partners. Greater MSP and other economic development organizations like the St Paul Area Chamber are committed to helping employers attract and retain talent from our region and beyond. How are employers thinking about where people will work in the future? Read more from this exclusive survey.  How to serve the “unbanked” and “underbanked”? It turns out these are very different groups, with diverging needs and priorities. And the banking industry is focused on how better to serve both. This region’s bank giants encouraged – and now welcomes – First Independence Bank, a Black-owned bank from Detroit, into this market. This ranking lists “Minneapolis” as #2 best Midwest city for startups. I consider this a celebration for the entire region, since examples given are from across the metro.  City of Saint Paul is issuing permits at a strong pace. $31.4M worth of commercial-industrial permits in July alone. This number is down from this time last year, but year-to-date is 13% ahead of last year.
Planning for the Hillcrest golf course redevelopment project calls for 1000 units of housing and 1000 jobs. Last week the Saint Paul Port Authority announced the site is aiming to be carbon neutral as well. The vision is for the Hillcrest site to be the nation's first made-from-scratch, carbon-neutral, mixed-use development. I’ve been in several conversations these past few weeks with business leaders considering return to office plans and how/if to address COVID-19 vaccination requirements among your team members. In both cases, you want to know what others are doing – to get some guidance, a sense of what “norming” looks like right now. If you would, please respond to our 2-minute survey about these 2 questions. We’ll run the survey this week, and share the results with you next week. Thanks for taking the time! Pause for a quiet little “yippee!” Mikko Koivu spent 15 seasons with our Minnesota Wild. We all sighed regretfully when he was traded to the Columbus Blue Jackets ahead of the 2020-21 season. He retired in February and has chosen Minnesota to settle down with his family. Welcome home, Mikko! See you in the trenches. B Vaccines: Minnesota hits our vaccine milestone: 70% of our residents 16 and older have at least one dose. One month behind Governor Walz’s timeline goal. And on August 11, Governor Walz introduced a vaccine requirement – or weekly negative COVID-19 tests - for state employees. Ramsey County is employing a similar requirement. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said he was hopeful the Food and Drug Administration would give full approval to the coronavirus vaccines, which are being administered under an emergency use authorization, by the end of the month. Fauci predicted the move would precede a wave of vaccine mandates from businesses, schools and possibly localities, while the Biden administration has resisted doing so at the federal level despite mandates for people in its workforce, like the one Defense Secretary Lloyd Austin imposed on U.S. service members by mid-September. So far, polling has shown the share of Americans who are unwilling to receive the vaccine remains steady at about 1 in 5, and a similar share cited vaccine or mask requirements as something that would cause them to quit their jobs. Federal Reserve, Faegre, and Fredrikson & Byron push back return to office plans. DEED’s $80M Main Street Economic Revitalization Program is accepting proposals. The first round of funding, $40M, closes to applications on August 31, 2021. These 2 SBA COVID-19 small business programs still have $ money: Shuttered Venue Operators Grant Program. Economic Injury Disaster Loan Program and Targeted EIDL Advance. I continue to follow leading economists and the Fed to get a sense of what’s ahead for the economy. The Federal Reserve policy setting committee's minutes are due out Wednesday. Why it's worth watching: markets will be interested in any hints toward the timing of the central bank pulling back economic support. Interested in what the Minneapolis Fed has to say about regional economic conditions? Join them for a webinar on Tuesday, August 24. Also of particular interest this past week is the latest analysis from Wells Fargo, “What a drag it is getting old: implications for economic growth.” Economists Jay Bryson and Hop Mathews talk about the U.S. economy enjoying strong growth through 2022, as we snap back from our “pandemic-induced coma.” Real GDP growth of 7% this year and 5.6% in 2022 are good numbers. That said, what I found most fascinating – and is a new thought for me – is that, for 2023 and beyond, the growth of working-age population in the U.S. will slow considerably. Such shifts will return the U.S. to our longer term trend of real GDP increase of maybe 1.8% annually. We all know Boomers are retiring, which translates to slower spending and economic activity; this “will exert headwinds on the long-run potential growth rate of the U.S. economy, everything else equal.” You can read the full report here. Big retailers such as Walmart Inc. and Home Depot Inc. will report earnings on Tuesday. Why it's worth watching:
Federal: Welcome to a period of calm (House and Senate are in recess this week) in the storm of trying to pass President Joe Biden's bipartisan infrastructure deal and Democrats-only social spending measure. House lawmakers return next Monday to consider the $3.5 trillion budget resolution, which passed the Senate in a party-line vote. State: Status update on tax law changes implementation: changes relate to unemployment compensation, PPP loan forgiveness, and other retroactive conformity provisions affecting tax years 2017 – 2020. In late July, DEED updated Minnesota tax forms for tax year 2020. Amend previous years’ returns using one or more of these forms. Census results indicate major changes for state demographics and politics. Nationally, the U.S. experienced the slowest population growth since the 1930s, and is more racially and ethnically diverse than ever before as the number of white people fell for the first time since 1790 (read the full report here, content only available outside a paywall until August 21, 2021). In Minnesota, most of the growth was in the metro region (11%). Exurban counties grew by 9%, rest of the state grew by 2.6%. Municipal: St. Paul is poised to eliminate minimum parking rule: The City Council is ready to overturn a rule that requires developers to include parking spaces when constructing new commercial or residential buildings. The decision would make the city one of few in the United States to completely eliminate minimum parking requirements. Read more. On Thursday, Mayor Carter presented his 2022 budget address. Watch it here.
- What’s missing: more money for Saint Paul’s streets. The City Council has said streets are a priority, so we shall see. - Next: City Council votes on the final version of the budget in December. Read more updates in our weekly Chamber Advocacy Update  What’s going on with your Chamber? Our next session in this year’s Equity Leadership Series. Together we are improving workplace culture. Being Ready for Today’s Employees: Creating a Sense of Belonging. Join our virtual event on August 18! And for our Young Professionals: the time is right to get together. Our annual Boat Cruise is back on for August 18. Enjoy an evening on the water and connect with other Twin Cities young professionals. I’ll be there too! The St. Paul Downtown Alliance has hosted a huge variety of concerts and other events throughout downtown this summer, and have even more lined up into the fall. Some highlights include (find them all at welcomebackstpl.com):
 The jobs market: “employment without borders” (Jim Tam, Keystone Partners). I remember the Great Recession, 2007 – 2009. I watched through the lens of manufacturers, saw the pressure to fill jobs – but with only incremental impact to wages. It is a different story this year. Across the nation, it’s a hiring market punctuated by a glut of available jobs, rising pay, significant counter offers and a frantic pace. Companies are having to sell themselves. And today’s candidates have considerable leverage. In addition, we are seeing reduced importance of geography for many positions. Just this past week I spoke to the principal of a large accounting firm in the region here whose employees are being courted for remote work with companies as far away as California – for significantly higher wages. Here are 5 tools to help your remote-work business click.  August is Black Business Month. Here are a few of my favorite guides, directories, resources, and events from across the region to help you support Black entrepreneurs:
The American Clean Power Association (ACP) ranks Xcel Energy as the largest clean energy provider in the country when it comes to wind, solar, and battery storage. If you remember, Xcel has announced a vision of delivering 100% carbon-free electricity to its customers by 2050, and they are more than halfway there. This is worth an impressed pause and extended congratulations!  Delta is dialing up their already top-notch customer experience, with refreshed menus from top restaurants, and new “personal theater” experiences for customers. Also, get a first look at Delta’s new terminal at LaGuardia, opening in 2022.
695 Grand Ave: in July the Saint Paul’s planning commission voted in favor of the $32.5M “Dixie’s on Grand redevelopment project,” but last week City Council laid the vote over until this upcoming Wednesday. At issue: the City Council will need to approve rezoning the site to allow for the 5-story development. It sounds like the “door is still open,” and the developer – Reuters Walton Development – is looking to invest more in St. Paul moving forward. We are watching this one carefully. Yes, this past weekend, St. Paul celebrated Suni Lee’s triumphant return! She arrived at the airport Thursday to more than 200 fans, and I’m ballparking that Sunday’s parade saw more than 5,000 people?! “Team Sunisa” t-shirts in blue, American flags, veterans in uniform, lots of kids… Goodness, Suni Lee’s family, all decked out in bright yellow t-shirts, alone counted more than 25 people (I had thought they were the volunteer committee!). Suni’s father offered thanks for “three great countries of his life”: Laos, Thailand, and the U.S, “the land of opportunity – which gave birth to my daughter Sunisa and the opportunity for her to reach her goal and become the first Hmong American all-around world champion.” As the first Hmong American Olympic Gold Medalist, Suni Lee’s historic achievement has inspired community members in her hometown, across our state, nation, and around the world. As home to one of the largest Hmong American communities in the country (did you know that Minnesota is home to more refugees than any other state in the U.S.?), Sunday’s parade and celebration were truly international. Watch a clip of the event here on Youtube. And we have more celebrations! The US Women’s BBall team HAS DONE IT AGAIN! For the 7th time, the U.S. Women’s Basketball Team won a Gold Medal this past weekend – their 55th straight Olympic basketball victory. Coach Staley, a former Olympian herself, is stepping down after this season. Meanwhile, Gable Steveson, Apple Valley, won the Gold in wrestling, freestyle division, on Friday. Context makes this achievement even more incredible: he was unseeded, and he defeated the 3-time defending world champion from Georgia. His goal is to follow the path of “The Rock.” Steveson returned home on Sunday, greeted by a welcoming crowd! Watch his bout here on Youtube; was so impressive – as was his celebratory backflip! See you in the trenches. B  For the first time since February, the U.S. is averaging more than 100,000 new cases/day. In Minnesota, 1012 new cases were recorded on Friday (though trend lines still don’t look as bad as the mid-April wave). The Delta variant represents more than 80% of new cases here. Both caseload and hospital needs continue to edge up as the summer swing continues. Indeed, infections and hospitalizations are increasing rapidly as the highly contagious Delta variant spreads. At the same time, vaccination rates have been slowly rising since the middle of July, and 58 percent of eligible Americans have received at least one dose of a Covid-19 vaccine. In Minnesota, 54.2% of our population has been fully vaccinated (69.4% of those 16+ with at least 1 dose). Here’s how Delta is changing advice for the vaccinated. And what to do when employees refuse vaccination? Vaccine approval: The Food and Drug Administration is reportedly working to complete the approval process for the coronavirus vaccine made by Pfizer Inc. and BioNTech SE by early next month. How much of an impact will a fully approved vaccine have on hesitancy to get the shot? Polling conducted this summer indicates a lack of full FDA approval has kept some of the country's vaccine holdouts from seeking the shot, but while we can expect full approval to move some folks off the fence, it's an open question as to how many. Are you wearing a mask again? Experts back masks against variant threat. Though no one is thrilled! And it sounds like the U.S. plans to require COVID vaccine for foreign travelers. In response to the Delta variant spike, Wells Fargo, US Bank, Travelers and others, are delaying their return-to-office plans.  The Delta variant is driving off hope for speedy return to normal, and adding uncertainty to the longer-term outlook. Read this August U.S. Economic Outlook report which takes a look at the effect of heightened economic uncertainty, the start-and-stop recovery, and the future of economic growth. EDA is hosting a series of webinars in August about the newly announced EDA funding opportunities through the American Rescue Plan. The application process is now open. Deadlines vary based on program. Good Jobs Challenge Webinar: Thursday, August 12 – 2 p.m. EDT.  Infrastructure endgame: The Senate met again on Sunday after voting 67-27 on Saturday to advance its bipartisan infrastructure bill, setting up final passage. Anticipate a potential Monday or Tuesday vote on final passage. Redistricting: The Census Bureau on Thursday will release its 2020 census data, which state legislatures use to redraw voting districts. The apportionment data is arriving roughly four months later than originally scheduled thanks to pandemic-induced census issues, and marks the beginning of a long and arduous process of mapmaking and litigation. Minnesota: The new “Eviction Off Ramp” bill went into effect June 30. It ends the Executive Order that paused eviction actions and lease terminations at the height of the COVID-19 pandemic. See here for frequently asked questions for both landlords and renters. Read more updates in our weekly Chamber Advocacy Update.  What’s going on with your Chamber? Our next session in this year’s Equity Leadership Series. Together we are improving workplace culture. Being Ready for Today’s Employees: Creating a Sense of Belonging. Join our virtual event on August 18! And for our Young Professionals: the time is right to get together. Our annual Boat Cruise is back on for August 18. Enjoy an evening on the water and connect with other Twin Cities young professionals. I’ll be there too!  A new world of work is here. Though we continue to learn that we can’t always know what tomorrow will bring, today’s work environment definitely is dynamic. What makes up this “dynamic” ecosystem? Even the Harvard Business Review” is writing about breaking free from a “9 to 5” Culture (and a bonus: the article quotes research done at the U of M!).  This past Friday, August 6, the SEC approved Nasdaq’s proposal to boost diversity on corporate boards. The first-of-its-kind proposal would require companies listed on the Nasdaq to meet certain minimum targets for gender and racial diversity on the boards. This is big news. Read here for more. Best Buy will invest up to $10M with Brown Venture Group, the Twin Cities venture capital firm that exclusively funds Black, Latino, and Native American-owned technology start-ups. The goal? To “break down the systemic barriers often faced by Black, Indigenous and People of Color entrepreneurs – including access to funding.” Within our region, Metro Transit has announced a new transit pass program. Apartment and condo owners now can offer a reduced rate Resident Pass program to their list of amenities.  Some big moves in the business community: Zeus Electric Chassis, Inc., operating in White Bear Lake, is unveiling its all-electric work trucks; Medtronic just announced the purchase of Intersect ENT, Inc., for $936.3M; Ecolab will now partner with medical device makers on sterilization solutions with its new Eagan design center; and in Woodbury, Ryan Cos is planning a 500K SF distribution facility for an “unnamed user.”
Wondering what’s going on with all the construction in downtown St. Paul? We are in the midst of Phase III of the Downtown Paving and Sidewalk Improvement Project. Check this website for details on when and where the work is underway. Congratulations to St. Paul’s very own Suni Lee for winning the gold medal in the all-around competition, and the silver medal in the team competition, and the bronze medal on the uneven bars at the Tokyo Olympics! The Hmong community says, ‘This is our arrival moment.’ Suni Lee is ‘one of the best stories’ in Minnesota history – period. Governor Walz and Mayor Carter declared Friday, July 30, 2021, Sunisa Lee Day in Minnesota. I love the Olympics. I mean, who doesn’t? This year is unique in that responses are mixed. Celebration! Skepticism. Highlights! Concern. All are real; but the Olympics ARE here. Seventeen athletes attending the Tokyo Summer Olympics have a connection to Minnesota. Meet them and read up on their results so far here. The team includes household names like Suni Lee and Minnesota Lynx players Napheesa Collier and Sylvia Fowles. Less well known but equally awesome are so many others, including: Mason Ferlic (track and field), from Roseville; Gable Steveson (wrestling), from Apple Valley; Kyra Condie (climbing), from Shoreview; Regan Smith (swimming), from Lakeville; and Bowe Becker (swimming), a former Minnesota Gopher. We’re only a week in so far, but how is Team USA doing? Through August 1events. Team USA has won 20 gold medals, second among all countries. Can we say – of course – Suni Lee? And what about Katie Ledecky earning her 6th gold medal? And 18 year-old Anastasija Zolotic won USA’s first-ever gold medal in women’s taekwondo. And then the USA lost to France in men’s basketball. That after a 25-game winning streak. I haven’t recovered from this last one. And, finally, saving another incredibly inspiring story for last: Alaska’s first Olympic swimmer, 17 year-old Lydia Jacoby, wins the gold in a stunning upset against another American, favorite Lilly King. You’ve got to watch that race. Still ahead, the women’s soccer team faces Canada in the semifinals on August 2 (if you remember, we lost in Rio and the team wants this win – bad). The Olympics really are magic; and they really do bring people together. This year, perhaps more than any other, is the opportunity to both showcase athletic greatness and send a positive unifying message. On a more local level: You’ll appreciate this read: your very own B Kyle and Minneapolis Regional Chamber’s Jonathan Weinhagen were interviewed recently about economic recovery. What do we say, you ask? Face-Off: Facilitating a strong recovery for the Twin Cities. See you in the trenches. B  The Delta variant is now responsible for almost all new Covid-19 cases in the U.S. In counties where vaccination rates are low, cases are rising fast, and deaths are also on the rise. But in a sign of hope, states with the highest number of virus cases also had the highest vaccination rates for the third consecutive week. And Governor Walz is following President Biden’s lead and incentivizing vaccines. Last Tuesday, the CDC again recommended that vaccinated people should resume wearing masks in public indoor spaces in communities where the virus is surging – that includes nearly all of the Twin Cities Metro. The CDC’s reversal of course on masks for the fully vaccinated puts employers on the spot.  SBA gives reprieve for small business owners appealing PPP loan forgiveness decisions – during appeal process, potential for deferral of payments. Vaccinations and federal aid helped lift the U.S. economy out of its pandemic-induced hole in the spring. The next test will be whether that momentum can continue as coronavirus cases rise, masks return, and government help wanes. Get ready for debt ceiling chaos. The two-year hold on the debt ceiling expired Saturday, which means lawmakers must once again try to avoid a default later this year. At the moment, there's no clear plan.  Federal: This coming week is a big one for Congress' two infrastructure packages running on parallel tracks: a $1 trillion bipartisan deal that would involve "hard" infrastructure spending (roads, bridges, public transit, etc.) and a roughly $3.5 trillion package that focuses on climate change and home care for the elderly and children. State: DEED’s competitive grants and contracts are posted online. Read more updates in our weekly Chamber Advocacy Update.  The U.S. picks Bloomington in representing the US in its BID for the nation’s 2027 World Expo! The pitch incorporates Minnesota’s medical innovations into a showcase for the national theme of health and wellness. What’s new or the 2021 Minnesota State Fair? It’s time for the Great America Get-Back-Together. Including 21 new foods! What’s going on with your Chamber? Our next session in this year’s Equity Leadership Series. Together we are improving workplace culture. Being Ready for Today’s Employees: Creating a Sense of Belonging. Join our virtual event on August 18! And for our Young Professionals: the time is right to get together. Our annual Boat Cruise is back on for August 18. Enjoy an evening on the water and connect with other Twin Cities young professionals. I’ll be there too! A recent article in the Harvard Business Review on July 6, 2021 highlights the challenges CEO’s are facing since the world of work was disrupted by the pandemic. Employees stepped up in the crisis; now what? “CEOs now face a career-defining moment of truth. The schism is growing between those who desire a return to normalcy and those who want to sustain new ways of working.” Americans are less certain today than in the recent past that equality of economic opportunity exists for Black Americans. Fairness wanes… Uponor plans to invest $10M into expansions: 57K SF in Lakeville, 25K SF in Hutchinson. Both to be completed by mid-2022.
More than a year after the looting and arson, Lloyd’s Pharmacy reopens in the Midway! In July, the Twin Cities saw another double-digit increase in permits for new single-family homes, and permits are now running 45% ahead of 2020 year to date. The combined value of these permits is over $207M. Multi-family permit activity is higher for small projects, lower for the 60+ unit projects. St. Paul alone issued permits for at least 4 new single-family homes and 3 multi-family projects in July, including a 154-unit, $18.3M University Apartments project at 2227 University Ave, led by Paster Development and built/managed by Yellow Tree Construction, scheduled to open in Spring of 2022. |
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