Blog Archives

Insights from MBCC

8/8/2022

This week I’m delighted to share this platform with Abel Ebane, the 2022 Board Chair for the Minnesota Black Chamber of Commerce. Abel shares his insights on how we can better work together to be ever more impactful to the business community. Thanks Abel! Before I turn the mic over to Abel, I have to send a shout-out for the MLS All-Star Game this week. Check out the All-star week events throughout the Twin Cities.

Entrepreneurs need resources to prosper in any space. Minnesota is no exception. Resources are available and a lot of work is being done by Chambers of commerce, for-profit, non-profit organizations, and other entities trying to influence the business ecosystem. Some are successful and others are duplicating efforts. This lack of a streamlined and synergistic approach to resource mobilization creates a big challenge.

At the Minnesota Black Chamber of Commerce, we are committed to serving Black-owned businesses and their communities through access to education, advocacy, and economic development. Our goal is to maximize the potential of every Black-owned business, large or small, by providing equitable opportunities for growth at every stage.

Our Chamber and the St. Paul Area Chamber are working together to connect businesses to build a more collaborative ecosystem. We believe that when organizations share more about the work they do and their best practices, we can build synergy, mobilize resources for entrepreneurs of color, and create a more vibrant region.

To better help amplify the work being done by entrepreneurs, there needs to be a synergistic approach to the work being done to mobilize resources in Minnesota. Organizations and enterprise leaders need to work hand in hand and leverage the power of numbers to influence outcomes. A simple approach could be to start supporting each other’s efforts, sharing key trainings and best practices, and leveraging each other’s expertise. Let us help in that effort and better connect the great talent in our region!

Abel EBANE
http://linkedin.com/in/abellubbertyn

See you in the trenches.
B

No public safety updates this week!

U.S. Department of Commerce Announces Winners of the $500 Million Good Jobs Challenge to Expand Employment Opportunities (hint: the only application funded in Minnesota was The Ignite Initiative Regional Workforce Training System proposal for ND/MN.
I was fascinated by last week's joust between Team Soft Landing — Federal Reserve Governor Christopher Waller and his Fed research colleague Andrew Figura — and Team Recession, composed of former Treasury Secretary Larry Summers, along with researchers Olivier Blanchard and Alex Domash. On July 29, Team Soft Landing made their mathematical case that the country could escape recession but Team Recession made headlines on Aug. 1, when they called foul on Waller with a counterpoint claiming that the likelihood of a soft landing was "entirely unconvincing" and that policymakers' quest against inflation could only end with higher unemployment. Unfortunately, the sport of economics can be a slow game, and we won't know how the match plays out for several months. Waller and Team Soft Landing are surely right about one thing: These are unprecedented times. On Friday, the Labor Department announced that the country added 528,000 new jobs to company payrolls last month. Labor data from earlier in the week showed that the number of job openings fell in June, though the number of openings still exceeds the number of people looking for work. Meanwhile, layoffs, especially in the tech and retail industries, have been picking up speed.

Federal

President Joe Biden is scheduled to sign the Chips and Science Act into law on Tuesday. What we're watching: Biden's signature will cap a long battle on the Hill to pass legislation that would support the domestic chips industry and make the United States more competitive with China. The Chips and Science Act includes about $52 billion in subsidies for research and U.S. production of chips, as well as an investment tax credit for semiconductor plants estimated to be worth $24 billion.
Senate Democrats were poised to pass their reconciliation bill on Sunday, that includes a 15% minimum corporate tax rate and a 1% excise tax on stock buybacks, the latter of which is expected to raise $73 billion. The bill, which is expected to generate more than $300 billion in deficit reduction, no longer includes a provision that would narrow the carried interest loophole for investment income. The House is set to return from its recess on Friday to take up the bill, which should place it on President Biden's desk for his signature the following week. Here is the U.S. Chamber’s statement on the revised bill: “taxing capital expenditures… is one of the most economically destructive ways you can raise taxes.”
BlackRock Inc. Chairman Lawrence Summers and Chief Executive Larry Fink along with Federal Reserve Bank of Minneapolis President Neel Kashkari will join The Wall Street Journal's Greg Ip at the Aspen Institute on Wednesday to discuss whether or not the American economy is entering a period of "stagflation."

State

Primary week: Minnesota (along with CT, VT, and WI) will hold primary elections on Tuesday, and Minnesota also will hold a special election to fill its open 1st District for the remainder of the year following the death of GOP Rep. Jim Hagedorn in February. Are you voting this week? Here’s what to know.

Regional

St. Paul CM Tolbert proposes new-construction exemption and other amendments for St. Paul rent control. Alarmed by a slowdown in St. Paul housing construction, St. Paul City Council Member Chris Tolbert presented to the council last week a raft of proposed amendments to the city’s new rent control ordinance, including a 20-year exemption for new construction. The amendment states that there have been 200 residential permits from the beginning of the year until April in St. Paul, an 86% decrease compared to the 1,391 permits in the same timeframe last year. Submit written testimony on the amendment package by noon, 8/16 to Contact-Council@ci.stpaul.mn.us, CouncilHearing@ci.stpaul.mn.us. Attend the public hearing on 8/17, 3:30pm in the City Council Chambers.

Election season is ramping up. Be sure to reference our East Metro Voter Guide to learn more about your candidates!

Subscribe to our Chamber Advocacy Update to keep up with advocacy news.

The year’s fairs are upon us!
- Ramsey County – did not hold 2022 County Fair
- Washington County – just wrapped up, Aug 3-7
- Dakota County – Aug 8-14, 2022
- Minnesota State Fair – Aug 25 – Sep 5, 2022
Regional Economic Conditions Webinar: Federal Reserve. Tues, Aug 16, 9:00 – 9:30am. Register here!
Join the Rice and Larpenteur Summer Block Party this Saturday, August 13, 11:00am - 3:00pm. Register here! If you're interested in supporting the Summer Block Party, please consider signing up for a volunteer shift here.
Check out your Chamber’s calendar of upcoming events as well, which include:
- Chamber Connect at the Minnesota Lynx! Friday, Aug 12, 4:00 – 9:00pm. Register here!
- Our next Equity Leadership Series - Building an Inclusive, Effective Workplace: Wednesday, August 17, 7:30 – 9:30am. Register here!

What is the #1 quality necessary in a leader? Simon Sinek answers the question in a recent interview. Watch an excerpt on YouTube: Narratives Can Be Dangerous!

Debunking Major Myths About Immigrants’ Socioeconomic Status in the US. A new book by 2 economic historians shares groundbreaking research on the economic contribution – and assimilation – of immigrants.
St. Joseph’s Hospital reopens as Fairview Community and Wellness Hub, with the goal of being a one-stop shop of food, medical, aging, and other services for people who face economic and demographic barriers to good health.
The Twin Cities Startup Week 2022 schedule is here! Sep 16-23, 2022.

The St. Paul Downtown Alliance offers free leases to fill vacant St. Paul storefronts for up to 10 small businesses looking for free, short-term leases in downtown St. Paul. Their “Let’s Grow” campaign is funded in part by $1 million from the federal American Rescue Plan Act and $1 million in matching funds from the Knight Foundation, as well as contributions from member businesses.
Fertilizer provider expands terminal in St. Paul, creating more jobs. Congratulations to Alter, ADM, and the St. Paul Port Authority for this $25M investment!
A Woodbury development site sells for $8.8M. On the SE quadrant of Hudson Road and Settlers Ridge Parkway, the plan is for a 475K SF food distribution center there.

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Shifting Gears

8/1/2022

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I just spent a week in Indianapolis, at our Association of Chambers of Commerce Executives (ACCE) annual conference. It was my first conference and I was energized with great work being done in Chambers across the country; and they aren’t always in the largest Chambers. Amazing people, on the ground, serving employers with extraordinary creativity and energy. I spent a lot of time thinking, too, about the season we are in. Today, August 1, is my 5-year anniversary as the President and CEO in service to you at this Chamber. It’s been quite a season together thus far, yes? So much work has been done, building. And ahead I see that we are entering a new season, one of refining. We are shifting gears. And each gear requires different leadership skills.

First and second gears, our building season, have been about restarting, becoming productive and honing our competitive edge on your behalf. We’ve been innovative, we’ve challenged thinking (including our own), and leaned in where needed. As we shift into third gear, our refining season, we are operationalizing the priorities and values we’ve laid out, executing on real work that helps businesses get access – to capital, to opportunity, to new business. And we’re investing in our team, building leaders within who can be increasingly impactful to you and joyfully connected to the work.

We also are responsible for providing a nurturing environment for innovation and invention. And we need partnerships more than ever. Because this is new territory for all of us. Thank you for your ideas, your service, your creativity, your allyship.

Thank you, too, for the privilege of serving you. It continues to be my honor.

See you in the trenches.
B

House passes ‘assault weapons’ ban. The House narrowly approved a bill outlawing the sale of “assault weapons” on Friday, the first time in almost 30 years that lawmakers have passed a measure to reinstate the expired federal ban.
St. Paul Downtown Alliance Speaker Series: Ramsey County Attorney John Choi: public safety trends and the state of the judicial system in Ramsey County. Tuesday, Aug 16, 2-3:30pm. Register here.

This week’s big news - the Governor’s Council on Economic Expansion released a 28-page report titled “Minnesota’s Moment: A Roadmap for Economic Expansion,” offering long-term steps to continue improving Minnesota’s economy. Governor Walz launched the fifteen-member Council of business, labor, and community leaders in September of 2021 to help advise Minnesota on the systemic change needed in the public, private, and nonprofit sectors that will achieve a more equitable, inclusive, sustainable, and resilient Minnesota economy. See the Council’s recommendations here.
From the US Chamber’s Small Business Index, Q2, 2022: Inflation is dominant concern for small businesses across country. Supply chain issues come in second.
On a day when recession is debated across U.S., Minnesota’s economy also sends mixed signals. Minnesota’s second quarter growth won’t be known until September. Business execs and analysts see a state “in a period of flux.”
Fed hikes interest rates by 0.75% for second consecutive time to fight inflation.

Federal

The CHIPS Act: The House has passed bipartisan legislation aimed at supporting domestic manufacturing of semiconductor chips that power the nation's smartphones, cars, computers, medical equipment, and weapons systems. The legislation already passed the Senate earlier this week by a vote of 64-33 and now heads to President Biden to sign into law. The CHIPS Act would provide $54 billion in grants for semiconductor manufacturing and research, tens of billions to support regional technology hubs and a tax credit covering 25% of investments in semiconductor manufacturing through 2026.
Veterans health care: The Senate is set to try again today, Monday, to pass legislation to expand health care coverage for veterans exposed to toxins and burn pits following a Republican filibuster last week.

Regional

St. Paul City Council proposes exempting new construction, affordable units from rent control ordinance. More tenant protections also proposed.
St. Paul campaign for universal preschool abandons push for fall ballot measure. Organizers say they hope to put a more detailed proposal before voters in 2023.

Election season is ramping up. Be sure to reference our East Metro Voter Guide to learn more about your candidates!

Subscribe to our Chamber Advocacy Update to keep up with advocacy news.

Regional Economic Conditions Webinar: Federal Reserve. Tues, Aug 16, 9:00 – 9:30am. Register here!
Check out your Chamber’s calendar of upcoming events as well, which include:
- 2022 VIP Vikings Training Camp Experience: August 3, noon – 5:30pm, at MN Vikings TCO Performance Center!
- Chamber Connect at the Minnesota Lynx! Friday, Aug 12, 4:00 – 9:00pm. Register here!
- Our next Equity Leadership Series - Building an Inclusive, Effective Workplace: Wednesday, August 17, 7:30 – 9:30am. Register here!

Majority of US workers changing jobs are seeing real wage gains. Roughly 1 in 5 workers say they are very or somewhat likely to look for a new job in the next 6 months, but only about 1/3 of these workers think it would be easy to find one.

Goff Public, in its ongoing effort to support organizations working to achieve racial equity within our community, is seeking Minnesota-based nonprofits and advocacy organizations who could use their help amplifying and supporting their efforts. More information can be found on their website. Organizations can fill out a brief online form by August 31 to let them know what kind of help they need.
Looking for an update on the GroundBreak Coalition? Here is link to July 19th community briefing.
3M, Target, UnitedHealth among top employers on disability-equality scorecard. These and others which scored 100% on the index are: Best Buy, Cargill, Deluxe Corp, Ecolab, Mayo Clinic, Medronic, and U.S. Bancorp. Click here to see the full index.

Washington County: The Washington County Board approved $1.65 million to build a new boat ramp at St. Croix Bluffs Regional Park. The project will be paid in part with American Rescue Plan Act funds,
Infrastructure Law Rollout: Mitch Landrieu, President Biden’s point person overseeing the rollout of the new federal infrastructure bill, told Route Fifty that there would be robust support for state and local officials trying to use some of the $1.2 trillion for public works. 5,000 projects across the country are underway, and the White House is meeting regularly with state infrastructure coordinators.
Permits: multifamily up, single-family permits down in July. Apartment construction stayed hot in July, but single-family homebuilding cooled significantly as metro area cities permitted fewer than 400 such units during the month — the slowest July for that product type in more than a decade.

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