Can we make hybrid work, work?

​In a word, yes.
 
Today, I’m thinking of the human element of hybrid work. I see the increased flexibility, thrust upon us during the pandemic, as having some real long-term benefits. Remote work CAN work. That said, we do still need to be together. Building trust without face-to-face human contact is way more difficult. We’ve adapted reasonably well, but so many of our relationships pre-existed. It is in the building of NEW relationships that we still need human interaction. Remember, we build trust “between the meetings.”  Isaac Stern said, “music happens between the notes.”  The consistency of human interaction, over time builds trust. And this is so challenging virtually because there IS no “between the meeting.” And brainstorming? We just don’t have the same flow of ideas, the same informal interruptions that spur more discussions.
 
What we hope for, I think, is more fluidity.  Flexibility. And employers I speak to are thinking intelligently about how to support employees in this new normal. One fine example is Target. I recently had the pleasure of touring Target’s headquarters buildings in downtown Minneapolis.  This company is committed to creating a culture of caring, winning, and growing together. All within a hybrid work environment. Of the thousands of employees at the downtown location, employees have flexible schedules that work with their team priorities. Leadership is intentionally responding to the human element of work, creating flex spaces, concierge tech support services, and team member meeting/working/lounging space. Their approach is, ‘flex for your day.’ And their investment in technology is intended to help offset the burden of off-site work spaces.  Really impressive.
 
See you in the trenches.
B

I continue to serve on the St. Paul Police Chief Examining Committee. As you might imagine, this is a lengthy process but it continues to move forward. The committee is very engaged, finalists to be interviewed have been selected, and those interviews will happen yet in September. The committee is required to submit 5 candidates to the Mayor.  More to come, but know that the candidate pool is strong.

• The Federal Open Market Committee begins its two-day meeting Tuesday, with a press conference scheduled for 2 p.m. Wednesday. While anything less than a 75-basis-point interest rate hike seems unlikely, some market watchers have speculated that a 100-basis-point increase isn't off the table. This against the latest CPI figures showing inflation growing at a rate of 8.3% year over year (Bloomberg)
• August jobs report released: Minnesota lost 3100 jobs. Unemployment insurance claims haven’t increased; unemployment rose 1/10th of a point to 1.9% in August. Who’s not working and why? Great info from the Mpls Fed.
• Consumer confidence rose by 5.5% in August, according to the latest Morning Consult U.S. Index of Consumer Sentiment. This is the largest increase since March 2021, as confidence levels increased in 44 of 50 states (yes, I checked – this does include Minnesota), the highest level of state increases since that same time period. "Consumer confidence is breaking out of a yearlong slump, thanks in large part to falling gas prices," said Morning Consult economic analyst Jesse Wheeler. "Improving sentiment will support consumer spending, which has faced headwinds from rapidly rising prices and monetary tightening by the Federal Reserve."  Read more: Consumer Confidence Rose 5.5% in August, Breaking Yearlong Slump.

​Federal

• Government funding deadline is Sep 30, a week from this Friday.
• Student loan debt forgiveness. No matter your position on it, it’s here. Here's what I read this evening:
  • According to the U.S. Department of Education, nearly 8 million borrowers may qualify for automatic student loan forgiveness based on data the department already has. For the remaining roughly 35 million borrowers, an application is required to receive relief.
  • You can register to be notified when the application is available through the Department of Education by filling out this form.
  • Borrowers that are found to be eligible for automatic relief will be sent an email and a text message (if signed up for one via your FSA account).

 
State

• St. Paul Area Chamber again is partnering with KSTP and other chambers on a statewide candidate debate (Governor, Attorney General, and Secretary of State). This debate will air on Sunday, October 23 from 6:00-9:00 p.m. Stay tuned for more details!

 
Regional

• Rent control – yes, again! This time, the St. Paul City Council compromises on vacancy decontrol. From full vacancy decontrol to a cap of 8%, on top of inflation, when a rental unit is unoccupied.  Look for a vote this upcoming Wednesday (?).

 
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.

• Because she has been unfailingly helpful for me: heads up on a new podcast, featuring Goff Public’s crisis coach (and President) Jen Hellman: The Crisis Files.
• MSPBJ’s 2022 CFO of the Year Honorees announced. Special shout-outs to: Dennis Power, Opus Holding; Patrick Nolan, Gillette Children's Specialty; John Reutter, Uponor North America; Kevin Valois, Sunrise Banks; Warren Zaccaro, Securian Financial Group.
• Check out your Chamber’s calendar of upcoming events as well, which include:
  1. Equity Leadership Series, Presented by Bremer Bank, September 21. Register here!
  2. Workforce Solutions: Utilizing Alternative Ways to Recruit Employees, Presented by Roseville Business Council, September 28. Register here!
  3. Election Preview Issue Forum, September 28. Register here!
  4. Leaders in Local Government Awards featuring Todd Axtell, Presented by Bremer Bank, September 29.  Register here!  

• Twin Cities Startup Week (TCSW) began last Friday! Incredible events are happening in Saint Paul throughout the week. Share your photos with us by tagging us on Twitter @fullstackstp or LinkedIn! 
• Because I love him, and I know you will at least learn something from him: subscribe to Simon Sinek’s Youtube channel. And when next you have a free moment, while you’re driving, pull up his channel (here is link to his podcast, “A Bit of Optimism,” as well) and be inspired. Thanks again, Ken Smith, for introducing me to him!

• National rail strike averted.  Few states shuttle more freight than Minnesota – from iron ore and taconite to farm and food products. And about 80% of the state’s roughly 4300 rail workers are unionized (per John Apitz, legislative counsel for Minnesota Regional Railroads Association). According to the American Association of Railroads, Minnesota is fourth-highest in the country by volume.
• Two Black-owned businesses are first to open at new development in St. Paul’s Frogtown. Frogtown Crossroads, at University and Dale, now houses Urban 29, a clothing store, and Flava Café. Special shout-out to NDC for its work in the development of a portion of this building.
• Xcel Energy gets final approvals for state’s largest-ever solar project, in Becker MN.
• UofM’s startup pipeline helps drive state’s innovation economy. In FY2022 alone, the U launched 22 companies.
• Congratulations to Bremer Bank, recognized and awarded: 2022 SBA Minnesota Lender award!

• Numbers to watch: On Tuesday, the Census Bureau releases figures on new residential construction, and on Wednesday, the National Association of Realtors updates its data on existing home sales. 
• Home prices up, closed sales down in August. Rising interest rates and inflation chilled Minnesota home sales in August as sales and new listings were down by double-digit margins, while the average price of a home ticked up to more than $380,000, according to a recent Minnesota Realtors report.
• Viking Mississippi makes its inaugural departure from St. Paul to New Orleans. This is really big news for St. Paul, a date that has been more than 7 years in the making. Congrats to the Parks Dept and the St. Paul Port Authority for yeoman’s work to make this happen. If you’d like to partake, I advise you look into it soon – these cruises are filling up fast, into the years ahead!
• Minnesota exports hit record high: $6.7B worth of goods in Q2 2022, reflecting a 12% increase from this time last year. More opportunity ahead, because this increase is still below the national average.
• The state clears M Health Fairview’s plan for new psychiatric hospital in St. Paul. A $62M project on the site of the old Bethesda Hospital.