Looking for RE

Are you feeling weary? A little run down? I am.  So I’m taking charge of this to shift my mindset. I need to RE: RE-energize, REfresh, RElax, REconnect with friends, REmember what I love about this community.
 
I’m heading to Rice Park this Friday evening as we flip the giant switch on thousands of lights to light up the skies and welcome another season of holiday cheer in downtown. Rice Park Powered by Xcel Energy returns with music, games, food trucks, giveaways and more November 19 from 5:30-7 p.m.
 
Then I’m taking several of Visit Saint Paul’s suggestions for a stress-free Thanksgiving weekend. I plan to order dinner to go from one of our many fabulous restaurants.  That includes pies (I waited too long last year, and the restaurants I called couldn’t take any new orders).  I also plan to buy some of my favorite, Summit – 35 years and still going strong! And, because the kids are home for the weekend, we’ll shop the holiday markets together.
 
Finally, your Chamber’s annual Holiday Open House is Thursday, December 9. This is Saint Paul’s holiday party, all are welcome. Please come and RE with us!
 
See you in the trenches.
B

Details of the vaccine rule release: Resource are available at www.osha.gov/coronavirus including fact sheets, compliance assistance materials, and FAQs. In addition, employers may email ets@dol.gov.  Meanwhile, federal appeals court halts rollout of President Biden’s company vaccine rule. Across the country, voter response is mixed.
 
How are we doing with new cases? The Delta variant drives big increase in breakthrough infections, but vaccines still protect. About 84% of cases in 2021 have been people who were unvaccinated. Hospitals are facing very real and serious pressures. New COVID-19 cases associated with preK-12 schools may be on the decline in Minnesota, according to data released by the Minnesota Department of Health Thursday. During the week of Oct. 10 — the most recent week for which there is complete data — 1,923 students had COVID-19 at school, down from more than 2,600 the week before. Health officials hope the approval last week of a COVID-19 vaccine for children will curb transmission among students. More than 18,500 Minnesotans ages 5 to 11 have gotten one dose of vaccine so far, along with 264,000 children and teens ages 12 to 17 — or about 60% of that age group.

Inflation is increasing at its quickest pace in three decades. And the government bond market is showing worry. Things look great across most financial markets, with everything from stocks to Bitcoin near record highs. That’s not the case in the market often seen as the most steady and sober of them all: government bonds. In the bond market, yield can be thought of as what an investor demands to be paid for loaning Uncle Sam money. Normally, the longer it takes to get paid back, the more an investor wants to be paid. But now, the gap between yields of longer-term and shorter-term Treasurys is shrinking. It sounds wonky, but such action has historically been a warning signal that the bond market sees potentially tougher economic times ahead. 
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 As inflation worries increase, this is not the time to take on more debt.

​Federal:  

• Democrats plan to vote to send President Joe Biden's $1.9 trillion climate and social spending bill to the Senate this week. What we're watching: The Congressional Budget Office has released rolling estimates for their expectations for the cost of the "Build Back Better" legislation, and more are expected this week. Some moderates have pressed for a full, final score before taking a vote. If House Democrats clear that hurdle, it moves the onus to Senate Democrats to figure out how to cobble together 50 votes for a reconciliation measure, with issues such as taxes, climate and paid leave continuing to hang over those conversations.
• Big infrastructure deal: President Biden is set to sign the bipartisan infrastructure legislation today at a signing ceremony. The Infrastructure Investment and Jobs Act clocks in at over 2,000 pages of text and roughly $550 billion in new funding over 5 years.  What we're watching: The bipartisan signing ceremony will mark the start of Biden's effort to sell a big bipartisan win to the American people. It will be joined by presidential trips to New Hampshire and Michigan next week, and the White House is looking to hire a point person to help execute the massive plan.

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State:

• Governor Walz could call a special session before Thanksgiving if an agreement can be made for essential workers, drought relief, and an update to COID-19 safety measures.  
• Governor Walz has started his week-long trade mission to the United Kingdom and Finland. The mission is focused on increasing state exports, promoting Minnesota as a premier destination for business investment, developing new business opportunities, and strengthening existing ties. Stay in touch with trade mission updates by following DEED’s Development Blog.

 
Regional:

• Latest article on rent control initiative: chaos ahead.
• Rent control votes panned.
• Study finds Minneapolis and St. Paul minimum wage increases led to loss of restaurant jobs: A study by the Federal Reserve Bank of Minneapolis found that minimum wage increases being rolled out in the Twin Cities appear to have driven a decline in restaurant jobs in both cities.
• Joe Soucheray: The fatal flaw in rent control is already apparent – Twin Cities.
• Schafer: St. Paul rent control vote turns builders, bankers away from capital city - StarTribune.com
• A national spotlight on our region: Rent control is in. Developers are out.

 
Public Affairs Issue Forums: Chamber members are invited to two final forums to finish out the year.

• St. Paul Bicycle Plan Update - this Thursday, November 18, 1:00 - 2:00 PM, RSVP here. 
• Affordable Housing Math - December. The date is not yet set, but if you'd like to be directly notified when it is, RSVP here.

 
Read more updates in our weekly Chamber Advocacy Update

​Looking to do business with a veteran-owned business? Here’s a by-the-numbers look at this year’s largest Twin Cities Veteran-Owned Business List.

How residents, business owners and elected officials are reimagining the corner of Rice and Larpenteur.
 
Funded by a 5-year, $19.4M grant from the National Institute on Minority Health and Health Disparities, joint UofM and Mayo center to focus on studying racism’s impact on cardiovascular health in Minnesota.
 
U.S. Bank survey: Black consumers say they’re better off than pre-pandemic, but skeptical wealth gaps will shrink.

Don’t be afraid of the tough conversations: does your company suffer from toxic positivity?

The passage of the $1.2T federal infrastructure bill will translate to $5.6B over five years for Minnesota’s transportation network.
 
St. Paul commercial and industrial permits down in October. Permits were down about 28% from October 2020, and off 67% from 2019.
 
After 4 years, first-time developer JO Companies will launch 62-unit apartment building at Payne and E 7th, in Saint Paul.

​M Health Fairview envisions a Community Health and Wellness Hub at the site of the former St. Joseph’s Hospital in St. Paul.