This is Ridiculous

Seriously. Ridiculous. Ridiculously awesome, that is. I spent an hour last week talking with leaders at Regions Hospital about HealthPartner’s St. Paul Anchor Strategy. The company is energized and focused on investing in St. Paul. Leadership is working to build more trust with community, drive more business, and hire/elevate more people from within the community. And they are doing this one company at a time.
 
This strategy is particularly powerful to me because it exemplifies a value I’ve long held: that big change happens one opportunity, one person, at a time. HealthPartners is investing in small, BIPOC-owned businesses, one at a time. They find these companies, meet the owners, purchase products from them, and invest in them. Ridiculous.
 
Regions started with Rocky Robinson, a woman of color who creates self care products for girls of color. Next month they are recognizing companies like I Love You Cookie, a cookie company. And Junita’s Jar. And La Noire Bridal, new to downtown St. Paul. Regions is promoting them, purchasing their products, and – perhaps even more impactful - sharing their premier pricing discounts (through their group purchasing organization) through the purchasing department.
 
Cheers to Regions, HealthPartners, and the example they provide as an anchor institution that invests back into the community.
 
See you in the trenches.
B

• The U.S. is on track to exceed 800K COVID deaths this week, a year after the vaccine rollout began. More than 120,000 coronavirus cases are emerging each day, with outbreaks worsening in the Great Lakes region and in the Northeast.

 

• Omicron looms, but how large remains to be seen. Certainly, companies are rethinking return-to-office plans amid omicron cases. Maybe February?

 

• Last week, Minnesota health officials launched a campaign encouraging people to get their COVID-10 booster shots in time for holiday gatherings later this month. The challenge? Appointments are hard to find due to staff shortages.  Prolonged staffing shortages are impacting hospitals and long-term care facilities as well.

• Greater MSP releases its 2021 MSP Regional Indicators Dashboard. Download the Dashboard and share it widely.

• U.S. employers have posted near-record 11M open jobs as of October, nearly matching a record high reached in July. Included is updated data that the number of people quitting their jobs dropped slightly in October as well.

• Surging inflation is forcing people and businesses to adapt. The government’s report Friday that consumer prices jumped 6.8% over the past year – the highest such inflation rate in 39 years – showed that some of the largest cost spikes have been for such necessities as food, energy, housing, autos, and clothing. Especially hard hit are lower-income households with little or no cash cushions. Given that troubling news, the Federal Reserve’s policy-setting committee may be pushed into raising rates sooner than previously expected, according to minutes from the November meeting.

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• Debt limit: Lawmakers appear on track to meet Treasury Secretary Janet Yellen's Wednesday deadline to raise the federal debt limit. It comes after Biden signed legislation that includes a provision to allow the Senate to raise the borrowing cap with only Democratic support. What we're watching: How much will Democrats raise the debt limit by, and in turn, how long will the reprieve last? It's likely to extend until after next year's midterm elections, but that text has yet to emerge. 

 

• EDA Funding
  • The Congressional Budget Office (CBO) projects that ‘Build Back Better’ programs will add $3T to the deficit if made permanent.
  • 529 applications were received for Phase 1 of EDA’s “Build Back Better Regional Challenge.” Applications came from regions across all 50 states and five territories. Check out the full list to see those from our region! For the latest news on American Rescue Plan grants, sign up for EDA’s newsletter here.
  • Illinois, Indiana, Minnesota and Ohio were among the first batch of states to receive $1 million Statewide Planning Grants. (Read more)
  • The Good Jobs Challenge allocates $500 million toward industry-led workforce training programs to help get Americans – particularly women, people of color, and those in underserved communities – back to work in good-paying jobs. Applications are due January 26, 2022. Know that St Paul/Minneapolis/Ramsey County/Hennepin County are working together on a regional application. The Good Jobs Challenge is part of a suite of EDA programs to equitably allocate $3 billion in American Rescue Plan funding. The following programs have rolling deadlines. Together with our partners, we are applying for funding from the Economic Adjustment Assistance program and the Travel, Tourism, and Outdoor Recreation program.
    • $500M Economic Adjustment Assistance program
    • $100M Indigenous Communities program
    • $240M Travel, Tourism, and Outdoor Recreation program

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• SBA funds:​
  • Economic Injury Disaster Loan and $10K EIDL Advance cash grant: applications due by December 31, 2021.

State:

• Key takeaways from Tuesday’s budget forecast – the biggest anticipated budget surplus in Minnesota’s history. Considering the billion-dollar loan Minnesota needs to repay the feds for unemployment, this is good news.

 

• MN House starts work on redistricting that courts will likely finish. Democrats released a plan just before Thanksgiving, and Republicans released a plan of their own to counter it last week.

 

• Governor Walz calls paid leave a “top priority” of the 2022 Session – as state is projected to see record surplus.

 
Regional

• Saint Paul City Council adopted the 2022 city budget last week.  13% increase from last year, included is a 6.17% levy increase and a second police academy for 2022, though city leadership still hasn’t decided to accept a $3.75M federal grant towards hiring 30 additional police officers. You can read more about the budget here.

 

• Interested in the long term effects of minimum wage increases? The Minneapolis Fed is tasked with tracking this over the next 7+ years. Their first analysis and report (based on 2018 data) recently was released.

 
Read more updates in our weekly Chamber Advocacy Update.

• Interested in the annual roundup of newsmakers, trailblazers, and innovators to keep an eye on in 2022? Check out the Twin Cities Business annual list here.

 

• Guide to the holidays in Saint Paul here.  And if you like holiday lights, here are the best places!  And, of course, we welcome the new when the Minnesota Wild will host the 13th NHL Winter Classic at Target Field!

Worth reading: “Frictionless and flexible": Best Buy CEO shares pandemic-prompted insights at Biz Journal event. Bottom line? “Customers are in control. Period, end of story," said Barry, who joined Best Buy in 1999 and became CEO in 2019.

• Here are Minne Inno’s 2021 Startups to Watch!

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• Xcel Energy launches EV charging program for multifamily buildings. The pilot program was announced Wednesday. Building owners can pay a “low monthly fee” for charging equipment provided by Xcel Energy, or purchases and install their own equipment. As part of a partnership with HOURCAR, the U.S. Department of Energy, the American Lung Association and East Metro Strong, the pilot will support the installation of 50 electric vehicles at 25 multifamily sites, Xcel said.

 

• Brown Venture Group gets investment from Bank of America. This group exclusively funds Black, Latino, and Native American-owned technology start-ups. "Their financial commitment to our inaugural fund puts us significantly closer to our goal of raising $50 million and demonstrates a shared vision to accelerate racial equality by creating an infusion of capital into underserved BIPOC tech startups in Minnesota and across the country,” said Paul Campbell, co-founder and managing partner of Brown Venture Group.

 

• Data and diversity: the competitive advantage of DEI. A more diverse workforce and, subsequently, a more diverse leadership team, is an asset not just for the wider economy but individual companies themselves.

• Roseville apartment portfolio sells for $28M. Summit Acquisitions, LLC, an entity related to Minneapolis-based Walls Cos., the developer behind the Malcolm Yards mixed-use development in Minneapolis, has paid $28M for a 12-building apartment portfolio in Roseville.

• Port Authority purchases the former Bix Produce bldg. in its Arlington Jackson business center. The plan is to sell the building, putting it back on the tax rolls.

 

• Alatus’ Lexington Station project in St. Paul loses equity partner, citing the new rent control statute.