Annual Sales Volume Reaches Yet Another Record High
During the current investment cycle, total transaction volume has increased year-over-year at a rapid rate. 2015 set records with the highest total sales volume in Twin Cities history, hitting the $1 Billion mark which is almost double the historical average. In 2016, total sales volume surpassed $1.5 Billion and is currently on pace to exceed that figure and approach $2 Billion.
The Minneapolis-St. Paul economy continues to boast one of the lowest unemployment rates in the country, currently hovering around 3.4%, which is considered full employment. Although the Twin Cities is at full employment, over 28,000 jobs have been added in the last 12 months. The metro area is home to 16 Fortune 500 company headquarters, as well as large local employers like the University of Minnesota. The local workforce ranks 11th in the country in terms of education, with 41% achieving a bachelor’s degree or higher. The average annual household income of $74,500 tops the national average by 29%.