With just several weeks remaining in the 2012 Legislative Session, discussions over a new stadium are continuing at the State Capitol. While much of the focus has been on the facility’s public-private financing plan, Governor Mark Dayton and many legislators view the project as an opportunity to put thousands of unemployed construction workers back on the job. Currently Minnesota’s construction industry is experiencing 20% unemployment, three times higher than the State’s overall unemployment figure. Given that building the stadium will require nearly 4.3 million work hours with almost $300 million in wages for construction workers, we can have a immediate impact on the suffering industry while building this publicly-owned State asset.
Be sure to check out the stadium video the team released today, which includes interviews from various members of Mortenson Construction, builders of both Target Field and TCF Bank Stadium. For a more in-depth look at the jobs impact of a new stadium, take a look at the following numbers:
– 13,000 jobs, including 7,500 construction jobs (three-year construction period)
– Nearly 4.3 million work hours: According to Minnesota’s Department of Employment and Economic Development (DEED), unemployment in the construction trades industry is nearly 20%, three times higher than Minnesota’s overall unemployment rate.
Jobs for Minnesotans: As was the case with Target Field, over 90% of the labor and subcontract value is
expected to go back to MInnesotans.
Provisions for women and minority-owned businesses: Project goals include agreements to contract with women and minority-owned businesses as well as small business contractors throughout the State.
Nearly $300 million in wages for construction workers: Fabrication and delivery of project materials will create separate, substantial number of jobs with living wages.
Minnesota benefits from putting construction workers back to work: During the construction period, the jobs supported by this project will generate roughly $10 million in income tax revenue for the State’s General Fund and approximately $5 million for the State’s Unemployment Insurance (UI) Fund.
Work can begin almost immediately: 900,000 work hours in the first year of construction.
New stadium has lasting effects on the State economy: State of Minnesota will collect $26 million annually from Vikings-related sales and income taxes in the first year of stadium operation, according to a study by Convention, Sports & Leisure. Tax revenue will grow to approximately $61 million per year by 2045.
3,400 on-going full and part-time jobs from operation of facility: Vikings game days currently support over 2,800 jobs.
Tags: New Stadium
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