SCSU’s Banaian; There Are Less Jobs in Central MN
There are 650 less jobs in the St. Cloud area. That according to St. Cloud State Economist King Banian, who joined me on WJON. He says, according to data found in their quarterly business report, there are 650 less jobs as of August of 2026 compared to August of 2025. Banaian says that is a significant number but he explains that we have a declining labor force where we are seeing more retirements and people moving out of the area.
What's Happening with the St. Cloud Economy
Banaian says what is happening in the St. Cloud area is different than what is happening in the rest of the country. In other parts of the country there are data centers, AI, and hyper centers that are growing and we have none of that here. Banaian says retail, leisure and hospitality have been OK in Central Minnesota while the mix of industry just "isn't favorable right now". I asked if King if he feels a data center would help the economy in Central Minnesota. He isn't sure but did say a lot of growth throughout the country has to do with data centers and AI.
Gas Prices in the U.S.
Gas prices have stabilized according to Banaian. He says a reduction in the conflict in Ukraine would have a bigger impact on gas prices than the U.S./Iran conflict. Banaian believes oil is finding a way out of Saudi Arabia and onto the world market. He says diesel prices have been more adversely affected by the Russian war with Ukraine.
Used Cars Market Remains Strong
Banaian believes the lack of new sedan production has allowed for used sedans to hold their price. He says the price of some used cars has stayed high because of the demand for starter vehicles and for those looking for affordable used car options.
If you'd like to listen to my conversation with King Banaian, click below.