The October meeting was our Executive Director’s second trip to Washington DC to represent the trends of this marketplace on the Community Advisory Council of the Federal Reserve Board of Governors. Hot topics this session included Community Reinvestment Act (CRA) Modernization, Affordable Housing, Homelessness, Labor Shortages, and Opportunity Zones.
The area Barb reported on was the labor market with regard to Construction, Manufacturing and Service shortages. The Board of Governors wanted to know of any innovative programs that we are noticing, as well as changes in employers recruitment and retention She presented on the metro innovative programs including Construct Tomorrow, Build Minnesota, Summit Academy, and the newer program training inmates on carpentry and construction. Discussed the struggles businesses are having finding and keeping labor in the rural communities and so some companies have stopped drug testing as it could decrease their workforce.
The Governors took notes and used some of the information in their comments to the CAC in summary. The meeting was very informative and Barb garnered incredible information from this impressive group.
To view the full report submitted to the Federal Reserve: