ORIGINATING DEPARTMENT
To Committee(s)
| # | Committee Name | Meeting Date |
|---|---|---|
| 1 | Enterprise Committee | Sep 13, 2018 |
Action Item(s)
| # | File Type | Subcategory | Item Description |
|---|---|---|---|
| 1 | Receive & File | Report | Receiving and filing the first of four (4) annual economic impact reports, this one focusing on the minimum wage "baseline" economic report done by the Federal Reserve Bank in regards to economic indicators and trends for the years preceding 2018, when the City’s minimum wage ordinance took effect. |
Ward / Neighborhood / Address
| # | Ward | Neighborhood | Address |
|---|---|---|---|
| 1. | All Wards |
Background Analysis
Today’s report is the first of four annual reports to be provided under the contract; it is the so-called “Baseline” report, meaning that it analyzes key economic indicators and trends for the years preceding 2018, when the City’s minimum wage ordinance took effect. The report also provides demographic estimates of workers and businesses in Minneapolis who will be affected by the City’s ordinance. The purpose of today’s report is to establish a starting point – a baseline – from which future economic impacts can be measured. Future annual reports will analyze the impacts of the City’s minimum wage ordinance on businesses, workers, and consumers; the first “impact” report is planned for October, 2019.
Today's report will be presented by the three economists who are the principal investigators for this study; they are Drs. Loukas Karabarbounis and Jeremy Lise from the University of Minnesota Economics Department, and Dr. Anusha Nath from the Federal Reserve Bank Research Department.
FISCAL NOTE
- No fiscal impact anticipated
Enterprise Review
- Approved by the Permanent Review Committee