Goal: A strong economy that encourages business investment and promotes opportunities for a competitive workforce.
Minnesota has historically enjoyed a robust economy, characterized by diverse industry, the attraction and retention of a skilled workforce, a tradition of entrepreneurial spirit and an eye toward innovation. Maintaining our high quality of life in any area—from housing to health to education—depends on a strong economy. And, in turn, the vitality of our economy hinges on our continued success in those areas as well.
Like much of the country, Minnesota is experiencing mixed results as it seeks to emerge from the economic downturn. Overall economic growth has returned, although job growth is still lackluster and median household income has yet to halt its downward slide.
- There was a noticeable drop in economic output per working age adult between 2008 and 2009, but we’ve made steady gains since then. Economic output per working age adult is now higher than before the collapse in 2008, at $71,900.
- Minnesota ranks 10th among states on GDP per working-age adult (up from 11th in 2010).
- Only the West Central region of Minnesota has recovered the number of jobs lost during the Great Recession. All other regions in the state are working back to 2007 job levels.
- Minnesota’s households are, on average, bringing bring home $6,000 less than they were did a decade ago. As a result, real median household income is nearly the same as it was in 1989.
- Three industries contain nearly half of all jobs in Minnesota: education and health (25%), professional and business services (13%), and manufacturing (12%). Minnesota’s total jobs count is nearly the same as it was in 2000, at just over 2.7 million.
- Statewide, those who are least able to control their economic well-being – children – are also more likely than any other age group to live in poverty. Communities of color are also disproportionately burdened by poverty (28% versus 12% overall).
Investment in early childhood and later in education helps to ensure a skilled workforce to participate in a diverse economy. The health of our citizens saves money in health care costs and increases regional competitiveness and productivity.