Share this pageOverview
Goal: A strong economy that encourages business investment and provides employment opportunities for workers at all skill levels.
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.
What's happening
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.
- In 2010, Minnesota’s economy grew by 3.2 percent, outpacing the nation and 39 other states in GDP, on the heels of the prior year’s economic contraction. However, Minnesota’s growth rate ranks 28th among states over the decade.
- Between September 2010 and September 2011, Minnesota added about 28,000 jobs (net), although the most recent month saw net losses of 15,000. Minnesota had 134,000 fewer jobs (nonfarm payroll positions) available in 2010 than it did in 2007, just before the recession began.
- Real household incomes are down more than $6,000 over the past decade, falling almost to income levels not seen in Minnesota since 1989. White households in the state enjoy a median income that is $20,000 higher than households of Color.
Making connections
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.
speak out
Mary Brainerd, Health Partners CEO, and Jim Campbell, former Wells Fargo CEO, explain why reducing disparities is vital to our economy.
key measures revisited
In summer 2011, a statewide advisory group co-led by Compass staff; Kathy Tunheim, Senior Advisor to the Governor for Job Creation; and Bill Blazar, Vice President of the Minnesota Chamber of Commerce; reviewed the economy and workforce key measures. They also explored meaures for a potential dashboard for jobs and economic vitality indicators, which was presented at the Governor's Jobs Summit on October 25.
New in our Library
- Quarterly economic pulse December 2011
- Ninth District community insight: A front-line perspective on the economic health of low- to moderate-income communities
- Citizen solutions: CItizen perspectives on Minnesota's long-term budget
- Assets and opportunity profile: Minneapolis
- Assets and opportunity profile: St. Paul
RSS Feed