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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
Minnesota has not been immune to the economic recession, overall economic growth slowed and per capita income stagnated in 2008:
- In 2008, Minnesota’s total economic output (GDP) per capita ranked 9th largest among the 50 states, while the growth rate ranks 29th for the decade.
- From 2001 to 2008 Minnesota's economy grew by a compound annual rate of 2.2 percent, similar to the 2.3 growth rate for the nation's Gross Domestic Product.
- In Minnesota nearly 79 percent of adults (age 16-64) are employed, compared to 71 percent in the U.S. overall. The employment gap between Persons of Color and non-hispanic Whites has narrowed in recent years, but large disparities still exist, with a gap of more than 10 percentage points in 2005-2007.
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.
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