Minnesota's economy one of the fastest growing in the nation
Minnesota's economy: So hot right now.
Image by Tatiana Craine
The economic news out of the Land of 10,000 Lakes so this year has been remarkably good. For instance, we gained more jobs in a recent six-month stretch than any half-year since Reagan's heydey, our personal incomes increased more last year than just about all other states, and Minnesota's median income is among the highest in the country.
And now comes news that Minnesota's economy grew at one of the fastest paces in all of America last year.
"The U.S. Commerce Department bureau said Minnesota tied California for fifth place in growth of gross domestic product (GDP) last year, based on data for durable-goods manufacturing, construction, mining, agriculture, wholesale trade, and finance and insurance," a press release from the state says.
GDP here last year grew by 3.5 percent compared to 2011, which is a full percentage point above than the national average of 2.5 percent. With a total GDP of $253 billion, our economy clocked in as the 17th largest in the country.
Above us in the fastest-growing-economies list are first-place North Dakota (13.4 percent), followed by Texas (4.8 percent), Oregon (3.9 percent), and Washington (3.6 percent). GDP in Wisconsin and Iowa grew by 1.5 percent last year, while South Dakota experienced anemic 0.2 percent growth.
If the good economic news keeps rolling in at this rate, by the time my generation is getting ready to retire money will simply be growing on our birch trees.
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