A Resilient, Adaptive Economy
The Minneapolis Saint Paul region tends to weather economic storms better than most regions of the county. Among the many reasons for its economic stability:
- Minnesota’s unemployment picture improved more than any other state between May 2009 and May 2010, according to the Federal Bureau of Labor Statistics (FBLS).
- The Minneapolis Saint Paul region was the only major metropolitan area to experience a decrease in unemployment from 2009 to 2010.
- As of 2011, Minnesota’s economy continued to outperform the rest of the U.S., with consumer spending and construction both increasing between 2010 and 2011 (Federal Reserve Bank of Minneapolis).
- Overall, Minnesota ranked 11th in a mid-year review of employment trends in the U.S. according to Portfolio.com.
- The economy of Minnesota has kept pace with the overall national real GDP growth rate during the 2010s (U.S. Department of Commerce).
- Minnesota’s unemployment rate was 6.8 percent as of June 2010, well below the U.S. average of 9.5 percent (FBLS).
- Between 2009 and 2010, Minnesota gained 11,000 new jobs (FBLS).
- Minneapolis Saint Paul is among the 10 hottest markets for job seekers in 2011. The Twin Cities market was sixth on the national list (Monster.com)
- The Minneapolis Saint Paul region has one of the top-performing economies in the United States, according to the “Global MetroMonitor” report published in November 2010 by The Brookings Institution and London School of Economics.
- Minnesota is positioned well – and better than much of the Midwest – to compete in the new economy, according to the 2010 State New Economy Index.
As the U.S. economy shifts its economic development model from smokestack chasing to high-value job creation, the Minneapolis Saint Paul region is taking a leadership role. Minnesota ranks first in the Midwest and 11th in the nation on the Kauffman Foundation’s 2007 New Economy Index. That’s up from 14th place just five years earlier. The top rankings recognize the region’s strength as a “knowledge-based, globalized, entrepreneurial, information technology-driven and innovation-based economy.”These traits enable local companies “to effectively compete regionally as well as globally.”
Minnesota ranks particularly high in several New Economy indicators:
- Package exports (1st)
- Online population (4th)
- Inventor patents (5th)
- IT professionals (7th)
- Managerial, professional and technical jobs (7th)
- Industry investment in R&D (8th)
- Manufacturing value-added (9th)
- Workforce education (10th)
For more stats on the Minneapolis Saint Paul region’s economy, visit the Metromsp.org Data Center.
For an overview of the Twin Cities Market, click here.