Minnesota’s economy ties California for fifth fastest growth
More good news. Minnesota is in a tie with California for the fifth fastest growing state economy in the nation. Minnesota and California gross domestic product (GDP) is growing at a 3.5 percent clip.
Who’s No. 1? North Dakota, our neighbor to the west, of course. Oil has rocketed The Peace Garden state into an ocean of wealth.
Texas was in second place with a GDP growth of 4.8 percent. Oregon came in third with 3.9 percent and its neighbor state to the north, Washington has a GDP of 3.6 percent.
Our nation’s economy is being bolstered by the significant growth in states like North Dakota, California, Texas, Oregon and Washington.
OK, so Minnesota’s economy is humming along. What is the value of that economic surge? Well, in 2012 it was worth $253 billion. That put Minnesota in 17th nationally.
“Minnesota continues to outpace much of the rest of the nation in economic growth and recovery,” said Katie Clark Sieben, commissioner of the Minnesota Department of Employment and Economic Development in a news release. “We are experiencing healthy growth across several sectors, creating new jobs for Minnesota workers and new opportunities for Minnesota businesses.”
Minnesota has also observed an increase in home prices. Prices for homes in the Gopher State jumped 12.8 percent in May compared to May 2012. The median price for a home in Minnesota was $172,513 this year compared to $153,000 last year. That is a huge increase year over year. While that’s good news for home owners, it’s not so good news for those potential buyers that may have waited too long for the housing market to hit bottom.
Interest rates are also beginning to inch up.
Jobs are beginning to open up. Minnesota has one of the nation’s lowest unemployment rates which was 5.3 percent in April. “The Twin Cities, the state’s major economic engine, had the second-lowest unemployment rate among major U.S. metropolitan areas in April at 4.9 percent,” said Commissioner Sieben.
After gutting out five bleak years of the Great Recession, it’s nice to have some positive news that seems to be popping up all over. Let’s hope the good news continues to roll.
What work I have done I have done because it has been play. If it had been work I shouldn’t have done it.