(FOX 9) – Minnesota is lagging several other states in key economic indicators, according to a report by the Minnesota Chamber of Commerce. The report painted a grim economic picture, with declining labor force and job growth and shrinking income growth.
Minnesota’s economy ‘at a crossroads’: report
What the report found:
The report outlined the problems facing the state’s economy, including economic indicators that show the state has fallen behind several others.
The indicators – growth and prosperity, workforce and net migration – ranked near the bottom compared to other states.
Since 2019, Minnesota’s GDP per capita has grown by one percent, ranking 38th among states. The state’s labor force has increased by 0.2% per year, ranking 40th nationally. In addition, from 2020 to 2024, 48,000 more people left Minnesota than moved here.
Minnesota CEO says ‘it’s hard to find a path forward’
What they’re saying:
“This is a time where we can be either dividers or we can be builders, and this is a time where it feels like there’s so much division and it’s hard to find the path forward,” said Chris Galvin, CEO of Andersen Corporation, at a chamber economic forum in Eagan on Wednesday. “We also have opened up several of our plants to new parts of the workforce, which is part of the workforce that doesn’t speak fluent English, and some of our plants have maybe 20 to 30 different languages that are spoken….”
What’s next:
The chamber said it will launch a multiyear campaign to bring together lawmakers and business leaders to address the concerns outlined in the report.