Minnesota includes the following metropolitan areas for which an Economy At A Glance table is available: Duluth, MN-WI. Fargo, ND-MN. Grand Forks, ND-MN. La Crosse, WI-MN. Mankato-North Mankato, MN. Minneapolis-St. Paul-Bloomington, MN-WI. Rochester, MN. St. Cloud, MN.

Economy. Maintaining a high quality of life depends on a strong economy that provides opportunities for employment, a skilled and competitive workforce, and business investment. We track data on economic output (GDP), jobs, median income, and poverty to better understand the strength of Minnesota’s economy and whether the fruits of the economy are improving the well-being of its residents.

February 2021 Budget and Economic Forecast Presentation Summary Minnesota’s budget outlook is significantly better for this biennium and the next due to an improved U.S. economic outlook that is bolstered by large federal actions that have emerged since November and were not incorporated in earlier projections.

Economy of Minnesota. The economic growth of early Minnesota was related closely to the exploitation of its primary natural resources—soils, iron ore, and timber—which in turn stimulated the growth of such ancillary activities as railroad building, natural resource processing, and agricultural implement manufacturing. During the late 1960s and early ’70s these began to decline, and service-related industries started to flourish.

Minnesota Department of Employment and Economic Development 332 Minnesota Street, Suite E200 Saint Paul, MN 55101

Manufacturing and retail trade are two other major industries in Minnesota, which houses many Fortune 500 companies such as UnitedHealth Group, Target, 3M and General Mills. Minnesota News Headlines

Minnesota’s economy is making progress, but still has a ways to go to reach pre-pandemic levels. The recession brought on by COVID-19 was like nothing the state or nation had ever seen, with some of the highest rates of unemployment on record — and the economic recovery seems to be equally unusual so far, economists say.