Editorial: Inflation is tough, but Minnesota economy is one of best in nation
Minnesota kept a low 2 percent unemployment rate in September – much better than the national rate of 3.5 percent. And the state continues to be a national leader in economic recovery and expansion.
It’s hard to see against the dark cloud of inflation, but Minnesota has one of the brightest economies in the nation.
Case in point: The state’s September job report marked 12 straight months of job growth in Minnesota. At 2.4 percent, Minnesota’s year-to-date employment growth continues to outpace the national rate and has seen the most gains in jobs in education, business, leisure and hospitality, construction, and manufacturing.
Minnesota kept a low 2 percent unemployment rate in September – much better than the national rate of 3.5 percent.
And the state continues to be a national leader in economic recovery and expansion.
Don’t take our word for it, over the past year, Minnesota gained nearly 94,000 payroll jobs, up 3.3 percent, according to data compiled by the state Department of Employment and Economic Development.
The private sector gained over 92,000 jobs, up 3.8 percent over the year.
That means that, year to date, Minnesota’s labor force has grown 1.1 percent, compared to just over half a percent nationwide.
And it doesn’t hurt that the state is a leader in the world of fact-based decision making, and has been recognized for it by the National Governors Association and Results for America.
Minnesota is among the nation’s top eight states in using evidence and data to protect the health and safety of residents, accelerate local economic recovery, advance equity, and maximize the impact of state investments.
In short, if you’re going to spend taxpayer dollars, you might as well spend them in the most effective way possible, and Minnesota is trying to do that.
(For more information about how states are building their data and evidence capacity, visit Results for America’s 2022 Invest in What Works State Standard of Excellence. )
In July, the governor announced a 10-year economic plan in a 28-page report by the Governor’s Council on Economic Expansion. The comprehensive report covers recommendations from public safety, to infrastructure, to health care, to reducing barriers to job creation and innovation.
In October 2020, the governor signed into law the Local Jobs and Projects Plan , the largest jobs bill in state history, which invested $1.9 billion into construction and renovation projects across Minnesota and created thousands of jobs.
In August, Minnesota was recognized as a top state to raise a family. WalletHub ranked Minnesota as the 4th best state to have a baby and 4th best state for health care . Minnesota was also ranked third in KIDS COUNT’s 2022 state-by-state comparison of child well-being based on economic well-being, education, and health data.
And the icing on the cake is the AAA bond rating given to Minnesota by Fitch and Moody’s – thanks to Minnesota’s strong economy, record-low unemployment, and highly educated workforce.
So the news isn’t all gloomy. Inflation is very tough to weather, but cracks of sunlight may be showing through the storm clouds: The International Monetary Fund forecasts a 2.3% inflation rate for the United States in 2023. Minnesota just needs to keep a steady hand on the tiller.