Dear mojito74,
To learn about the state of the Minnesota economy, we can turn to
financial analyses and data sheets published by regional and federal
government agencies. Reports issued by branches of the Minnesota state
government, especially statements of the more subjective kind, should
be read with circumspection, since they are often intended to
encourage investment in the state rather than to provide a critical
view of its condition. Unfortunately, global independent bodies such
as the OECD, IMF, and World Bank do not track the economic performance
of individual states. The least biased reports, then, are the ones
published by the U.S. federal government.
The Bureau of Economic Analysis offers some authoritative data for
states. Figures on average personal income per state are updated
quarterly. A more useful measure is the Gross State Product (GSP),
which is comparable to the Gross Domestic Product of the federal
economy, but the last GSP report dates to May 2003, and its latest
annual estimate is for the year 2001.
Bureau of Economic Analysis: Regional Economic Accounts
http://bea.gov/bea/regional/data.htm
Minnesota's Department of Employment and Economic Development offers
an assortment of reports, most with a pronounced promotional flavor.
Exceptions are the Labor Force Assessment Reports and Business Subsidy
Reports, the latter of which is perhaps only tangentially related to
the health of the state economy.
Minnesota Department of Employment and Economic Development: Business Intelligence
http://www.deed.state.mn.us/facts/intelligence.htm
Further resources are offered by the Federal Reserve Bank of
Minnesota, the Minnesota Budget Project, and the U.S. Department of
Labor.
Federal Reserve Bank of Minnesota: Upper Midwest Economic Outlook for 2000
http://minneapolisfed.org/news/rel/1999/2000outlook.cfm
Minnesota Budget Project: February 2003 Forecast Summary
http://www.mncn.org/bp/feb03fs.htm
U.S. Department of Labor: Bureau of Labor Statistics: Minnesota
http://stats.bls.gov/eag/eag.mn.htm
The Minnesota Department of Finance publishes a monthly report
featuring an especially frank and detailed analysis of the state
economy.
Minnesota Department of Finance: February 2004 Economic Outlook
http://www.finance.state.mn.us/ffeu/forecasts/2004feb/2004feb.pdf
Finally, we must not overlook the business section of local Minnesota
newspapers, such as the Minneapolis Star Tribune, for timely economic
analyses.
Minneapolis Star Tribune: "Minnesota job growth comes to an abrupt halt"
http://www.startribune.com/stories/535/4933702.html
From perusing these resources, we learn that Minnesota's economy is in
generally good shape despite a recent downturn in job-creation
numbers. To put its current standing into perspective, consider that
from 2000 to 2001, the relative change in Minnesota's real-dollar
Gross State Product was in the bottom quintile in the U.S., meaning
that somewhere between 80% and 100% of the states outperformed it by
this measure.
Bureau of Economic Analysis: Gross State Product by industry for 2001
http://bea.gov/bea/newsrel/GSPNewsRelease.htm
By 2004, Minnesota had added so many jobs and improved so many
existing ones that the average personal income was in the second-best
quintile in the U.S., meaning that only 20% to 40% of the states did
better than Minnesota.
Bureau of Economic Analysis: State Personal Income: First Quarter 2004
http://bea.gov/bea/newsrel/SQPINewsRelease.htm
Although the total state payroll is still somewhat below the 2001
level, Minnesota has added jobs in every month this year with the
exception of June 2003, thereby outstripping the national rate of
employment recovery. The recent dip can be attributed largely to
losses in the heavy-industrial component, although service jobs in
health, hospitality, and other fields continue to be a source of
growth. Manufacturing jobs in general are in a historic decline, as in
the rest of the U.S. and the developed world as a whole. The Minnesota
government's fiscal responsibility in this decade continues to bear
fruit, as the budget deficit for this year drops substantially, with
further reductions in the forecast. Business investment is expected to
recover as the national economy heats up. In conclusion, Minnesotans
can be cautiously optimistic about the state of their economy.
If you feel that my answer is incomplete or inaccurate in any way, please
post a clarification request so that I have a chance to meet your needs
before you assign a rating.
Regards,
leapinglizard
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