Minnesota has done relatively well during the great recession when compared to other states. Our unemployment rate has remained lower than average and our foreclosures are holding steady in the middle. We aren’t the best place to live financially speaking (that would be North Dakota) but we are up near the top. The trend looks to continue according to the Federal Reserve Bank of Minneapolis:
The economic outlook for Minnesota in 2012 looks to be pretty good, all things considered. According to the Federal Reserve Bank of Minneapolis growth is expected to continue in both the general economy and employment. Employment is expected to grow by at least 2.8% and the unemployment rate is expected to decline to 6.5%. Average gains are expected in personal income.
“The economy in Minnesota performed better than the nation in 2011, and it looks like growth will increase in 2012,” said Toby Madden, regional economist at the Minneapolis Fed.
In addition to the forecasting model, the Minnesota outlook includes information from the annual fedgazette business outlook poll of 395 district businesses and the annual manufacturing survey of 474 district manufacturers. The Ninth District includes Minnesota, Montana, North and South Dakota, northwestern Wisconsin and the Upper Peninsula of Michigan.
“The surveys and the statistical model both point to solid economic performance in 2012,” Madden said. “Businesses are optimistic for their own operations and expect moderate improvement in Minnesota.”
You can view the entire press release on the 2012 economic forecast for Minnesota here.
More details on the 2012 economic forecast for Minnesota and the Ninth District can be found in the January issue of thefedgazette, the Minneapolis Fed’s quarterly newspaper, as well as at minneapolisfed.org.