New Report Shows MN Businesses Still Struggle
ST. PAUL (WJON News) - A new report from the Minnesota Chamber of Commerce indicates businesses in the state will continue to struggle over the next several years.
Sean O’Neil is the Director of Economic Development and Research at the Minnesota Chamber of Commerce and the author of the Minnesota 2030 report.
He says additional workers are not in the pipeline for Minnesota businesses.
The demographic forecast is pretty clear for Minnesota. We’re projected to have about the same number of working-age adults in 2030 as we have today. So, if we want to grow our economy in the state, we’re going to have to do that through increasing productivity growth and by getting creative to retain and attract more talent here.
In addition, the report shows businesses in the state are losing ground in key economic areas. Minnesota ranked in the bottom 20 states in key economic growth indicators this decade:
- Ranking 35th in GDP growth
- Ranking 40th in job growth
- Ranking 35th in labor force growth
- Ranking 42nd in net domestic migration
Jennifer Byers is the Executive Director of the Minnesota Chamber Foundation.
This report is a must-read for policymakers, business, and community leaders who care about the future of this state. While there are some bright spots, Minnesota continues to lose ground in a number of rankings relative to other states across the country in economic performance, population growth, and labor force participation. Leaders must pay attention to this data if we are going to change course.
The report suggests the state must concentrate its efforts on prioritizing productivity and regain its position as a regional talent magnet.
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