A report outlining recovery and long-term opportunities for Minnesota's economy was released by the Minnesota Chamber Foundation (MCF) Thursday morning.
According to a press release by the MCF, the report, titled "Minnesota: 2030, a framework for economic growth" provides "a 10-year outlook recommending key strategies for the state’s long-term economic success."
“Minnesota stands at an important crossroads. The Minnesota: 2030 report will help guide, promote and establish prosperity for our state’s private sector economy over the next decade,” Minnesota Chamber of Commerce President Doug Loon said.
According to the press release, the report lays down a framework for how the Minnesota economy can grow, including three different strategies:
Building on strengths – Further developing Minnesota’s diverse economic strengths while accelerating key growth areas, such as technology and health care.
Leveraging Minnesotans – Beating labor force projections and equipping Minnesotans with the skills needed to succeed in a changing economy.
Strengthening communities – Helping communities thrive by strengthening core assets such as housing, child care and connectivity; and embracing all Minnesotans, making inclusion a strength.
“Minnesota’s economy is highly-developed and capable of recovery and success post-COVID-19,” Chamber Chairman Jon Campbell said. “But challenges remain. Understanding our economic strengths, helping communities thrive and leveraging some of our greatest strengths, Minnesotans, will help propel us into the next decade.”
Some other findings in the report include:
- Minnesota's economy is considered highly-developed, ranked fifth most structurally diverse.
- Due to multiple factors, including slowing job and population growth, Minnesota's economy is growing slowly.
- The 10-year economic forecast includes surpassing pre-pandemic GDP levels by 2022 and full employment by 2023.
The full report can be found at mnchamber.com.