 ICYMI: Minnesota Metros Among Fastest Growing in the Nation
Minnesota metropolitan areas are growing – and fast, according to the U.S. Commerce Department.
Announced this week, the latest numbers for 2012 rank four of Minnesota’s major metropolitan areas in the top quarter of the 381 U.S. metropolitans measured for growth in Gross Domestic Product (GDP).
The Mankato metro led the list of Minnesota regions for growth with a 4.1 percent increase in GDP, with the largest contributors being durable goods and an increase in trade.
The Twin Cities economy grew at its fastest pace in nearly a decade with 3.9 percent growth. Not only was the pace of growth well above the national average, but the Twin Cities outshone Midwest neighbor cities of Chicago, Milwaukee, St. Louis and Kansas City. Minnesota is the fifth-fastest-growing economy in the nation.
Banking, insurance and real estate were big drivers of the increase in the Twin Cities, but our diverse economy statewide including in medical devices, retail and construction contributed to the growth in many metro areas.
To dip into the details, here are Minnesota’s metro areas, their growth rate from 2011 to 2012, and their rank out of the 381 metropolitan areas nationally for growth rate:
Metro Area Growth Rate National Rank
Mankato 4.1% 43
St. Cloud 4.0% 50
Twin Cities 3.9% 55
Rochester 3.6% 67
Duluth -2.8% 368
For the full report: News Release: GDP by Metropolitan Area, Advance 2012, and Revised 2001–2011
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