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      2040: Minnesota’s Economic Promise

      Posted on July 19, 2012 at 8:00 AM

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      Metropolitan Council’s recently released growth forecasts are premised on analysis and modeling of the metro area’s economic strength, and regional position within a larger, world economy. The analysis suggests a very balanced industry mix, good labor supply across a complete range of occupations, and competitive strength in several high-value industries.  All of this suggests good prospects for economic and employment growth over the next three decades. 

      The Council forecasts an employment gain of 570,000 jobs, up from 1,548,000 in 2010 to 2,118,000 in 2040. The Council anticipates employment growth will range from 13 percent in the current decade to 9 percent in the 2030s. This growth contrasts with a net employment loss experienced during the 2000s.
      For more background on the Metropolitan Council’s projections for the metro area through 2040, click here.

      The region’s Gross Metro Product, the sum of value added by all industry sectors, will rise to $400 billion in 2040—equivalent to 1.5 percent of the US Gross Domestic Product. For context, the Minneapolis-St Paul region has less than 1.0 percent of the nation’s population.

      Future job growth, more output, and a more productive metro area economy will be key drivers of population growth. The Twin Cities over the next three decades will mainly attract people looking for employment and business opportunities. These new Minnesotans are likely to be younger than migrants leaving the Twin Cities, and will come here from the rest of the nation and the rest of the world. Governor Dayton is proud to be leading Minnesota into an era of increased population, diversity, and economic promise.