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One of the questions of economics teaches you to ask is ‘compared to what?’ Someone might tell you that a job paying $10 an hour is bad, but any reasonable…
Data released today by the Bureau of Economic Analysis shows that Minnesota’s economic growth lagged that of the United States as a whole in the first three months of the year. While the United States grew at a rate of 1.8%, Minnesota’s GDP grew at 1.6%. This marked the third straight quarter, and the fourth out of the last five, in which our state’s economy has grown at a slower rate than that of the United States. Minnesota’s growth rate ranked it 26th among the states and the District of Columbia.
Figure 1: GDP growth, Q4-2017 to Q1-2018, %
Source: Bureau of Economic Analysis
This is a point we have long made here at the Center. Minnesota is a great place to live that offers a high standard of living. We want to see that continue.
John Phelan is an economist at the Center of the American Experiment.