Minnesota GDP saw significant growth in the third quarter

According to data from the Bureau of Economic Analysis (BEA), Gross Domestic Product (GDP) grew  33.1 percent nationally between July 2020 and September 2020 — or the third quarter of 2020.  This was credited to the continued reopening efforts that were taking place all around the country.

According to the BEA,

Healthcare and social assistance, durable goods manufacturing, and accommodation and food services were the leading contributors to the increase in real GDP nationally

Accommodation and food services, for example, grew 344.5 percent nationally and led GDP increases in 5 states, but also contributed to growth in all 50 states.

In the third quarter, Minnesota grew at 36.3 percent, slightly higher than the national average. During this period, we saw Governor Walz lift restrictions on the leisure and hospitality industry, albeit with some continuing restrictive rules.

Source: BEA

Positive news is welcome.

But it should also be concerning that, in light of data connecting recovery to reopening efforts, Minnesota is continuing with COVID-19 restrictions, which have been responsible for significant damage to the state’s economy. Continued closure will likely stall recovery and hurt businesses and Minnesotans.