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New data from the Bureau of Economic Analysis shows that Minnesota’s economy was only the 36th fastest growing in the United States in the first quarter of 2019. While the U.S. generally saw growth of 3.1% in real terms, Minnesota experienced growth of 2.6%. This is the third consecutive quarter in which Minnesota’s growth has lagged the national average.
John Phelan, Economist at the Center of the American Experiment, released a statement:
“In the last few years we have written reports on the state’s economy calling its performance ‘lackluster’ or ‘unimpressive.’ This new data bears that out. Our state lags national averages on capital per worker, venture capital per worker, new and young businesses as a share of all business, and research and development spending as share of state GDP.
“All of these measures are important for economic growth, and our high tax policies are stifling that. We need to look again at Minnesota’s economic policies if we are to generate the levels of output and income our state’s hard-working population deserves.”
John Phelan is a graduate of Birkbeck College, University of London, where he earned a BSc in Economics, and of the London School of Economics where he earned an MSc. He worked in finance for ten years before becoming a professional economist. He worked at Capital Economics in London, has written for City Am in London and for the Wall Street Journal in both Europe and the U.S., and has been published in the journal Economic Affairs.
Center of the American Experiment is “Minnesota’s Think Tank.” For more than 25 years, the Center has been the most impactful and effective public policy organization in Minnesota, leading the way in creating and advocating policies that make Minnesota a freer, more prosperous and better-governed state. The Center is a civic and educational 501(c)(3) organization.
[Feature photo credit:Daniel Páscoa]