To help small businesses, lawmakers should loosen regulations
This week is National Small Business Week. And to celebrate small businesses, a bunch of events have been planned around this topic in Minnesota. As the Department of Employment and…
On Monday, the Center will release a comprehensive report on Minnesota’s economy by PhD economist Joseph Kennedy. The report will be announced at press conferences at the Capitol in St. Paul, and later in Duluth. We will be looking for television as well as newspaper coverage, and have several newspaper op-eds and radio and television guest appearances scheduled to help amplify the rollout.
What does Kennedy’s report say? It is titled: “Minnesota’s Economy: Mediocre Performance Threatens the State’s Future.” Dr. Kennedy finds that by nearly all conventional economic measures, Minnesota’s economic performance over the past 15 years has been mediocre. Over that time, Minnesota trails the nation in GDP growth, ranks 30th among the states in per capita income growth, and 28th among the states in job growth. The Twin Cities metro area likewise lags behind most comparable urban areas with respect to both GDP and job growth.
Most troubling, perhaps, are leading indicators that suggest Minnesota is transitioning from a mediocre recent history to a below average future. Whether it is a loss of high-tech jobs, declining new company formation, lack of entreneurship and venture capital, or the continuing exodus of prosperous Minnesotans out of the state, the signals for Minnesota’s future economy are not good. Which, no doubt, is why Minnesota’s own state agencies currently predict the state to be below average in future job and income growth.
Dr. Kennedy’s report will be posted here in its entirety on Monday, and we will comment on various aspects of the report, and reactions to it, in the days to come.