Overview
- Minnesota ranked 33rd in GDP growth, 39th in job growth, 40th in labor force growth and 46th in real median household income growth from 2019 to 2024, according to the report.
- Real GDP per capita grew about 1.0% per year in Minnesota from 2014 to 2024 versus 1.8% nationally, erasing the state’s long-held per-capita GDP advantage.
- From 2020 to 2024, net domestic migration was negative 47,930, with the chamber noting 20 of the past 24 years saw more people leave the state than arrive.
- International immigration supplied 94% of Minnesota’s net population growth during 2020–2024, and the foreign-born labor force has grown 41% since 2010 compared with 4% growth among U.S.-born workers.
- The chamber ranks Minnesota 44th in overall tax competitiveness, citing the nation’s second-highest corporate rate and sixth-highest personal income tax rate, and says it is launching a multiyear effort to rally policymakers and business leaders.