Why Minnesota needs an economic comeback, and how the private sector can lead it

For generations, Minnesota’s private sector has powered a remarkable story of innovation, productivity and prosperity. Our diverse industries, global companies and highly skilled workforce have long positioned us among the strongest states for quality of life and economic performance. But here’s the reality: we cannot rely on the successes of 50 years ago to carry us into the future.

At the Chamber’s annual Economic Summit on Wednesday, my colleague Sean O’Neill walked through this year’s Business Benchmarks report, produced by the Minnesota Chamber Foundation. This annual report tracks key metrics that measure our economic strengths and challenges. And the data this year are clear: Minnesota’s economy is not keeping pace. From 2019 to 2024, our state ranked 33rd in GDP growth, 39th in labor force growth and 46th in household income growth. Now, to be clear, we are growing in some areas. But we’re simply not growing fast enough compared to other states. And more people are leaving Minnesota than moving here. This “net domestic migration” trend matters. When employers can’t compete here, the livelihoods of employees and the vitality of our communities suffer.

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