GROW MINNESOTA! SUMMER QUARTERLY 2022
September 2, 2022
Minnesota’s economy showed mixed signals in the first half of 2022, with some indicators demonstrating continued economic stability and others showing signs of cooling. Read more here, as we break down key economic indicators at the mid-year point of 2022.
Highlights:
- Minnesota’s real GDP contracted by -2.0% in the first quarter of 2022 after experiencing six consecutive quarters of growth. Real GDP declined in 46 of 50 states in the first quarter, with U.S. real GDP falling by -1.6%. Minnesota GDP remains 1.0% above pre-pandemic peak levels, ranking 24th best among all states.
- Minnesota exports grew by 13% in the first quarter of 2022 compared to the first quarter of 2021, trailing the U.S. growth rate of 18%. Exports to Canada alone were valued at $1.93 billion, a 35% increase from Q1 2021.