Grow Minnesota! Spring Quarterly 2022
The Grow Minnesota! team at the Minnesota Chamber of Commerce helps businesses connect to resources to grow and expand in the state. How can we help?
Direct business assistance:
- Grow Minnesota! staff can help your business navigate the multitude of resources and tools available to Minnesota businesses. Our team visits with businesses to learn about their operations, key challenges and growth plans. We then follow up with a customized report to identify available resources and provide further guidance on how to utilize these resources. To get started, fill out our Grow Minnesota! in-take form or contact us directly at email@example.com.
- Check out some of our economic insights in the sections below and look for more articles and special reports in 2022.
- Grow Minnesota! can provide customized economic data and reports upon request. Contact us at firstname.lastname@example.org for more information.
Local economic development support:
- Grow Minnesota! partners receive the tools and support they need to lead business retention and expansion strategies in their local communities. Contact Vicki Stute, Vice President of Programs and Business Services, email@example.com to learn more.
The Minnesota economy continued to expand in the fourth quarter of 2021 and first quarter of 2022. However, notable challenges and uncertainties cloud the state’s outlook going forward. Read more here, as we break down key economic indicators in the first quarter of 2022.
- Minnesota’s real GDP expanded by 5.0% in the fourth quarter of 2021, ranking 37th best among all states.
- Minnesota exports grew to $23.5 billion in 2021, rebounding strongly after declining in 2020.
- New business applications remain high in early 2022. Total applications were 38% higher in January-March 2022 compared to January-March of 2019.
- Total employment inched up in March 2022, reaching 2,893,800 jobs on a seasonally adjusted basis. Total employment expanded by 0.4% from the previous month and 2.3% year-over-year. Minnesota remained 101,700 jobs below pre-pandemic employment levels as of March 2022.
- Minnesota’s unemployment rate reached record lows in March 2022, declining to 2.5% on a seasonally adjusted basis. Only twice since 1976 has Minnesota’s unemployment rate registered this low.
- Labor Force Participation Rate (which measures the share of adults 16 and older who are working or actively looking for work) rose for the third consecutive month, reaching 68.1% in March.
- U.S. inflation continued to rise in March 2022, with prices climbing 8.5% higher than a year prior in March 2021.
Below is a round-up of articles and tools to help your business with workforce challenges, exporting and leveraging free datasets to identify and learn about Minnesota companies.
Interested in sponsoring a 2022 quarterly or annual report?
Contact the Chamber's Elizabeth Sherry to learn about exclusive sponsorship opportunities for the Grow Minnesota! 2022 quarterly and annual reports, or other Grow Minnesota! digital publications. Get your brand in front of businesses from around the state.