Grow Minnesota! Summer 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.
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.
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.
New business applications remain high through June of 2022, though they have fallen slightly from 2021 levels. Total applications from January-June 2022 remain 47% higher than the sixteen-year average from 2005-2020. This continues the pandemic-era trend of elevated business formation activity.
Total nonfarm payroll employment continued its recovery from the pandemic-downturn in 2020, reaching 2,944,800 jobs on a seasonally adjusted basis in July 2022. Total employment expanded by 19,100 jobs in July and grew 2.4% year-over-year. As of July 2022, Minnesota remained 60,900 payroll jobs below pre-pandemic levels.
Minnesota’s unemployment rate once again reached a new record low of 1.8% in June 2022 and held steady in July. Minnesota has lowest unemployment rate of any state in the U.S. since the data series began in 1976.
Labor Force Participation Rate (which measures the share of adults 16 and older who are working or actively looking for work) fell in July, after experiencing six consecutive month of workforce participation gains. Minnesota still has 76,796 fewer workers in the labor force (either employed or actively seeking employment) compared to January 2020 levels.
U.S. inflation continued to rise in the second quarter but eased slightly in July, with prices sitting 8.5% higher than a year prior in July 2021. The combination of rising prices, hiring challenges, and fears of a recession have dampened business confidence to the lowest levels since the pandemic’s beginning.
Below is a round-up of articles and reports to understand economic trends and access key resources to grow and expand in Minnesota.
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.