Minnsights Blog

COVID-19 is first and foremost a public health crisis. Protecting the lives of Minnesotans remains the paramount concern for all. Yet, failure to achieve a timely economic recovery will imperil the well-being of tens of thousands of Minnesotans as well. Public health and economic recovery must go hand in hand.

Fortunately, the staggering job losses subsided in May of 2020, and Minnesota began its journey toward economic recovery, despite ongoing challenges.

The 2020 recession caused by the COVID-19 pandemic rippled across the global economy with unprecedented speed and severity. Minnesota reported its first case of the novel coronavirus on March 6. Within weeks, the state experienced a statewide lockdown, and by the end of April – a mere seven weeks after the first reported case – Minnesota had lost over 13% of its total employment and nearly 614,000 Minnesotans filed claims for unemployment insurance, marking the steepest economic downturn in over 70 years. 

Innovation has long been a strength of Minnesota’s economy and culture. Business has driven this trend, creating products, services and systems that change the world, all while creating jobs and a high quality of life throughout the state.

As 2020 comes to a close, looking ahead to 2021 provides hope for Minnesota businesses on the road to recovery. The New Year and the advent of a COVID-19 vaccine creates hope for new opportunities and a hastened road to economic recovery.  And the Minnesota Chamber Foundation – led by a dynamic board of directors – is positioned to emerge as a key resource and change agent on behalf of Minnesota businesses and our state’s economy.