Minnsights Blog

There are several recognized strengths of Minnesota’s economy that should be relied upon to spur short- and long-term growth.

Stabilize existing businesses through targeted relief. Targeted relief should include the following:

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.