Minnesota’s Economy Lags Behind National Trends According To New Report

ST. PAUL (WJON News) -- The Minnesota Chamber of Commerce is sounding the alarm when it comes to the state's economy.  The business organization released its 2026 Business Benchmarks Report on Wednesday.

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It says Minnesota's economy is no longer keeping pace with the nation.  Our state has fallen behind on nearly every measure of growth.  From 2019 to 2024, Minnesota ranked 33rd in GDP growth, 39th in job growth, 40th in labor force growth, and 46th in growth of household income.

Meanwhile, more people are leaving our state than moving here.  From 2020 to 2024, Minnesota ranked 41st in net domestic migration, losing nearly 48,000 residents to other states.

Minnesota Chamber President and CEO Doug Loon says what's working in Minnesota's favor are an educated and skilled workforce, innovation and entrepreneurship, a concentration of headquarters and industry strength, and emerging opportunities in advanced sectors.

He says what's holding us back is innovation momentum is slowing, lagging tech growth, business climate challenges that limit investment, and education and workforce readiness.