Navigate the report

A message from the Foundation Board

In 2019, the Minnesota Chamber Foundation launched research into its first report on Minnesota’s economy – its past performance and drivers of its future. No one could have predicted the global health crisis and economic upheaval that was about to unfold. The first report, Minnesota: 2030 - A framework for growth, was released in May of 2021 amid economic recovery and wavering uncertainty about the path ahead for Minnesota and the country.

Minnesota: 2030 provided a guidepost on the economy and recommended a framework for growth. Three actionable strategies to accelerate and strengthen Minnesota’s economy:

• Build on strengths: Further develop Minnesota’s diverse economic strengths while accelerating key growth areas, such as technology and health care.
   
• Leverage Minnesotans: Beat labor force projections and equip Minnesotans with the skills needed to succeed in a changing economy.
   
• Strengthen communities: Help communities thrive by strengthening core assets — housing, child care, connectivity — and embracing all Minnesotans, making inclusion a strength.

The report provides a ten-year outlook for Minnesota’s economy. As such, the Minnesota Chamber Foundation will provide timely updates on economic performance and, most importantly, progress on the recommendations to strengthen Minnesota’s competitive position in the Midwest, the country and around the globe.

Minnesota: 2030 – 2023 Edition builds on the original report. It provides an in-depth analysis of Minnesota’s economic performance since the pandemic and revised economic forecasts. The report builds on the original recommendations for growth and highlights some priority strategies moving forward.

This report demonstrates that Minnesota has clear challenges, especially around population and labor force growth. And as other states across the country are reducing taxes and streamlining regulations, Minnesota is heading in the opposite direction, becoming an even greater outlier among states. Minnesota also has obvious strengths that must be leveraged, including an innovative and diverse economy. The work ahead is important because it will shape the Minnesota of the future.

We acknowledge the Minnesota Chamber Foundation Board, economic advisors and other stakeholders across the state who share our commitment to Minnesota. And on behalf of the Board, we would like to recognize Sean O’Neil for his economic research and authorship of this report. Working together on recommending strategies, we can shape a more prosperous future for Minnesota and the entrepreneurs, employers and workers who drive our economy.