Updated:
Original:

Minnesota GDP jumped 3.5 percent in 2012

Author:

Minnesota's gross domestic product leapt 3.5 percent in 2012, the biggest gain in the last decade, the Star Tribune reports.

Gains in a variety of sectors fueled the growth, including increases in manufacturing, wholesale trade, finance and insurance, and real estate rental and leasing, the newspaper reported.

“We are in an economic expansion here,” Toby Madden, an economist at the Federal Reserve Bank of Minneapolis, said.

Minnesota had the biggest gains in its Midwest region – except for the gains in North Dakota, which led the nation, according to a report released Thursday by the U.S. Department of Commerce. In North Dakota, experiencing big economic gains thanks to an oil boom, the GDP soared 13.4 percent last year.

The federal agency reported that real GDP, which is the total value of goods and services adjusted for inflation, increased in every state except for Connecticut in 2012.

On the jobs front, Minnesota added more than 50,000 jobs in 2012, and the unemployment rate went from 5.8 percent at the end of 2011 to 5.4 percent by the close of 2012, the Star Tribune noted. The unemployment rate fell to 5.3 percent in April.

Next Up

Ky Thomas

Potts, Gopher defense dominate Buffaloes

Trey Potts ran for three touchdowns in a 30-0 victory in Boulder.

police tape, crime scene

Suspect dies by suicide after 11 hour standoff in Wisconsin motel

The standoff occurred at a motel in Balsam Lake.

U.S. district court minnesota - federal court

Four sentenced for home invasion on northern Minnesota reservation

The incident took place in October 2019 on the Red Lake Indian Reservation.

Screen Shot 2021-09-17 at 10.42.39 AM

4-year-old girl killed by falling branch in Mankato is identified

She is from South Dakota, and was attending the Mahkato Annual Traditional Powwow.

Screen Shot 2019-09-24 at 6.35.24 AM

No. 1 Lakeville South dominates No. 2 Eden Prairie

The Cougars ran away with the Class 6A showdown.

Lake Nokomis

Boy hospitalized after being rescued from Lake Nokomis has died

He was one of two children pulled from the Minneapolis lake.

39075 Shoreline Hwy, Westport, California - October 2017

Minneapolis man found dead at bottom of California cliff, half-brother arrested

The homicide happened near a beach park and campground for RVs located at the ocean.

uprooted tree in Burnsville

NWS: Tornadoes confirmed to have struck Apple Valley, Burnsville, Savage

A crazy night of storms may have included even more tornadoes.

Related

Study: NoDak oil output could jump threefold by 2025

The new study by Bentek Energy LLC of Colorado shows North Dakota's oil production could jump to more than two million barrels a day by 2025, the Associated Press reports. Natural gas production could also more than quintuple. Unfortunately, about a third of the natural gas produced in North Dakota is wasted because there's a lack of pipelines.

Minnesota honey production down 25 percent in 2011

The Associated Press reports honeybees produced 6.4 million pounds in Minnesota last year. Wisconsin also had an off year, down 12 percent. North Dakota is the nation's leader producing nearly 33 million pounds of honey in 2011.

Airline boardings soar in North Dakota

Boardings at airports at airports across North Dakota are up 22 percent in the first six months of 2012 compared to the same period last year, Forum Communications reports. Boardings at airports near the oil boom in western North Dakota have skyrocketed -- up 73 percent in Dickinson, 62 percent in Minot and 41 percent in Williston.

NoDak named country's fifth best state for business

The oil boom helped North Dakota move from No. 13 last year to No. 5 in the most recent survey by CNBC. Minnesota ranked No. 11, down from the No. 7 spot last year. Texas was named the best state for business.