Minnesota GDP jumped 3.5 percent in 2012

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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.

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