You are here
Greater Mankato Continues Positive GDP Growth
Mankato, MINN (September 29, 2014) – The Bureau of Economic Analysis (BEA) recently released their 2013 Gross Domestic Product figures at the regional level. The Mankato - North Mankato Metropolitan Statistical Area (MSA) (Blue Earth and Nicollet Counties) showed continued growth of .8% from 2012 – 2013.
Manufacturing, the largest portion of the MSA’s GDP not representing over 18%, grew by $23 million. However, many of the other detailed industry figures are not able to be disclosed for data privacy reasons.
The entire state of Minnesota showed positive GDP growth according to the BEA, which reflects a healthy overall economic climate in the state. Despite showing continual, positive steady growth, the Mankato – North Mankato MSA experienced the lowest growth of GDP from 2012 - 2013 out of all MN MSAs; however, the MSA still leads the state in growth since 2010.
The highest areas of growth for the Mankato-North Mankato MSA from 2012 - 2013 were:
- Natural Resources and Mining 12.2%
- Non-durable goods (printing) 7.4%
- Finance and insurance 6.96%
“GDP is just one measure of growth of an economic region” said Greater Mankato Growth, Inc. President & CEO, Jonathan Zierdt. “The GDP growth our region experienced is great news, couple that with our consistent growth in employment and our low cost of doing business, that’s a productive formula for business success.”
Real Gross Domestic Product (GDP) demonstrates a certain area’s productivity in terms of 2009 dollars. Real GDP by metropolitan area is an inflation-adjusted measure of each metropolitan area's gross product that is based on national prices for the goods and services produced within the metropolitan area.
The figures are subject to revision as new information becomes available. Subcategories that did not have disclosed information included utilities, mining, agriculture, wholesale trade and transportation and warehousing.
About Greater Mankato Growth
Greater Mankato Growth (GMG) is committed to advancing business for a stronger community. As the Chamber of Commerce and Economic Development organization serving the regional marketplace, GMG advances business through: existing business support, new business growth, business promotion, talent development, public affairs, community marketing, visitor attraction and servicing and civic engagement. Greater Mankato Growth, Inc. also includes two LLCs: the Visit Mankato, LLC, which focuses on visitor attraction and servicing, and the City Center Partnership, LLC, which focuses on development in the City Center.
About the Regional Economic Development Alliance
In 2009, the Regional Economic Development Alliance (REDA) began with a progressive group of communities and counties joining together with Greater Mankato Growth in business attraction and development efforts. REDA participants include Eagle Lake, Lake Crystal, Le Sueur, Madison Lake, Mankato, North Mankato, Saint Peter and Blue Earth County. By working together, the group is able to efficiently provide regional and individual city and county information to businesses interested in the Greater Mankato marketplace. As a result of promoting the individual strengths of each community, along with the combined assets of the regional marketplace, all experience collective success.