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Greater Mankato Growth releases GDP Details

Mankato, MINN (October 2, 2013) – In September, the Minnesota Department of Employment & Economic Development (DEED) made an announcement on the state’s high growth in Gross Domestic Product (GDP) between 2011 and 2012, along with the performance of Minnesota’s five Metropolitan Statistical Areas (MSAs). Based on data from the U.S. Department of Commerce Bureau of Labor Statistics (BLS), DEED reported that the MSA with the highest GDP growth in the state was the Mankato-North Mankato MSA (which includes all of Blue Earth and Nicollet counties).

 

Total Real GDP All Industries

MSA

% growth/loss 2011 - 2012

National Rank

Mankato-North Mankato, MN

 4.1 %

43

St. Cloud, MN

 4.0 %

50

Minneapolis-St. Paul-Bloomington, MN-WI

 3.9 %

55

Rochester, MN

 3.6 %

67

Duluth, MN-WI

      -  2.0 % 

368

 

Following this announcement, Greater Mankato Growth analyzed the Bureau of Labor Statistics data to gather more information on the MSA’s significant GDP growth from 2011 - 2012. Greater Mankato Growth’s report is based on Real GDP data, which adjusts for inflation and is calculated in 2005 dollars, eliminating the rise in cost of goods and services and presenting only the change in production. “We are often asked to explain what is driving the growth in our economy and this report allows us to speak to that with greater insight,” said Greater Mankato Growth President & CEO Jonathan Zierdt.

Real GDP Highlights from the Report include:                 

  • The Private Sector is mainly responsible for overall growth in Real GDP. The Private Sector had Real GDP growth of 4.8% and the Public (Government) Sector remained steady at its 2011 GDP level. Aggregating the Public and Private sectors together generates the Total Real GDP growth of 4.1%.  
  • Private “Goods Producing” increased 5.7%, putting it in the middle of the Minnesota MSAs. Within this sector, Manufacturing stood out with an increase of 8.0%.  
  • Private “Service Providing” increased 4.4%, leading the state.
  • Private “Service Providing” high performing industries, included:

- Wholesale and Retail Trade increasing 17.8%

- Information increasing 12.4%

- Leisure and Hospitality increasing 7.7%

To view the full Mankato-North Mankato MSA GDP Report, visit greatermankato.com/economy.

 

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: Visit Mankato, 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, 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.

 

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The Greater Mankato Growth, Inc. Family: Visit Mankato City Center Partnership