St. Paul, Minn. – Today, Minnesota Management and Budget released the February Economic Forecast, projecting a $1.65 billion budget surplus. This is an increase from the previous forecasted amount in November of $1.4 billion. The forecast painted an overall positive economic picture, with low unemployment, expanding businesses, and an encouraging housing market. Longer term though, budget officials pointed to “significant risk” due to federal uncertainties.
State Rep. Jennifer Schultz (DFL – Duluth) released the following statement:
“Our state is in a terrific economic position, and this forecast provides more evidence of this. Earlier today a study from U.S. News and World Report cited many benchmarks in ranking us the third best state in the country overall.
“To ensure this ongoing success, we must redouble our commitment to great schools, access to job training, lowering the cost of higher education, affordable health care and a 21st century transportation infrastructure. Our state budget should reflect these priorities.
“We should also avoid taking short sighted actions putting our sound economy in jeopardy, such as massive tax cuts for corporate special interests and the very wealthy. Potential changes at the federal level especially as it relates to the future of health care mean we should ensure our rainy day fund remains adequate too.”