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Legislative News and Views - Rep. Will Morgan (DFL)

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BMO Economics Special Report: Twin Cities metro area showing sturdy growth

Monday, July 14, 2014

Dear neighbors,

According to a new report from economic experts at BMO Harris Bank, Minnesota’s economy continues to grow at a firm pace, a trend that will continue throughout this year.

In the Twin Cities metropolitan area, the report states that our sturdy and diverse economy is expected to remain on a solid growth track in the years ahead, due in large part to our region’s wide swatch of service industries.

Todd Senger, Minnesota Regional President of BMO Harris Bank, had this to say:

“Our state and metro area have a lot going for them with our job growth, diversity of industries and the confidence businesses have shown by investing in their operations and people. This report confirms the positive outlook we have seen among businesses and business owners in the last few months, and we fully expect to see the upturn continue as more and more businesses feel the effects of the growth in our area."

Michael Gregory, Head of U.S. Economics for BMO Capital Markets, added:

"The area includes more Fortune 500 companies per capita than any other major metro region in the United States; this diversity helped soften the downturn, with real GDP falling 3.5 percent peak-to-trough on an annual basis versus 4 percent for all metro areas. Many Midwest cities, such as Chicago, St. Louis and Indianapolis, are just now seeing real GDP return to pre-recession levels. Contrast that to Minneapolis-St. Paul where GDP was 5.2 percent above the 2008 high according to the latest available city-level data."

We can all be proud that our state continues to be a national economic leader. The steps the legislature took over the 2013-2014 session, such as investing in education, job creation and middle-class property tax cuts, are helping to ensure that trend continues.

Tomorrow’s update will highlight some of the major accomplishments from the session and outline how we can expand on our progress in the years ahead to keep building a thriving middle class.

Sincerely,


Will Morgan
State Representative, District 56B