Posted: 06/18/13 12:28, Edited: 06/18/13 12:28
by Dave Mindeman
Minnesota has the 5th fastest growing economy in the nation.
That is pretty significant. Our neighbor, North Dakota, takes top honors and by a lot....they have a 13.4% increase in growth. The next highest is Texas a 4.8%. Of course, North Dakota is benefitting from the Bakken oil boom....and a lot of their growth is fueled by scrambling to keep up with the needed development around that.
In fact, the Bureau of economic statistics attributes 3.26% of that North Dakota's growth from mining alone. Mining in North Dakota would rank 11th in the nation for economic growth.
Considering the fact that North Dakota didn't really do much to specifically earn that growth, we will just acknowledge it and move on.
Two other states in the top 10 - Texas and West Virginia - also derived a significant portion of their growth from mining according to the bureau. As Governor Perry gives his Texas sized speeches about economic growth, he should bear that in mind.
Oregon, Washington, and California are numbers 3, 4 and 5 respectively. (Actually Minnesota and California are tied at #5 in growth).
Now, these three are certainly not low tax states. In fact, conservatives like to point to California as some kind of economic model in reverse. Obviously, like a lot of other things they say, they are wrong.
As for our neighbors....Wisconsin's growth is at 1.5%, Iowa at 2.4%, and South Dakota is humming along at 0.2% growth.
Aren't these the guys who are "open for business"?