Twin Cities Leads Midwest In Economic Recovery
MINNEAPOLIS (AP) â¿¿ The Twin Cities economy is faring better than the other major metropolitan areas in the Midwest, according to new data from the U.S. Department of Commerce.
"We're showing improvement that's somewhat stronger than the nation as a whole," said Steve Hine, labor market economist at the Minnesota Department of Employment and Economic Development. "We've got a somewhat higher concentration of higher-skilled employment, and that's also been a source of some of our strength and would translate into more rapid GDP growth."
Minneapolis-St. Paul's economic output grew 1.5 percent between 2008 and 2011, while Chicago, Detroit and most of the region's other big cities lost ground, according to the data.
The $207.8 billion economy of the Twin Cities accounts for about three-quarters of Minnesota's economic output. Before the downturn from 2001 to 2007, the area's economy grew at an average rate of 1.9 percent, a pace of growth to which it returned in 2011, according to the Star Tribune (http://bit.ly/YJAFaU ).The unemployment in Minneapolis-St. Paul is at 5.1 percent, compared with a national average of 7.9 percent. Of major cities from Cleveland to Kansas City, only Milwaukee and the Twin Cities recovered the economic activity they lost in the downturn. Milwaukee's output grew 0.4 percent. The Twin Cities benefits from the relatively high proportion of better paying jobs at big companies like 3M and Medtronic. For instance, if companies in each of three cities were to all add one employee, the city where the highest-paid workers are hired will see more economic growth than the others, Hine said. ___ Information from: Star Tribune, http://www.startribune.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV