Since Tim Walz became Minnesota’s governor in January 2019, the state’s economic performance has generally lagged behind national trends.
Minnesota’s economic growth has fallen short of the overall U.S. growth rate by 5.5 percentage points since the COVID-19 recovery began in mid-2020.
Job growth in Minnesota has also been slower compared to the national average. Since Walz took office, nonfarm payrolls have increased by only 0.5%, translating to 14,700 jobs, whereas the U.S. has seen a 5.8% increase.
The state has not yet fully recovered the jobs lost during the pandemic, with a deficit of 15,400 jobs since February 2020.
On the positive side, Minnesota’s unemployment rate has been notably lower than the national average, staying under 3% since December 2021.
Personal income growth in Minnesota has matched the national average, rising 30% through early 2024.