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Extension > Leadership and Civic Engagement Alumni > Vital Connections on Air Episode 5: Minnesota's Economy 101

Wednesday, September 13, 2017

Vital Connections on Air Episode 5: Minnesota's Economy 101


Minnesota’s economy is diverse. That diverse economy provides resiliency. State Economist Laura Kalambokidis joins Vital Connections On Air to explain Minnesota’s current economic situation.  We welcome Brigid Tuck, Extension Senior Economic Impact Analyst, to tell us more about Minnesota’s economy and Extension’s Economic Futures Workshops.

Minnesota’s economy, in general, looks a lot like the economy of the entire United States. This diversity helps Minnesota  weather economic downturns with fewer job losses than other states. And, the state can recover those lost jobs sooner.  Following the Great Recession of 2008-2009, Minnesota started recovering before the nation as a whole.

Extension researchers examined both employment and output in each of 12 Minnesota regions.  Read the findings and look, specifically, at your region’s economic strengths.

Is all this information intriguing to you?  Want to learn more about your own, local economy? Could your community use a deeper understanding of your local economy to make important decisions that are on the horizon. Then consider one of Extension’s Economic Futures Workshops.

The workshop helps community groups explore the local economy – what are the current strengths? What areas are growing?  What areas might be declining? How can communities help support businesses?

The workshop leads groups to understand the economic impact of 7-10 different industries on local economies. The analysis explores how much the expansion or contraction of one business in each industry would affect jobs, as well as the revenue of other businesses in the area. A facilitated discussion helps the community apply this knowledge to local discussions. As a result, the Futures Workshop helps communities look objectively at the state of their local economy.

Communities that have brought Community Futures Workshops to their area say that they walked away with a stronger understanding of their economy and increased awareness of the need to work together to grow industry. Some communities have discovered that investments they made a few years back really made a difference. Others redoubled their efforts to support their local businesses, with a fuller understanding of their importance.

If you are interested in learning more about your own economy, contact Brigid Tuck at tuckb@umn.edu or (507) 389-6979.

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