When it comes to state economies, Minnesota is the fifth fastest growing, according to data from the
Bureau of Economic Analysis, the
Twin Cities Business magazine reports.
The rankings are based on states' gross domestic product (GDP) from 2012.
Minnesota, which shares the ranking with California, has a GDP growth rate of 3.5 percent. The national average was 2.5 percent.
The state saw growth in the areas of manufacturing, construction, wholesale trade, finance, real estate development, and agriculture, the story states.
“Although North Dakota was described as the fastest-growing economy in 2012, its $39 billion “real GDP”--which is adjusted for inflation and incorporates a weighted average of prices for products produced within each state--was significantly smaller than Minnesota’s real GDP of $253 billion,” the story notes.