Economy, jobs and prices in Minnesota, United States: official figures
The economy of Minnesota (gross domestic product) was worth $515.1 billion in 2025 at current prices, 1.7% of the US total of $30.86 trillion; 20th largest of 51. In current dollars it was up 3.6% on 2024.
How fast is the economy of Minnesota growing?
After adjusting for inflation, real GDP in Minnesota grew 0.7% in 2025, against 2.3% for the United States; 5th slowest-growing of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the GDP per capita of Minnesota?
Dividing 2025 GDP by the Census Bureau's population estimate gives $88,350 of output per resident, against $90,294 for the US economy divided by the population of the 50 states and DC; 20th highest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyIs the economy of Minnesota growing or shrinking?
In the second quarter of 2026, real GDP in Minnesota grew at an annual rate of 3.4% (United States: 2.2%); tied for 4th fastest-growing of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat are the main industries in Minnesota?
In 2025 the largest private industry in Minnesota's economy was real estate, rental and leasing (12.6% of GDP), followed by manufacturing (11.3%) and health care and social assistance (10.1%). Government accounted for 9.5%; the manufacturing share was 17th highest of 51 (United States: 9.5%).
Source: U.S. Bureau of Economic Analysis · saved copyHow much do people in Minnesota spend?
Consumer spending (personal consumption expenditures) in Minnesota came to $61,104 per person in 2025 (United States: $61,062); 21st highest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyIs Minnesota expensive to live in?
Prices in Minnesota were 1.4% below the national average in 2024, by BEA's regional price parity of 98.6 (US = 100), which covers goods, services and housing; 22nd most expensive of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the inflation rate in Minnesota?
Prices in Minnesota rose 3.0% in 2024, measured by BEA's implicit regional price deflator, against 2.6% nationally (PCE price index).
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the per capita income in Minnesota?
Personal income per person in Minnesota was $78,197 in 2025, against $77,028 for the United States; 17th highest of 51. It was up 4.2% on 2024 and up 27.4% on 2020, before inflation.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the disposable income per person in Minnesota?
After taxes, disposable personal income per person was $67,679 in 2025 (United States: $67,251); 20th highest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyHow far does income go in Minnesota?
Adjusted for local price levels, real personal income per person in Minnesota was $62,039 in 2024 in 2017 dollars (United States: $59,195); 14th highest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the median household income in Minnesota?
Median household income in Minnesota was $87,117 in 2024 (margin of error ±$961), against $81,604 for the United States; 15th highest of 51 by the point estimate. It was not statistically different from 2023 after adjusting for inflation (American Community Survey).
Source: U.S. Census Bureau · saved copyHow unequal are incomes in Minnesota?
The Gini index of household income inequality in Minnesota was 0.452 in 2024 (0 means equal incomes, 1 means one household has everything; United States: 0.481); tied for 10th least unequal of 51.
Source: U.S. Census Bureau · saved copyWhat is the unemployment rate in Minnesota?
The unemployment rate in Minnesota was 4.5% in September 2026 (seasonally adjusted, preliminary), up from 4.1% a year earlier; 13th highest of 51. The rate for the 50 states and DC combined was 4.2%.
Source: U.S. Bureau of Labor Statistics · saved copyHow many people are unemployed in Minnesota?
In September 2026, 141,134 people in Minnesota were unemployed and 2,984,171 employed, out of a labor force of 3,125,305.
Source: U.S. Bureau of Labor Statistics · saved copyWhat was the unemployment rate in Minnesota in 2025?
Over 2025 the unemployment rate in Minnesota averaged 3.9% (an 11-month average: October 2025 was not collected during the federal shutdown), against 3.1% in 2024; tied for 23rd lowest of 51. The lowest annual rate since 1976 was 2.4% in 2022.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the average salary in Minnesota?
Workers covered by unemployment insurance in Minnesota were paid $76,940 on average in 2025 ($1,480 a week), up 3.7% on 2024; the US average was $78,720. That is 14th highest of 51.
Source: U.S. Bureau of Labor Statistics · saved copyHow many jobs are there in Minnesota?
Employers in Minnesota had an average of 2,944,260 jobs on their payrolls in 2025 across 212,524 establishments, up 0.4% on 2024 (United States: up 0.5%).
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the median wage in Minnesota?
The median annual wage across all occupations in Minnesota was $56,920 in May 2025 (mean $71,160); 12th highest of 51. One in ten workers earned less than $33,540 and one in ten more than $125,730.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the most common job in Minnesota?
The most common occupation in Minnesota in May 2025 was home health and personal care aides, with 128,680 workers and a median annual wage of $38,370.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the median household income in Minnesota?
Median household income in Minnesota was $87,120 in 2024, 15th highest among the 50 states and DC (U.S.: $81,604). In 2019 it was $74,529, so it has risen 16.9% before allowing for inflation.
Source: U.S. Census Bureau · saved copyWhat is the average rent in Minnesota?
The median gross rent in Minnesota, including utilities, was $1,291 a month in 2024, up 2.1% on 2023 ($1,264); 25th lowest among the 50 states and DC (U.S.: $1,487).
Source: U.S. Census Bureau · saved copyWhat is the median home value in Minnesota?
Homeowners in Minnesota valued their homes at a median of $344,600 in 2024, up 4.9% on 2023 ($328,600); 24th highest among the 50 states and DC (U.S.: $360,600).
Source: U.S. Census Bureau · saved copyHow affordable are homes in Minnesota?
The median home value in Minnesota was 4.0 times the median household income in 2024 ($344,600 against $87,120); 22nd lowest ratio among the 50 states and DC (U.S.: 4.4).
Source: U.S. Census Bureau · saved copyIs rent affordable in Minnesota?
A household on the median income in Minnesota would spend 17.8% of its income on the median rent of $1,291 a month in 2024 (U.S.: 21.9%).
Source: U.S. Census Bureau · saved copyHow Minnesota compares with other states
Gross domestic product, 2025 (current dollars) (2025)
Minnesota ranks 20 of 51, highest first.
| Rank | Region | Gross domestic product, 2025 (current dollars) |
|---|---|---|
| 17 | Colorado | $574.9 billion |
| 18 | Maryland | $567.0 billion |
| 19 | Indiana | $542.5 billion |
| 20 | Minnesota | $515.1 billion |
| 21 | Wisconsin | $478.8 billion |
| 22 | Missouri | $475.4 billion |
| 23 | Connecticut | $382.6 billion |
GDP per resident, 2025 (BEA GDP / Census population) (2025)
Minnesota ranks 20 of 51, highest first.
| Rank | Region | GDP per resident, 2025 (BEA GDP / Census population) |
|---|---|---|
| 17 | Maryland | $90,501 |
| 18 | Utah | $90,191 |
| 19 | Wyoming | $89,157 |
| 20 | Minnesota | $88,350 |
| 21 | South Dakota | $87,694 |
| 22 | Hawaii | $85,959 |
| 23 | Nevada | $85,728 |
Real GDP growth, 2025 (2025)
Minnesota ranks 47 of 51, highest first.
| Rank | Region | Real GDP growth, 2025 |
|---|---|---|
| 44 | Arkansas | 0.9% |
| 45 | Wisconsin | 0.8% |
| 46 | Maryland | 0.8% |
| 47 | Minnesota | 0.7% |
| 48 | North Dakota | 0.5% |
| 49 | Wyoming | 0.1% |
| 50 | Iowa | -0.4% |
Real GDP growth, 2026:Q2 (annual rate) (2026:Q2)
Minnesota ranks 4 of 51, highest first.
| Rank | Region | Real GDP growth, 2026:Q2 (annual rate) |
|---|---|---|
| 1 | New York | 4.0% |
| 2 | South Carolina | 3.5% |
| 3 | Delaware | 3.5% |
| 4 | Minnesota | 3.4% |
| 5 | Utah | 3.4% |
| 6 | Georgia | 3.1% |
| 7 | Florida | 3.0% |
Personal income per person, 2025 (2025)
Minnesota ranks 17 of 51, highest first.
| Rank | Region | Personal income per person, 2025 |
|---|---|---|
| 14 | South Dakota | $78,999 |
| 15 | Illinois | $78,987 |
| 16 | Florida | $78,345 |
| 17 | Minnesota | $78,197 |
| 18 | North Dakota | $77,438 |
| 19 | Hawaii | $76,966 |
| 20 | Nebraska | $76,055 |
Real personal income per person, 2024 (adjusted for local prices, 2017 dollars) (2024)
Minnesota ranks 14 of 51, highest first.
| Rank | Region | Real personal income per person, 2024 (adjusted for local prices, 2017 dollars) |
|---|---|---|
| 11 | New York | $64,153 |
| 12 | New Jersey | $63,142 |
| 13 | California | $63,028 |
| 14 | Minnesota | $62,039 |
| 15 | Virginia | $61,914 |
| 16 | Maryland | $61,111 |
| 17 | Illinois | $60,333 |
Median household income, 2024 (ACS) (2024)
Minnesota ranks 15 of 51, highest first.
| Rank | Region | Median household income, 2024 (ACS) |
|---|---|---|
| 12 | Alaska | $95,665 |
| 13 | Virginia | $92,090 |
| 14 | Delaware | $87,534 |
| 15 | Minnesota | $87,117 |
| 16 | New York | $85,820 |
| 17 | Oregon | $85,220 |
| 18 | Rhode Island | $83,504 |
Regional price parity, 2024 (US = 100) (2024)
Minnesota ranks 22 of 51, highest first.
| Rank | Region | Regional price parity, 2024 (US = 100) |
|---|---|---|
| 19 | Illinois | 100.0 |
| 20 | Delaware | 99.8 |
| 21 | Utah | 98.9 |
| 22 | Minnesota | 98.6 |
| 23 | Vermont | 98.0 |
| 24 | Pennsylvania | 97.6 |
| 25 | Texas | 97.1 |
Unemployment rate, September 2026 (seasonally adjusted) (September 2026)
Minnesota ranks 13 of 51, highest first.
| Rank | Region | Unemployment rate, September 2026 (seasonally adjusted) |
|---|---|---|
| 10 | New Mexico | 4.7% |
| 11 | Illinois | 4.6% |
| 12 | Delaware | 4.6% |
| 13 | Minnesota | 4.5% |
| 14 | Texas | 4.4% |
| 15 | Florida | 4.4% |
| 16 | New York | 4.3% |
Unemployment rate, 2025 annual average (2025)
Minnesota ranks 29 of 51, highest first.
| Rank | Region | Unemployment rate, 2025 annual average |
|---|---|---|
| 26 | Colorado | 4.0% |
| 27 | Connecticut | 4.0% |
| 28 | Florida | 3.9% |
| 29 | Minnesota | 3.9% |
| 30 | North Carolina | 3.8% |
| 31 | Kansas | 3.8% |
| 32 | Mississippi | 3.8% |
Labor force participation rate, September 2026 (September 2026)
Minnesota ranks 5 of 51, highest first.
| Rank | Region | Labor force participation rate, September 2026 |
|---|---|---|
| 2 | Nebraska | 69.2% |
| 3 | North Dakota | 68.9% |
| 4 | Iowa | 66.9% |
| 5 | Minnesota | 66.7% |
| 6 | Utah | 66.5% |
| 7 | Kansas | 66.4% |
| 8 | South Dakota | 66.3% |
Average annual pay, 2025 (QCEW) (2025)
Minnesota ranks 14 of 51, highest first.
| Rank | Region | Average annual pay, 2025 (QCEW) |
|---|---|---|
| 11 | Virginia | $80,093 |
| 12 | Illinois | $80,038 |
| 13 | Texas | $77,964 |
| 14 | Minnesota | $76,940 |
| 15 | Delaware | $75,665 |
| 16 | Alaska | $75,391 |
| 17 | Pennsylvania | $74,308 |
Median annual wage, all occupations, May 2025 (OEWS) (May 2025)
Minnesota ranks 12 of 51, highest first.
| Rank | Region | Median annual wage, all occupations, May 2025 (OEWS) |
|---|---|---|
| 9 | New Jersey | $58,570 |
| 10 | California | $58,240 |
| 11 | Oregon | $57,000 |
| 12 | Minnesota | $56,920 |
| 13 | Rhode Island | $56,780 |
| 14 | Vermont | $56,390 |
| 15 | Hawaii | $56,320 |
Median household income (2024)
Minnesota ranks 15 of 51, highest first. Census Bureau SAIPE model estimates
| Rank | Region | Median household income |
|---|---|---|
| 12 | Connecticut | $95,670 |
| 13 | Virginia | $92,116 |
| 14 | Delaware | $87,510 |
| 15 | Minnesota | $87,120 |
| 16 | New York | $85,768 |
| 17 | Oregon | $84,897 |
| 18 | Illinois | $83,327 |
Median gross rent (monthly) (2024)
Minnesota ranks 27 of 51, highest first. Renter-occupied units paying cash rent
| Rank | Region | Median gross rent (monthly) |
|---|---|---|
| 24 | North Carolina | $1,338 |
| 25 | Illinois | $1,322 |
| 26 | Vermont | $1,319 |
| 27 | Minnesota | $1,291 |
| 28 | Tennessee | $1,284 |
| 29 | South Carolina | $1,272 |
| 30 | Pennsylvania | $1,252 |
Median value of owner-occupied homes (2024)
Minnesota ranks 24 of 51, highest first. Owner-reported value
| Rank | Region | Median value of owner-occupied homes |
|---|---|---|
| 21 | Alaska | $376,500 |
| 22 | Delaware | $371,600 |
| 23 | Vermont | $352,800 |
| 24 | Minnesota | $344,600 |
| 25 | Georgia | $343,300 |
| 26 | Maine | $341,900 |
| 27 | Wyoming | $339,500 |
More on Minnesota: overview · health · education and schools · poverty and living standards · government budget · the United States
Sources
- U.S. Census Bureau: Household Income in States and Metropolitan Areas: 2024 (ACSBR-025), Appendix Table 1: median household income and Gini index by state, 2023 and 2024 American Community Survey, read 23 October 2026 · saved copy (SHA-256 5de1b0d5ec46…)
- U.S. Bureau of Economic Analysis: SASUMMARY: State annual summary statistics: personal income, GDP, consumer spending, price indexes, and employment (updated 30 September 2026), read 23 October 2026 · saved copy (SHA-256 a3757d207c05…)
- U.S. Bureau of Economic Analysis: SAGDP: Annual GDP by state, 1997-2025 (table SAGDP2, GDP in current dollars by industry), read 23 October 2026 · saved copy (SHA-256 3d3c5bc7bd24…)
- U.S. Bureau of Economic Analysis: SQGDP: Quarterly GDP by state, 2005-2026 Q2 (table SQGDP11, percent change in real GDP at annual rate), read 23 October 2026 · saved copy (SHA-256 1649260cdceb…)
- U.S. Bureau of Labor Statistics: Local Area Unemployment Statistics: employment status of the civilian noninstitutional population, states, monthly, seasonally adjusted, read 23 October 2026 · saved copy (SHA-256 7bb6f18d4145…)
- U.S. Bureau of Labor Statistics: Local Area Unemployment Statistics: employment status of the civilian noninstitutional population, states, annual averages 1976-2025, read 23 October 2026 · saved copy (SHA-256 262aba7d00df…)
- U.S. Bureau of Labor Statistics: Occupational Employment and Wage Statistics, May 2025 state estimates (state_M2025_dl.xlsx), read 23 October 2026 · saved copy (SHA-256 74d5be0e1df8…)
- U.S. Bureau of Labor Statistics: Quarterly Census of Employment and Wages, 2025 annual averages, all industries (open data CSV slice), read 23 October 2026 · saved copy (SHA-256 5a5f89142aae…)
- U.S. Census Bureau: American Community Survey 2024 1-year estimates, table-based summary file: Median gross rent (B25064), read 23 October 2026 · saved copy (SHA-256 8624f9775add…)
- U.S. Census Bureau: American Community Survey 2024 1-year estimates, table-based summary file: Median value of owner-occupied homes (B25077), read 23 October 2026 · saved copy (SHA-256 27120d5d8a5f…)
- U.S. Census Bureau: Small Area Income and Poverty Estimates (SAIPE): 2024 poverty and median household income, states and counties, read 23 October 2026 · saved copy (SHA-256 cb52c47d75c1…)
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