Q1 2020 Minneapolis Market Report
Minneapolis/St. Paul, collectively referred to as the Twin Cities, is the 16th largest MSA with approximately 3.6 million residents and home to 17 fortune 500 public companies’ headquarters. The Twin Cities is also ranked highly for quality of life, labor force participation, health care, and workforce quality. The Minneapolis/St. Paul Market started the year off stable with an unemployment rate of 3.1% and projected GDP growth that was expected to continue to outperform the national economy. However, the COVID-19 pandemic has had a significant impact on the U.S. economy, which could lead to the highest nationwide unemployment levels since the great depression and the largest GDP decline in US history. A recent report written by The Economic Policy Institute estimates that Minnesota’s unemployment rate could spike as high as 15% by July 2020.