Minnesota Ranks Third in Prosperity Despite Economic Challenges
The past few years have been hard on everyone, both the business owner and the consumer. From layoffs, to supply chain issues, to the ever-growing cost of goods, executives to blue collar workers have had to tighten their budgets in the hopes of retaining some financial security.
According to the American Dream Prosperity Index (ADPI), the state of Minnesota ranks third in overall prosperity across the United States.
While the U.S. continues to slowly bounce back after the pandemic, rising inflation, and a shrinking economy, the overall trend for the nation points to prosperity. However the prosperity is unequally distributed regionally, which mostly includes rural and African-American communities.
So how exactly does the Land of 10,000 Lakes rank this high on the list? The ADPI framework categorizes prosperity into three essential foundations which are: Inclusive Societies, Open Economies, and Empowered People. The foundations are then divided and measured by over 200 reliable indicators of growth.
Milken Center for Advancing the American Dream President Kerry Healey states, “The ADPI was founded on the principle that better data leads to better decisions and outcomes. It is our goal to make this report one of the most important tools for local, state and federal lawmakers and civic leaders.
The Milken Center has been an philanthropic economic “think tank” established back in 1982 that has provided initiatives in medical research, education, public health. When the coronavirus hit the world back in 2020, all 10 of their institutions were challenged to confront the virus.
Minnesota’s Rankings in a few major categories:
6th Overall in Inclusive Societies, Ranking 2nd in social capital (personal and family relationships, social networking, civic and social participation, community involvement, etc.)
8th Overall in Open Economies, Ranking 8th in business environments (pricing goods, job employment, financial security, etc.)
6th Overall in Empowering People, Ranking 2nd in Living conditions, 4th in healthcare, and 5th in education.
According to the ADPI, Minnesota has ranked 3rd in the U.S. since 2012.
For more information on the ADPI, The Milken Center, and to see other state rankings, visit americandreamprosperity.com