Skip navigation
Support
Branches
    News Releases Signup for News Alerts Media Contacts Executive Bios Corporate Fact Sheet BMO Expert Insights
    Navigation skipped
    About BMO

    News Releases

    MINNESOTA ECONOMY GROWING AT A MODEST PACE

    MINNESOTA ECONOMY GROWING AT A MODEST PACE

    • Housing shows signs of stability
    • Manufacturing and export growth moderating
    • Government job cuts ease 

    MINNEAPOLIS/ST. PAUL (November 13, 2012) – The Minnesota economy is growing at a modest pace, according to the State Monitor Report released today by BMO Capital Markets Economics. While growth in exports and factory activity has moderated, government-sector job cuts have eased and the jobless rate is below the national average.

    Employment continues to exhibit modest growth. Nonfarm payrolls were up and the jobless rate was a relatively low 5.8 percent in September. The manufacturing sector is gradually adding jobs and construction employment has bounced back alongside a modest pickup in home building. Government-sector job cuts have subsided with payrolls in that category rising in 3 of the latest 4 months.

    "Our commercial customers continue to express optimism and confidence in the state's economic resiliency," said Todd Senger, Commercial Banking Managing Director for Minneapolis, BMO Harris Bank. "Our local expertise, sector knowledge and mid-market focus are real advantages to helping our customers find solutions as they invest and upgrade their businesses."

    While housing is still weak in Minnesota, a prolonged period of price declines has given way to some positive momentum in recent months. The months' supply of homes for sale in the Twin Cities has gradually fallen and residential construction has also gained some positive momentum in 2012. "All told, Minnesota's housing market exhibits about average stress," said Dr. Sherry Cooper, Chief Economist, BMO Financial Group. "But firmer price trends and an upturn in homebuilding activity are encouraging."

    A recession in Europe and slowdown in Asia have weighed on global factory output and that has begun to cool growth in the export sector. In Minnesota, exports were up just 1.2 percent year-over-year in the second quarter, down from a double-digit pace a year earlier.

    State tax collections are on the rise, up 10 percent year over year in the second quarter of 2012 alongside a jump in corporate tax receipts.

    The full State Monitor report can be downloaded at www.bmocm.com/economics .

    About BMO Harris Bank
    Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion

    For further information:

    Beth Copeland (317) 269-1395 beth.copeland@bmo.com

    Explore our services

    Security Center

    Ways to Bank

    Customer support
    Branch and ATM Locator

    Disclosure

    Privacy
    Legal
    Security
    Site map
    Careers
    About Our Ads
    Accessibility
    Cookie Usage
    About BMO

    App Store is a service mark of Apple Inc. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. 

    Android, Google Play, and the Google Play logo are trademarks of Google Inc. 

    Banking products and services are subject to bank and credit approval and are provided in the United States by BMO Bank N.A. Member FDIC.

    equal housing lender NMLS 401052

    Notice to Customers  

    To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver's license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your certificate of incorporation (or similar document) or other identifying documents. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third party vendors. If the requested information is not provided within 30 calendar days, the account will be subject to closure.  

    Third party web sites may have privacy and security policies different from BMO. Links to other web sites do not imply the endorsement or approval of such web sites.  

    Please review the privacy and security policies of web sites reached through links from BMO web sites. This information is not intended to be tax or legal advice. This information cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This information is being used to support the promotion or marketing of the planning strategies discussed herein. BMO Bank N.A. and its affiliates do not provide legal or tax advice to clients. You should review your particular circumstances with your independent legal and tax advisors.