The Bureau of Economic Analysis has released new data on Mankato and the state of Minnesota.
The 2011 GDP growth results are in, and at nearly twice the national rate, Mankato's GDP grew 6.6% year over year from 2010 to 2011. That makes Mankato the fastest growing metropolitan area in the state.
Jonathan Zierdt, President and CEO of Greater Mankato Growth, says, "It continues to be affirming to us that we continue to be a leader in the state from an economic standpoint and that's good news for us as a marketplace and the state."
Since the recession of 2008, Mankato has grown 10.11% from 2008 to 2011. Duluth's GDP fared well, growing 4.4% from 2010 to 2011. The Twin Cities grew 4.1% during the same period. Rochester had explosive growth from 2009 to 2010 with 10.66% growth, but fell almost a percentage point from 2010 to 2011.
"We continue to see nice solid returns year after year and a good growth rate every year and that continues to look like it will be positive for us in the coming years," says Zierdt.
John Roise, Owner of Lindsay Window and Door LLC, says his workers really tell the story. "We have a good base of workers here, it's a good work ethic around here, the university is good and SCC is good down the street here, and that good work ethic is in Minnesota, we like that" says Roise.
Window business is typically down in the winter months due to the weather, but Roise expects 2013 to continue to be a good year. "We're forecasting 20% increase in 2013 and that's our goal," says Roise.
Zierdt says Mankato has an attractive business landscape with a strong supply chain, diverse economy, a supply of talent, and a community that is livable. "There's an attraction to be a part of this economic sort of constellation if you will" says Zierdt.