We must not grow complacent though, for we will need to do even better in the future. New technologies, the global economy, and a changing work force all pose major challenges. If Minnesota's economy fails to adjust to those changes we will surely fall behind. The first step in developing a plan for the future is to determine where we are now, our strengths and our shortcomings. This site provides some basic data on Minnesota's economy, as well as links to studies that offer overviews of our state's economy from different perspectives, or that rank states' future prospects.
Economists measure the strength of a state's economy in several different ways.
Economists also keep close track of employment levels, the unemployment rate, and personal income levels. GSP and personal income also depend on the price level. The same level of physical output can correspond to any level of GSP depending on the price level assumed. When the price level is allowed to vary over time to reflect prices actually paid in each year, the data are said to be in nominal terms. Sometimes it is instructive to examine per capita measures of output and income.