Minnesota Economic Outlook 2026
GDP growth, unemployment, tariff impacts, and economic forecast for Minnesota heading into the 2026 elections.
2.5%
GDP Growth Rate
3.2%
Unemployment Rate
Surplus
State Budget Outlook
Stable
Job Growth Forecast
2026 Economic Overview
Minnesota’s medical device industry is a global export champion exposed to retaliatory tariffs. Agriculture faces similar risks. Democrats and Republicans both claim credit for the state’s strong economy.
Key Economic Indicators
| Indicator | Value / Status |
|---|---|
| GDP Growth Rate | 2.5% |
| Unemployment Rate | 3.2% |
| Top Economic Sector | Medical Devices, Agriculture, Finance |
| State Budget Outlook | Surplus |
| Job Growth Forecast | Stable |
| Tariff Impact | High — medical device exports and ag exports both exposed |
| Key Economic Risk | Medical device tariffs; China soybean retaliation; 3M legal liabilities |