Carver County’s economy is ranked the fastest-growing in Minnesota, according to a Feb. 19 report by 24/7 Wall St.
“Fastest growing local economy in every state” notes the county’s gross domestic product growth of 18.5 percent from 2012-2015, compared to 5.7 percent growth for Minnesota as a whole, reports Carver County, in a press release.
The county’s 2.9 percent unemployment rate was lower than the 3.5 percent statewide average in the same time. The county’s total gross domestic product of $4.8 billion is 1.6 percent of the state’s total share, despite the county having less than 100,000 residents at the time of the report.
According to the report, the fastest growing industries are arts, entertainment and recreation, and accommodation and food services, with .4 percent employment growth.
“We’re proud of the business-friendly environment that our citizens, along with our locally-elected officials, have created in Carver County,” Commissioner Randy Maluchnik stated, in the release. “There is a high value provided for the tax dollar by our townships, school boards, cities, and the county board that continues to maintain this sustained growth.”
The authors calculated the change in real GDP from 2012-2015 using data from the Bureau of Economic Analysis. They used employment data from the Bureau of Labor Statistics.