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Continued: Real estate sales propelling economic surge in Twin Cities

  • Article by: ADAM BELZ , Star Tribune
  • Last update: September 18, 2013 - 9:22 AM

“The mix of what’s being produced in Minnesota is changing,” Johnston said. “We’re able to take advantage of what’s going on in the Bakken” oil field.

In the rest of Minnesota, Mankato’s and St. Cloud’s economies grew slightly faster than the Twin Cities, and Rochester was not far behind. However, the economy in Duluth-Superior shrank in 2012 by 2 percent, or about $167 million. The weakness there came from declines in mining output and financial services.

Across the region, Bismarck, N.D., was the fastest-growing economy, followed by Peoria, Ill., and Fargo. The 10 largest U.S. metropolitan areas, accounting for 34 percent of national GDP, averaged 3.1 percent growth in 2012 after growing 1.9 percent in 2011.

 

Adam Belz • 612-673-4405 Twitter: @adambelz

 

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  • Prospective home buyer Stephen Blatnik, right, and his real estate agent, Herb Bacal, toured a home in Edina that overlooks Mirror Lake..

  • A healthy market: About one-third of last year’s economic growth in the Twin Cities was driven by real estate transactions, accounting for $30 billion in activity, the Commerce Department reported. Home sales were up 12 percent over a year ago and prices were up 16 percent, a local economist said. Above, home buyer Stephen Blatnik, left, and his real estate agent, Herb Bacal.

  • TOP METRO AREAS

    Of the 20 largest metropolitan-area economies in the United States, the Twin Cities area is growing the sixth-fastest.

    Metropolitan area 2012* % change from ’11

    San Francisco-Oakland $309.8 7.4%

    Houston $385.7 5.3%

    Portland, Ore. $142.0 5.1%

    Seattle $228.0 4.6%

    Dallas $372.7 4.3%

    Minneapolis-St. Paul $190.0 3.9%

    Miami $237.8 3.5%

    Baltimore $135.5 3.2%

    Phoenix $176.3 3.2%

    Los Angeles $671.0 3.1%

    San Jose $171.5 2.8%

    San Diego $154.9 2.7%

    Detroit $183.1 2.7%

    Atlanta $256.4 2.6%

    Denver $147.9 2.5%

    Chicago $489.0 2.4%

    Boston $295.8 2.3%

    Philadelphia $311.8 1.5%

    New York City $1,173.5 1.4%

    Washington, D.C. $389.3 0.7%

    *inflation-adjusted gross domestic product, in billions of 2005 dollars

    Source: U.S. Department of Commerce

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