Minnesota’s economy grew briskly in the second quarter, with gross domestic product rising 4.5 percent compared to a year earlier, according to seasonally adjusted data released Thursday by the U.S. Commerce Department.
The industries with the most growth were management of companies, construction and finance and insurance. Management, which includes firms that own a stake in other companies, grew 13.7 percent in the 12 months that ended June 30. Construction output grew 10.1 percent. Finance and insurance grew 8.1 percent.
Wholesale trade grew 5.6 percent and health care grew 5.9 percent.
Manufacturing, real estate, professional services and hotels and restaurants posted more modest gains.
Private education, government and utilities all saw their contributions to state GDP decline.
Minnesota ranked 14th in the nation for GDP growth in the second quarter, even with Michigan, Ohio and Iowa in the Midwest, behind only South Dakota, whose economy grew 5.8 percent over the same 12-month period.
Only Washington state’s economy grew faster than South Dakota’s, at an 8 percent clip.
Economic output grew at a robust pace of 3.9 percent across the nation in the second quarter but slowed to 2.1 percent in the third, according to the Bureau of Economic Analysis.
State-level data for the third quarter will be released in March.