THE MILL ADAM BELZ
Per capita personal income grows
Per capita personal income grew 3.8 percent over the past 12 months in Minnesota, the best rate of growth in the Upper Midwest and a little above the national average, according to new data from the Bureau of Economic Analysis.
Average income in Minnesota rose by $1,871 to $50,614 per year from the second quarter of 2014 to the second quarter of 2015, driven mostly by a rise in wages, salaries and other compensation, but also by growth in dividends, interest and rent income.
The new data don't reflect the stock market turmoil of the past two months, during which interest and dividend income would have suffered for most Minnesotans.
They also show overall averages, and don't delve into income by race, which shows a discouraging drop for black households in Minnesota in 2014.
But the new data do show that the benefits of economic growth and a tight labor market are flowing to some industries in the form of higher earnings.
Per capita income growth in Minnesota happened despite the fact the state added twice as much population over the same period as any of its neighbors, according to the data.
POINT OF SALE JOHN EWOLDT
Blake Nordstrom talks Twin Cities opportunities
On Wednesday night, I had the chance to ask Blake Nordstrom, co-president of Nordstrom with his brothers, Erik and Pete, about rumors of adding more Nordstrom stores in the Twin Cities.
As he rubbed elbows in the new Ridgedale store among a well-dressed crowd of dignitaries from the Pacer Center and the Children's Hospitals and Clinics of Minnesota, I asked him about adding a full-line store in Rosedale and a Nordstrom Rack downtown.
Rosedale announced earlier this summer that it is proposing a two-story expansion in the northeast corner of the mall near J.C. Penney.
Nordstrom told me that his company is always looking for new opportunities, but that it took 23 years after they opened the Mall of America store before they found an opening in Ridgedale. He also didn't know of any "activities or plans" for Rosedale.
He seemed more open about the possibility of opening a Nordstrom Rack in downtown Minneapolis. "We have more than 180 Racks open now, and we could have as many as 300 by 2020," he said. "Downtown Minneapolis is a very attractive location with a strong customer base," he said. "There are no plans yet, but we have to look into it."
I reminded him that the Twin Cities has an east side, too. The two full-line stores are in Bloomington and Minnetonka, and the three Racks are in Bloomington, Maple Grove and St. Louis Park.