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Midwest Regional and Shortline Railroad Annual Conference

Midwest Regional and Shortline Railroad Annual Conference “Minnesota is Booming – and it Matters to Rail” Mark Lofthus, Business Development Monday, July 18, 2005. Minnesota is Booming. State-wide economic growth is back and strong Manufacturing especially vibrant

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Midwest Regional and Shortline Railroad Annual Conference

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  1. Midwest Regional and Shortline Railroad Annual Conference “Minnesota is Booming – and it Matters to Rail” Mark Lofthus, Business Development Monday, July 18, 2005

  2. Minnesota is Booming • State-wide economic growth is back and strong • Manufacturing especially vibrant • Anticipated major investments will have rail implications

  3. Minnesota’s Economy has Created Extraordinary Results • Minnesota’s per capita personal income increased to $34,039, seventh highest among all states, in 2003. U.S. per capita personal income was $31,459 • Morgan Quitno consistently ranks Minnesota at or near the top for its “Most Livable State” and “Healthiest State” rankings • The Corporation for Enterprise Development ranked Minnesota as an “Honor Roll State” for its economic performance and potential

  4. Minnesota is also a Place Undergoing Change • Population of 5.1 million people, with growth of 12% during the past 10 years • Fastest-growing state in the Midwest • In-migration from U.S. and abroad • Minnesota had 6th largest average annual inflow of Bachelor’s Degrees between 1989 and 2001 • Migration from rural to urban

  5. Strong Labor Market Growth • Minnesota’s population is expected to grow 16 percent between 2000 and 2015, an increase of 774,000 people. About 70 percent of the increase will be in the Twin Cities. • Minnesota’s labor force is expected to grow 20 percent between 2000 and 2015, adding 533,000 workers.

  6. Why We Anticipate Strong Economic Growth • Manufacturer’s confidence is high • Minnesota’s manufacturing output is back to pre-recession levels • Gross state product growth exceeds U.S. average – a diverse economy keeps us strong • Minnesota manufactured exports at record levels

  7. State-wide Expansion Projects are Evidence of Growth • $1.9 billion in new investment in 2004 – MN Business Expansion Report • JOBZ - $178 million committed since start of 2004 • Northland Minnesota projects under consideration in excess of $5 billion in next decade

  8. Northland Projects with Rail Implications • Cirrus Design • UPM/Blandin • Northshore Mining • Excelsior Energy • Polymet • Minnesota Steel

  9. Economic Development Issues for Rail People to Ponder… • Can you meet the demand caused by anticipated growth? • Are you working with communities to market the area? • Do you know all the available buildings and land sites along lines you serve? JOBZ locations? • Are you actively trying to overcome the “language barrier” with those outside the rail universe?

  10. Introducing… DEED’s Railroad Industry Specialist… Anna Christopherson • Working knowledge of industry • Connect with economic development • Advocacy for rail interests

  11. Questions for Further Panel Consideration • How well prepared is Minnesota’s rail sector for new business development? • What issues and limitations will inhibit strong economic growth from view of rail? • How can economic developers be stronger partners with rail?

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