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A $1 Billion State Budget Surplus

Minnesota’s economy continues to strengthen:

Thanks to forward-looking management, the State of Minnesota has a $1 billion surplus.

And, Minnesota’s unemployment rate of 3.6% is the 5th lowest in the nation. It’s also the lowest level we’ve seen in nearly 14 years with the state adding 222,000 new jobs over the last 5 years.

Here’s a link to the full report.


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Yvonne_SelcerDear Neighbors,

With summer fully in motion, I wanted to take a moment to update you on some of the encouraging economic news I continue to receive since the legislative session ended in May.

We are blessed to live in a state with such a hardworking and resilient workforce.  By investing in world class schools, job training, and a balanced budget that kept our state working, Minnesota’s economy has continued to show positive signs of growth that outpace national indicators at every level.

I’m pleased to report that:

  • Minnesota has gained nearly 70,000 jobs since I began my term in January of 2013.  It’s one of the best job creation rates in the country.
  • As of May 2014, the Twin Cities metro area has the lowest unemployment rate of any major metro area in the nation (4%).  We were #1 out of 42 metro regions with at least one million residents.  We haven’t had unemployment numbers that low since 2007.
  • Minnesota’s economy grew by 4.9% in 2012 and 2013.  That is significantly higher than national GDP growth, and ranks 13th in the country.
  • Forbes Magazine ranks Minnesota the 8th best state for business in the country.  We received special praise for our business climate and growth prospects. (Wisconsin was 41st.)
  • CNBC ranks Minnesota the 6th best state in the country for business.  They noted our business-friendly economy.  We outranked every other Midwestern state.
  • New businesses are drawn to Minnesota.  Secretary of State Mark Ritchie reports 15,547 new Minnesota businesses were filed in the second quarter of 2014, bringing the state’s year-to-date filings to 31,502 — an increase over the 31,060 filings during the first half of 2013.
  • In 2013 we balanced the budget responsibly.  The resulting surplus allowed us to continue to strengthen Minnesota’s budget outlook.  Minnesota Management and budget recently announced investments that resulted from legislation we passed in 2014:
    • $150 million added to the state budget reserve, increasing the state reserve fund to $811 million
    • First budget reserve increase in 13 years

I’ve spoke to many of you at community events this summer, and I am encouraged by the hard work you’re doing as we all strive to improve our community and our state.  You can feel the positive momentum behind our success, and we need to capitalize on it as together we continue to build out of the recession.

It’s an honor to serve our community, and I’m always interested in your concerns and ideas about how we continue positive economic momentum moving forward.  I welcome you to contact me at any time throughout the summer and fall at or 651-296-3964.


Yvonne Selcer

State Representative

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©2014 DFL SD 48. Prepared and paid for by Senate District 48 DFL, Sharon Borine, Chair, 18285 Croixwood Ln, Eden Prairie, MN 55347