Minnesota tied for 5th place among nation's fastest-growing economies

Minnesota has one of the fastest-growing economies in the country, says a study by the U.S Bureau of Economic Analysis.

The federal agency says Minnesota tied California for fifth place in growth of gross domestic product last year. That's a measure of durable-goods manufacturing, construction, mining, agriculture, wholesale trade, and finance and insurance.

Statewide: Minnesota pulling away from Wisconsin

GDP for Minnesota and California climbed 3.5 percent, compared with a national average of 2.5 percent. The total value of Minnesota's GDP was $253 billion, which ranked the state 17th nationally.

Minnesota also has one of the country's lowest unemployment rates, ranking 11th nationally in April at 5.3 percent.

Oil-rich North Dakota had the fastest-growing economy in 2012 with a GDP growth rate of 13.4 percent.

Texas was second with 4.8 percent growth, followed by Oregon with 3.9 percent, and Washington with 3.6 percent.

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