We’re happy to report that Minnesota continues to see positive economic growth. Home values are moving higher, while unemployment shrinks, and interest rates are reportedly low. Here is a quick snapshot of the economic status in Minnesota:
- According to a newer report put out by the U.S. Bureau of Economic Analysis, Minnesota’s economic growth has outperformed the majority of other states over the past year. The report states that Minnesota’s gross domestic product (GDP) grew by 2.8 percent in 2013, well above the national figure of 1.8 percent.
- The same analysis shows that Minnesota outperformed the national economy throughout the last three years, from 2010 to 2013. The United States GDP grew by only 6.1 percent over this timeline, while Minnesota grew by 7.5 percent.
- According to Realty Times the Twin Cities real estate market remains tipped toward a sellers market. Homes are in demand, and therefore selling for higher values. This source also states that interest rates are at tremendously low percentages.
- Zillow reports that Minnesota home values have gone up over 5.9% over the past year.
Consistent predictions follow the trend that the economic status of Minnesota and home values alike will continue to rise — slower than the past few years, but at a steady rate.
With your home values on the rise, improving your home is an investment worth considering! Connect with us at The Cabinet Store today to make a plan for remodeling your kitchen, bathroom, or more!