Agenda - Council - 10/25/1983 - Laserfiche WebLink

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I I ! I I i I I I I I I I I BACKGROUND ON THE REGIONAL ECONOMY Numerous measures can be used to portray the quality of life or standard of living in this Region. Among the most important are those related to the economy. The last several years have been difficult times economically for the nation, for Minnesota and for the Region. The Council recognizes a strong economy is needed to maintain and improve the Region's standard of living. The data in this section gives a general snapshot of the Region from an economic viewpoint--its standard of living, its economic growth trends, the changes that are taking place and some measures of the Region's potential for responding to change. STANDARD OF LIVING Table I contains the Twin Cities° 1980 rank among the 25 largest metropolitan areas for a number of economic indicators. The major urban areas are called Standard Metropolitan Statistical Areas, or SMSAso The Region ranked high in median family income and education, and low in percent of families below the poverty level and in unemployment rates. The Council wants to maintain these rankings or improve upon them. An economic climate that encourages growth.and responds to change is vital to this effort. Table I COMPARISON OF TWIN CITIES ECONOMIC INDICATORS WITH THE 25 LARGEST METROPOLITAN AREAS, 1980 Characteristics Twin Cities Twin Cities Minnesota UoS. Rank Average Average Average Median Family Income 6th $24,800 $21,217 $19,908 Percent of Families Below Poverty Level 24th 4.4% 7.0% 9.6% Percent of Adults (over 25) with High School Diploma 4th 80.1% 72.4% 66.3% 5.7% 6.8% Unemployment Rate 22nd 4.5% Sources: U.S. Bureau of the Census, Employment and Earnings. ECONOMIC GROWTH Quality of life improvements come in the form of better paying jobs, higher productivity, better public services, better use of existing resources, etc. However, measuring these factors is not always possible. The most straight- forward way.to measure improvements is to examine economic growth. Growth in jobs, income, and tax base are all important to the overall economic health of an area.