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BACKGROUND ON THE REGIONAL ECONOMY <br />Numerous measures can be used to portray the quality of life or standard of <br />living in this Region. Among the most important are those related to the <br />economy. <br />The last several years have been difficult times economically for the nation, <br />for Minnesota and for the Region. The Council recognizes a strong economy is <br />needed to maintain and improve the Region's standard of living. <br />The data in this section gives a general snapshot of the Region from an <br />economic viewpoint --its standard of living, its economic growth trends, the <br />changes that are taking place and some measures of the Region's potential for <br />responding to change. <br />STANDARD OF LIVING <br />Table 1 contains the Twin Cities' 1980 rank among the 25 largest metropolitan <br />areas for a number of economic indicators. The major urban areas are called <br />Standard Metropolitan Statistical Areas, or SMSAs. The Region ranked high in <br />median family income and education, and low in percent of families below the <br />poverty level and in unemployment rates. The Council wants to maintain these <br />rankings or improve upon them. An economic climate that encourages growth and <br />responds to change is vital to this effort. <br />Table 1 <br />COMPARISON OF TWIN CITIES ECONOMIC INDICATORS <br />WITH THE 25 LARGEST METROPOLITAN AREAS, 1980 <br />Characteristics <br />Median Family Income <br />Percent of Families <br />Below Poverty Level <br />Percent of Adults (over 25) <br />with High School Diploma <br />Unemployment Rate <br />Twin Cities <br />Twin Cities <br />Minnesota <br />U.S. <br />Rank <br />Average <br />Average <br />Average <br />6th <br />E24,800 <br />$21,217 <br />$19,908 <br />24th <br />4.4% <br />7.0% <br />9.6% <br />4th <br />80.1% <br />72.4% <br />66.3% <br />22nd <br />4.5% <br />5.7% <br />6.8% <br />Sources: U.S. Bureau of the Census, Employment and Earnings. <br />ECONOMIC GROWTH <br />Quality of life improvements come in the form of better paying jobs, higher <br />productivity, better public services, better use of existing resources, etc. <br />However, measuring these factors is not always possible. The most straight- <br />forward way to measure improvements is to examine economic growth. Growth in <br />jobs, income, and tax base are all important to the overall economic health of <br />an area. <br />3 <br />