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1 _ Office of the County Assessor Stephen L Baker, SAMA, CAE County Assessor 90 West Plato Boulevard Suite 400 St. Paul, MN 55107 Wmk ,*M Vwb FN Oa Q�kofufe MEMO: Date: November 10, 2014 From Stephen Baker, Ramsey County Assessor To: City of St Anthony Mayor and City Council RE: Assessors 2014 Mid -Year Market Review Tel: 651-266-2150 Fax: 651-266-2001 AskCountyAssessor@co.ramsey.mn.us Economic Trends • Economic changes in the Twin Cities have been positive. The Twin Cites economy has been quite strong, employment has improved, and manufacturing has improved, the real estate markets continue to recover. We are still home to 17 Fortune 500 Companies, ranking 5th in the country. • The Bureau Labor Statistics July employment report listed the Twin Cites as having the lowest unemployment rate (4.0%) in the country for MSA's over 1 million population. • Our metro population continues to increase, with 2013 population for the MSA estimated at 3,459,146, making us the 16th largest metro areas in the county, at the same time we are becoming older and more diverse. The US census estimates that total population for Ramsey County has also increased, and as of July 1, 2013 Ramsey County population is estimated at 526,714. (US Census) • The Twin Cities continues to be a leader in percentage of residents with a high school diploma (#1) and with residents with a college degree (#4). (MN DEED) • Minnesota's real GDP increased 2.8 percent in 2013, significantly outpacing the 1.9 percent national increase. Private sector GDP growth in Minnesota was even stronger last year, climbing 3.1 percent compared to the U.S. private sector GDP gain of 2.3 percent. Minnesota's real GDP expansion last year ranked 13th highest among the states. (MN DEED) Real Estate Markets and Assessment Trends ➢ Our real estate markets are much improved and getting better still! ➢ 2014 assessed value was up 7.3% Excellence • Respect • Diversity