St. Paul, Minn. – Today, Minnesota Management and Budget (MMB) released the November budget forecast, estimating a $7.7 billion positive budgetary balance. The dramatic change since the May forecast is due to strong growth in individual income, consumer spending, and corporate profits.
In response, Senator Kari Dziedzic (DFL-Minneapolis) released the following statement:
“The last 20 months have presented tremendous challenges and many uncertainties still remain surrounding the pandemic. But today’s budget forecast projection shows that Minnesota’s economy and many Minnesotans are rebounding from the recession and the pandemic.
Many are doing well in the K shaped recovery and with this forecast, we have a unique opportunity to help those that are struggling. As Senator Paul Wellstone said, ‘We all do better when we all do better.’
Although there are many critical inequities that need to be addressed by the budget surplus, one area I’d like to highlight is how Minnesota is experiencing an affordable housing crisis that is impacting local economies across the state. As DFL lead on the Senate Housing Committee, I will be advocating for housing investments. Stable, affordable housing improves health and education outcomes for students and families and, in turn, improves local economies.”
Additional information on the forecast can be found on MMB website. MMB will release the next forecast in February 2022.
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