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BBER Highlights Economic Connections with Canada
UMD's BBER study highlights ways Arrowhead Region relies on Canadian relationship.
The Bureau of Business and Economic Research, an entity of UMD’s Labovitz School of Business and Economics, completed a detailed economic analysis of the relationship between Canada and the Arrowhead Region of Minnesota. Commissioned by the Consulate General of Canada in Minneapolis, the report highlights several significant ways that the Arrowhead Region relies on the Canadian relationship. The areas of interest are Exports, Canadian Foreign Direct Investment (FDI), Travel/Tourism and Mining/the Seaway Port’s influence.
- In total, exports to Canada contributed more than $486 million in new spending to the Arrowhead Region. This increased gross regional product (GRP, value added) by $241 million and added more than $95 million of employee wages and benefits through direct, indirect, and induced effects.
- Foreign Direct Investment (FDI) contributed over 6,700 jobs through direct, indirect, and induced effects.
- Tourism, at $19 million annually between 2012 and 2014, drove the service export industry to Canada.
Mining/Seaway Port Influence
- Roughly a third of all iron ore exports from the Arrowhead Region were to Canada as of 2015.
- More than 20% of all vessels in the Duluth-Superior port were Canadian in 2015.
The full report, along with data references, can be accessed on the Bureau of Business and Economic Research’s website – lsbe.d.umn.edu/centers-outreach/centers/bber
The Bureau of Business and Economic Research, an unbiased research center in existence for over 50 years, collects, analyzes, and disseminates information regarding the economies of various local, state, and federal constituencies. Its website is lsbe.d.umn.edu/centers-outreach/centers/bber.
LSBE is accredited by the AACSB International (Association to Advance Collegiate Schools of Business). Less than 5% of business schools worldwide have earned this prestigious distinction. In Northeastern Minnesota, LSBE is the only school to have attained AACSB accreditation. Its website is lsbe.d.umn.edu.