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Twin Cities market forecast: recurring gloom with lingering slow growth

The St. Paul Area Chamber of Commerce, with an assist from Wells Fargo, has just issued a new Regional Market Analysis.

It isn’t pretty.

The first line in the Economic Overview: “The Minneapolis-St. Paul economy continues to deteriorate.”

The Outlook report begins: “We expect the effects of the housing slump, weaker employment growth and financial crisis to contribute to slower economic growth for 2008 and 2009.”

Local Banker Observations, from Ed Kashmarek, a Wells Fargo economist, include: “Outside of the housing market, business is still pretty good in Minneapolis, St. Paul. The weak dollar is helping to support manufacturing of goods for export.”

Also, he expects home prices to continue declining into 2009.

Lots more in the report, including charts and graphs.

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