What is the gross domestic product (GDP) in Lake of the Woods County, MN?
Refreshed annually
About $186.2 million in 2024. Gross domestic product (GDP) measures the value of goods and services a country, state, or county produces — it's the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of an economy. The $186.2 million is the "real GDP," which is adjusted to account for inflation to make it easier to compare the size of an economy over time.
$186M
Real GDP (2024)
+6.1%
Change in real GDP (2023 to 2024)
Changes in spending and investment cause the GDP to fluctuate.
As of 2024, real GDP was $186.2M in Lake of the Woods County. This was 6.1% higher than in 2023.
Real GDP increased from 2023 to reach $186.2 million in 2024.
Real GDP in Lake of the Woods County, MN, adjusted for inflation (chained 2017 dollars)
Which industry contributes the most to Lake of the Woods County's GDP?
The GDP can also be broken down and compared across industries — useful, as different industries experience different economic pressures.
The arts, recreation, accommodation, and food industry contributed the most to the GDP of Lake of the Woods County in 2024, generating a value of $34.7 million. It was followed by real estate and rental and leasing ($30.3 million) and government and government enterprises ($21.8 million).
The professional and business services industry grew the most, with a 2024 GDP that was 1.9 times the 2014 GDP.
In 2024, the arts, recreation, accommodation, and food industry contributed the most to GDP in Lake of the Woods County, MN.
Real gross domestic product by industry in Lake of the Woods County, MN, chained 2017 dollars
What is Lake of the Woods County's GDP per person?
Another way to understand a population's standard of living is by taking the GDP and dividing it by the total number of people in the population. This figure offers insight into the average economic output per individual. When the GDP per person goes up, it suggests that individuals are becoming wealthier and/or resources are being used more efficiently. This helps economists understand whether economic growth is outpacing population growth.
In 2024, GDP per person was $49,247, up 6.4% from 2023.
In 2024, real GDP was equivalent to $49,200 per person.
Real gross domestic product per person in Lake of the Woods County, MN, chained 2017 dollars
GDP and the economic experience vary by location due to factors like cost of living, population density, workforce education, and the leading industries in the area.
In 2024, Lake of the Woods County's real (that is, inflation-adjusted) GDP per person was 37th highest out of Minnesota's 87 counties. Counties with a similar standard of living include McLeod County (36th) and Big Stone County (38th).
In 2024, Lake of the Woods County, MN was ranked 37 in Minnesota for GDP per person.
Real gross domestic product per person in Minnesota by county
Keep exploring
Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
