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Minnesota is the 34th Best State for Business 2014

The number of farms in Minnesota, the land of 10,000 lakes, was down 8%, but the acreage per farm and the income per farm were up in 2012, according to the Census of Agriculture. Conversely, for the first four months of 2014, 31 business expansions resulted in 1,800 new jobs, according to the Department of Employment and Economic Development. Also, Minnesota is bidding for the 2018 Super Bowl, and local and regional businesses are footing the cost of the bid. Should the state claim the event, the regional economy stands to win tenfold.

Previous State: Washington Next State: West Virginia

No. 34 Minnesota

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 2.8
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): 1

Unemployment

  • Unemployment Rate Dec. 2013 %: 4.6
  • Comparison with Nat’l Rate (6.70%): -2.1

Domestic Migration

  • Domestic Net Migration 2013: -1,147
  • Rank: 24

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 2,712
  • State & Local Gov’t Employees per 10k Residents: 541.8

State-Local Tax Burden

  • Rate (%): 10.8%
  • Compared to Nat’l Avg. (9.9%): 0.93%
Key Companies
  • Target
  • Supervalu
  • CHS
  • 3M
  • Medtronic
  • General Mills
Development Trend Indicator: Negative
Toxic environment grows with big boosts in taxes and minimum wage.
CEO Comments
“MN’s escalating income and sales tax has me as an investor looking at surrounding states for residency and business expansion.” 

“The Minnesota legislature is very powerful and committed to increasing regulations, taxes and meddling in private business at both state and local levels.”


Based on CEO Survey by ChiefExecutive.net

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

About JP Donlon

JP Donlon is the Editor-in-Chief of Chief Executive magazine.