CEO Guide to Site Selection

#41

Minnesota

CEO Rank on Best & Worst States for Business

MOVING UP IN THE NORTH STAR STATE

Gov. Walz announced in September 2021 the Governor’s Council on Economic Expansion, which brings together 15 public and private leaders from across the state to provide recommendations on expanding the economy. Meanwhile, developers are attracting notable ground- breakings and expansions to Minnesota. Silk Road, Amazon and the Mayo Clinic have announced projects in the past year.

“As we continue to navigate the Covid-19 pandemic and look toward the future, we must take bold action to build back Minnesota’s economy stronger than before, with people—our strongest asset—at the center of the blueprint. The Council on Economic Expansion brings together the brightest minds in Minnesota to create a strong economic future that includes every Minnesotan.”
Tim Walz
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Minnesota Investment Fund: Offers up to $1 million to help add new workers and retain high-quality jobs, with a focus on industrial, manufacturing and technolo- gy-related industries.

Minnesota Job Creation Fund: Provides up to $1 million in financial incentives to new and expanding businesses that meet certain job creation and capital investment requirements.

Job Training Incentive Program: Offers grants of up to $200,000 to new or expanding businesses with the purpose of training workers quickly and efficiently.

Launch Minnesota: A series of grants and initiatives designed to accelerate the growth of high-technology startups and foster a statewide network of education, resources and support for innovators.

EDCs

Minnesota Department of Employment and Economic Development

mn.gov/deed

Minneapolis St. Paul Regional Economic Development Partnership

greatermsp.org

Rochester Area Economic Development, Inc.

raedi.com

Duluth Economic Development Authority

dulutheda.org

HIGHLIGHTED PROGRAM OR INITIATIVE

Greater MSP announced in September 2021 ConnextMSP, a talent network designed to advance racial equality and power economic growth in the region by ensuring young adults of color start their careers on a good foot. It features a growing coalition of more than 40 partners and organizations to help recruit, hire and support professionals of color in the MSP region.

BIG DEALS

  • Doosan Bobcat opened a $26 million expansion and 160 new jobs in Litchfield.
  • Soona announced in May 2021 an expansion and 60 new employees in the Twin Cities.
  • Silk Road announced in June 2021 the opening of an office in Plymouth.
  • First Independence Bank, one of only 18 Black-owned full-service banks in the country, filed an application in August 2021 to open a branch in the Twin Cities.
  • The Mayo Clinic announced in August 2021 a $200 million expansion of its proton cancer therapy center in Rochester.
  • Minneapolis-headquartered firm When I Work landed a $200 million investment from Bain Capital Tech Opportunities in November 2021.
  • Amazon announced in October 2021 plans to build a new warehouse facility and create up to 1,000 jobs in Woodbury. It will be its fourth facility in the Twin Cities.

BIG COMPANIES

18 Fortune 500 companies are headquartered in the state, including:

  • UnitedHealth Group 
  • Target
  • Best Buy 
  • 3M
  • CHS
  • U.S. Bancorp 
  • General Mills
  • C.H. Robinson 
  • EcoLab
  • Land O’Lakes