From the Governor
“Our state is strong because our investments pay off, whether it’s funding our children’s education, our communities’ services or our state’s infrastructure.” —Gov. Tim Walz
Renewed Rural Growth
Officials in the North Star State have been striving to expand some of the state’s development into rural areas. HVAC manufacturer Daikin announced in August an expansion of its operations in Faribault, and Digi-Key recently broke ground on a $300 million expansion in Thief River Falls where it now employs 3,000 people.
Greater MN Job Expansion Program: Offers up to $2 million annually (up to $10 million over a seven-year certification period) in sales tax rebates for qualifying businesses that increase employment.
Data Center Tax Incentives: Offers equipment sales tax exemptions for 20 years for companies that invest at least $30 million in data or network operations centers.
R&D Tax Credit: Offers a tax credit of up to 10% of qualifying expenses up to $2 million, and an additional 2.5% for expenses for companies that engage in certain R&D activities.
Angel Tax Credit: Offers a 25% credit to investors or funds that put money into startups focused on high technology or proprietary products, processes or services in specialized fields.
Minnesota Department of Employment and Economic Development: mn.gov/deed
Minnesota Economic Development Foundation: mnedf.org
Minneapolis St. Paul Regional Economic Development Partnership: greatermsp.org
University of Minnesota Duluth Center for Economic Development: umdced.com
Highlighted Program or Initiative
The PIPELINE (Private Investment, Public Education, Labor and Industry Experience) Program helps employers create or enhance a competency based dual-training approach where workers receive instruction and on-the-job training. The Minnesota Office of Higher Education offers grants in the high-growth industries of advanced manufacturing, agriculture, healthcare services and information technology.
- Stars Hallow announced in February 2018 a $12.3 million aquaponics facility in Cambridge that will create 156 jobs.
- Protolabs announced in April 2018 a $30 million expansion in Brooklyn Park that will add 139 jobs.
- Digi-Key broke ground in July 2018 on a $300 million, 2.2 million-square-foot expansion in Thief River Falls.
- HVAC manufacturer Daikin announced in August 2018 it will invest $40 million in an expansion of its operations in Faribault and will create 132 jobs.
19 Fortune 500 companies are headquartered in the state, including:
United Health Group
C.H. Robinson Worldwide
“We are excited about the growth we’ve experienced in machining…. Opening an additional facility in Brooklyn Park, along with investing in more machining and injection molding equipment around the world, demonstrates our ability to evolve and increase the services we provide to our customers as we capture share in this dynamic market.” —Rob Bodor, Vice President and General Manager, Protolabs
“Our original commitment was to generate 100 new jobs in Thief River Falls per year over 10 years, above and beyond our 2017 base of 3,200, which was conservative, so we are exceeding our projected employment already.” —Rick Trontvet, Vice President of Administration, Digi-Key