#34 Minnesota


#37 in Taxation and Regulation

#18 in Workforce Quality

#32 in Living Environment

Right to Work?

Regional Profile – Midwest

STATE
OVERALL REGIONAL RANK
TAXATION & REGULATION REGIONAL RANK
WORKFORCE QUALITY REGIONAL RANK
LIVING ENVIRONMENT REGIONAL RANK
Illinois
12
12
12
12
Indiana
1
3
2
2
Iowa
4
5
3
4
Kansas
7
6
9
8
Michigan
11
10
10
10
Minnesota
10
11
6
7
Missouri
9
8
11
6
Nebraska
8
4
1
1
North Dakota
6
2
8
11
Ohio
2
7
4
5
South Dakota
5
1
7
9
Wisconsin
3
9
5
3

Key Industries

Exporting; High-Tech; Tourism

Key Companies

3M

Ameriprise

Best Buy

Cloud Peak Energy

Great Lakes Aviation

Hormel

Land O’ Lakes

Mosaic

St. Jude

Super Valu

Target

Advantages

Although the results were not necessarily favorable, Minnesota’s Chamber of Commerce conducted a benchmarking survey to take the pulse of issues affecting the economy and business. It now knows what areas need work and that is a great first step.

Challenges

While the state is projecting a budget surplus, corporate and individual tax revenues have already started to slow down, and the government should monitor their spending cautiously to ensure a recession in the state is not forthcoming.

International sales and exports are down 7% from 2015.

Minnesota’s ‘bathroom bill’ is getting flack from locals and constituents.

Key Contacts

Dept. of Trade & Economic Development

Rebecca Yanisch, Commissioner
800-657-3858
1st National Bank Building
332 Minnesota Street, Suite E-200,
St Paul, MN 55101-1351

Economic.Development@state.mn.us
http://www.budget.state.mn.us/profiles/b22.shtml

CEO Comments

“Other than the taxes and weather, Minnesota is a nice place.”

“I own an S corp business in Minnesota and progressive policies are keeping me from investing more in my Minnesota operations.”

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No 29: Minnesota

No. 29

Minnesota

Taxation and Regulations
Workforce Quality
Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
Taxation and Regulations
  • State Corporate Income Tax Rate: 9.80%
  • Highest Personal Income Tax Rate: 7.85%
Workforce Quality
  • % with High School diploma or more: 91.6
  • % with Bachelor’s degree or more: 31.5
  • % with Advanced degree or more: 10.0
  • Patents per 100K: 68.3
  • % of Employed Represented by Unions: 16.1
Quality of Life
  • Hopsitals per 10K: 0.255
  • Elementary/Secondary Schools per 1000 people: 0.497
  • Violent Crimes per 100K: 306.17
Key Companies
  • Target
  • Supervalu
  • CHS
  • 3M
  • Medtronic
  • General Mills
Other Highlights
  • Minnesota rose to #29 from #31 in 2010 — the state took #32 in 2009
  • Minnesota ranks 43rd in state debt per capita with $1790

Sources:
TaxFoundation.org
Statemaster.com
Bureau of Labor Statistics
U.S. Census Bureau
U.S. Patent and Trademark Office
The National Center for Public Policy and Higher Education