The Star of the North for Business
Minnesota businesses have a legacy of building things that last while changing the global economy for the better. The state boasts an extraordinary concentration of Fortune 500 companies, a fast-growing startup ecosystem that pulls in venture capital from investors worldwide, and renowned research institutions that foster innovation.
Built on an economic landscape characterized by diversity, ingenuity, collaboration, and perseverance, find limitless opportunity in the Star of the North.
MINNESOTA, BY THE NUMBERS
Land Area: 79,610 square miles/206,232 square kilometers
Major River Systems: 3 (Mississippi, Minnesota, and Red River of the North)
Time Zone: CDT/UTC-5
Gross Domestic Product (GDP): $471.8 billion (2023)
Population: 5.74 million (2022)
Largest City by Population: Minneapolis, MN – 425,104 residents (2022)
Labor Force Participation: 3.1 million (68.3%) (2023)
Colleges and Universities: nearly 200
Students in Postsecondary Education: 378,183 (2022)
Sources: Minnesota Secretary of State, BEA Interactive Data Application, U.S. Census, U.S. Bureau of Labor Statistics, MN Office of Higher Education
Duluth Railroad / Visit Duluth
RELIABLE, TOP-RATED INFRASTRUCTURE
Whether you’re shipping goods on a barge down the Mississippi, running your business online, or serving customers in a brick-and-mortar, Minnesota has you covered. The state’s north-central location and first-rate infrastructure seamlessly connect businesses with customers and suppliers worldwide.
You’ll find it all in Minnesota: four Class 1 railroads, three interstate highways, the country’s top-rated airport, seven commercial ports, reliable water and energy resources, and a growing broadband network.
Rosenbauer's fabrication plant in Wyoming, Minnesota / Paul Vincent
WORLD-CLASS TALENT
Minnesota is home to one of the country’s most talented workforces. That’s no accident; it comes from years of investments by public and private sector leaders in education, such as the highly rated University of Minnesota, and training that have produced strong talent for a diverse economy.
Minnesota ranks among the top states in high school graduation rates and total labor force participation. You will also find state-supported training programs that enable employers to partner with local educational institutions to create customized training curricula for their workers.
Austria-based Rosenbauer has 14 factory locations, including one in Wyoming, Minnesota that's made it the world's largest producer of custom fire trucks. Hear from employees and leadership about how Rosenbauer is working with the State of Minnesota on workforce development and growing its talent pipeline.
Mayo Clinic Healthcare / Paul Vincent
INVENTING TOMORROW, TODAY
Ingenuity thrives in Minnesota. Whether conducting the first open-heart surgery, shaping global agriculture practices, or inventing devices and products that have revolutionized the world, Minnesotans have been innovating for generations. Today, that is seen in heavy investments in research and development, one of the highest patent creation volumes in the country, and numerous public and private partnerships.
Minnesota is home to some of the country's largest research and development (R&D) spenders.
According to the National Science Foundation, businesses pump approximately $8 billion into R&D projects annually, with much of that research done in conjunction with the University of Minnesota system, the State of Minnesota, and the Mayo Clinic—the top-rated hospital in the U.S.
Minnesota has among the highest patents per capita in the country.
Businesses in the state will find an ecosystem driven by invention and ingenuity. For patents per 1 million people, Minnesota ranks in the top 10 for numerous categories: #1 in medical devices, #2 in food products and water treatment, and #4 in electrotherapy, plastics, and water purification, among others (Source: US Patent and Trade Office).
St. Cloud / Paul Vincent
UNMATCHED QUALITY OF LIFE
Minnesota is consistently ranked one of the happiest, healthiest, and most prosperous states in the U.S. A top-notch healthcare system, stunning natural landscapes, and a vibrant arts and culture scene offer an unmatched quality of life no matter where you live in the state.
Plus, Minnesotans pride themselves on their values of inclusion, optimism, and civic engagement, with one of the nation’s highest rates of volunteerism and voter participation.
Minnesota is home to a diverse and innovative group of communities, leaders and businesses that are committed to leaving our state and world a better place than they found it.
From our quality of life to skilled workforce to cutting-edge technology and research — Minnesota is working to lead the way."
— Corie Barry, CEO, Best Buy
Minnesota State Capitol building
MINNESOTA TAXES AND INCENTIVES: THE FACTS
Did you know, Minnesota’s business taxes rank below the national average? The state’s business taxes as a percent of GDP were 4.6%, ranking 13th lowest nationwide (2021). The national rate was 4.9%.
Read the facts about common costs of doing business in Minnesota and incentives available through the State of Minnesota below.