Locate and Expand in Minnesota
With the top health tech cluster in the world, a dynamic and growing manufacturing sector, one of the most educated and active labor forces in the country, and the fourth most Fortune 500 companies per capita in the country, conditions are ripe for your business to find its place in the Star of the North.
STATE OF BUSINESS EXPANSION IN MINNESOTA
968 – new projects
48,018 – new jobs (non-construction)
2,058 – retained jobs
$21.9 billion – new investment
42.9 million – new square feet
Over 60% – percentage of industry expansion in manufacturing, headquarters, and research and development
Source: MN DEED (2018-2023)
MINNESOTA BUSINESS EXPANSION STORY:
POLAR SEMICONDUCTOR
Bloomington-based Polar Semiconductor, a semiconductor manufacturer providing high-voltage semiconductors, recently announced a $525 million investment to expand its manufacturing operations in Minnesota. As part of that investment, the company received a one-time $75 million investment from the State of Minnesota and $120 million from the U.S. Chips and Science Act.
Hear from the company’s leadership team and employees about why the company is choosing to expand in Minnesota.
JOIN NOTABLE BUSINESSES IN MINNESOTA
“In my career, I have had the opportunity to travel the world, meet with customers where they're at in probably 50 countries, and there is no place in the world I would rather do business than Minnesota.”
— Kristen Knox, CEO, Microbiologics
Microbiologics in St. Cloud / Paul Vincent
WHY MINNESOTA FOR BUSINESS
In 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, and renowned research institutions fostering innovation.
Combine that with the best mix of talent, infrastructure, and technology — critical variables for business productivity and success — and you’ll find a state that ranks among the top five in the country for long-term competitiveness.
In other words, find limitless opportunity in the Star of the North.
MINNESOTA'S LOCATION & EXPANSION EXPERTS
The Minnesota Department of Employment and Economic Development (MN DEED)’s Business Development team offers the expertise, resources, and connections to help turn business location and expansion plans into reality. Whether your plans involve expanding an existing business, relocating from another state, or consolidating or establishing a new operation in Minnesota, MN DEED can help make it happen.
The MN DEED Business Development team assists companies at any point in the location decision-making process by orchestrating solutions, aligning resources, and matching them with the best tools the state has to offer, including:
- Assisting with site identification
- Helping address site due diligence needs
- Facilitating navigation of the permitting process
- Providing financial assistance
NAVIGATE PERMITTING IN MINNESOTA
The State of Minnesota offers an interagency team with permitting and regulatory expertise to assist complex business location and expansion projects called Minnesota Business First Stop.
This team, which consists of representatives from numerous state agencies (e.g., Departments of Commerce, Transportation, Labor and Industry, and Agriculture), works with business leaders and their site selection, permitting, and environmental consultants to answer and direct companies through the licensing, regulatory and permitting process.
Companies looking for permitting support should contact the team at [email protected], who will arrange a meeting or assist you however possible, including connecting you with the right people and the best resources to support your efforts. If preferred, call the MBFS team at 1-855-893-2099 or submit this Electronic Inquiry Form.
TAX CREDITS, INCENTIVES & FINANCING
Minnesota is highly competitive in offering business-friendly incentives, grants and loan programs to support private industry, from workforce training to new equipment purchases. Two examples of incentives available via the state include the Minnesota Job Creation Fund, which provides grants of up to $1 to $2 million to help businesses grow and create jobs, and the Minnesota 21st Century Fund, which makes loans or equity investments in innovative mineral, steel, or other industry processing, production, manufacturing, or technology projects located in the taconite relief tax area.
The State’s dedicated Business Development team at the MN DEED can assist with identifying the right opportunity for you at a state level, as well as connecting business leaders with relevant city- and county-level tax credits and incentives.
RECRUIT, TRAIN & DEVELOP YOUR WORKFORCE
Minnesota offers a variety of workforce training and development resources for expanding businesses.
For example, the Minnesota Jobs Skills Partnership (MJSP) provides grants to businesses looking to offer training for new and existing employees. Through the partnership, companies work with accredited Minnesota educational institutions to develop and implement the training programs. Since 2019, the MJSP has awarded over $32.2 million to train more than 34,000 workers.
Additionally, MN DEED’s Workforce Strategy Consultants, who design tools and resources to support businesses with workforce solutions, are your partners for training and development needs. Contact the team here.