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Minnesota’s economic landscape is as diverse as its workforce. This has created a foundation for businesses to start, grow, expand, and prosper. Home to 17 Fortune 500s — the fourth largest volume per capita of any state — and the country’s largest privately held company, Minnesota recently ranked as the #6 best state for business (CNBC). Companies across the country agree:
- In March 2024, Meta announced a commitment to open a new $800 million data center in Rosemount, Minnesota, which is expected to add approximately 100 new jobs to the region, plus support at least 1,000 skilled trade jobs at peak construction.
- Two months later, Polar Semiconductor, based in Bloomington, Minnesota, announced a $525 million investment in expanding its semiconductor manufacturing operations in the state, supported by the receipt of a $75 million investment from the State of Minnesota and a $120 million investment as part of the U.S. CHIPS and Science Act.
The reason why these leaders choose to locate and expand in Minnesota? It’s about more than the state’s incredible 10,000 lakes and quality of life.
Minnesota has a legacy of investing in its assets — in top-ranked education systems and state-supported skills training; in infrastructure that connects businesses to customers and suppliers across the nation and around the world; in an innovation ecosystem that has produced some of the highest volumes of patents per capita of any state in the country; and in unmatched quality of life benefits that provide opportunity for all.
In a recent conversation, Polar Semiconductor’s President and COO Surya Iyer detailed what sets Minnesota apart, “If you have a state that has a good education system, which has a pipeline that can supply engineers and technicians to you, and you have resources good infrastructure and an economy that’s booming…a place which is growing tremendously fast, attracting young people, attracting the future leaders of the country – that’s where you want to be.”
An engaged and talented workforce: 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 and training that have produced strong talent for a diverse economy. The state ranks among the top in high school graduation rates and total labor force participation at 68.3% (2023).
The State of Minnesota recently committed $20 million to increase the workforce in high-demand fields. Companies are seeing the impact of these funds through training incentives and grant programs that enable employers to partner with local educational institutions to create customized training curricula for their workers.
Robust and reliable infrastructure: The state’s north-central location and first-rate infrastructure seamlessly connect businesses with customers and suppliers worldwide. Minnesota features:
- Four Class 1 railroads
- Three interstate highways
- The country’s top-rated airport
- Seven commercial ports
- Reliable water and energy resources
- A growing broadband network – in 2023, the State of Minnesota committed $100 million in funding, plus a $650 million federal commitment, to expand broadband access for an estimated nearly 9,000 houses and businesses across the state.
Thriving and supported innovation ecosystem: Whether it’s conducting the first open-heart surgery, shaping global agriculture practices, or inventing devices and products that have revolutionized the world, Minnesotans, for generations, have been innovating. Today, that commitment is seen through heavy investments in research and development, one of the highest patent creation volumes in the country, and numerous public and private collaborative partnerships.
An unmatched quality of life: Minnesota is consistently ranked one of the happiest, healthiest, and most prosperous states in the U.S. The state has a top-notch healthcare system, stunning natural landscapes, and a vibrant arts and culture scene. 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 boasts a tremendous array of talent, across a diverse set of industries and businesses,” said Matt Varilek, Minnesota Department of Employment and Economic Development (DEED) Commissioner. “No matter the industry or location, there is opportunity for businesses to thrive here.”
Whether a company is investing in the state for the first time, or a long-standing business is looking to expand its production, more companies are seeing transformational results and discovering why Minnesota is truly the Star of the North.
Discover more at ExploreMinnesota.com/Business.
