DOING BUSINESS IN MINNESOTA

Minnesota Employment and Economic Development
651-303-0670
catalina.valencia@state.mn.us
www.mn.gov/deed

MinnesotaMinnesota has a great combination of regional assets and industry strengths that enables businesses to succeed. Startups to Fortune 500 companies find a dynamic innovation ecosystem, world-class infrastructure, a global talent market, an amazing quality of life, and a commitment to inclusive growth.

— Catalina Valencia, Executive Director of Business Development, Minnesota DEED
Doing Business in Minnesota
The Minneapolis-St. Paul area is among the top financial centers in North America. (Photo: Adobe Stock / f11photo)

  FAST FACTS

Population (July 2022 est.): 5,717,184¹
Largest Cities (2020): Minneapolis (429,014); St. Paul (310,942); Rochester (121,396); Bloomington (89,854); Duluth (86,601)¹
Real GDP (2022): $350.3 billion²

¹ U.S. Census Bureau;
² Bureau of Economic Analysis, U.S. Dept. of Commerce

  TARGETED GROWTH SECTORS

Advanced Manufacturing: Advanced Manufacturing is the backbone of Minnesota’s economy with 8,300 companies, 309,000 highly skilled workers, and $50 billion per year in revenue.


Life Sciences: Minnesota is a hotbed of innovation for life sciences, home to the world’s top health tech cluster, nicknamed “Medical Alley.”


Clean Technologies: Minnesota has a robust ecosystem of established companies, vibrant startups, leading research centers, government support, and cross-sector partnerships.

  TOP PROJECTS

COMPANY
LOCATION
INVESTMENT
Polar Semiconductor LLC
Bloomington
$372 million
Niagara Bottling
Elko New Market
$258 million
Cambria
Le Sueur
$130 million
Bongards Creameries
Perham
$125 million
Spectro Alloys
Rosemount
$77 million

  WORKFORCE PROGRAMS

Minnesota Jobs Skills Partnership (MJSP) and Job Training Incentive Program (JTIP): The MJSP and JTIP programs offset training-related expenses for businesses, nonprofits, and educational institutions to meet workforce needs.

Jobs Creation Fund (JCF) and Minnesota Investment Fund (MIF): The JCF and MIF help companies create and retain high-quality jobs. Companies qualify when they meet wage and job creation goals.

  TOP BUSINESS FACILITIES RANKINGS

#2 Medtech/Medical Devices
2023 State Rankings
Top 5 Agribusiness
2023 State Rankings
Top 10 Manufacturing Jobs (% of workforce)
2023 State Rankings
Top 10 Semiconductors
2023 State Rankings
Top 10 Windpower (Installed MW)
2023 State Rankings
Top 10 Corporate Headquarters: Minneapolis/St. Paul/Bloomington
2023 Metro Rankings
Top 10 Fintech Leaders: Minneapolis/St. Paul
2023 Metro Rankings
Top 10 Tech Talent Leaders (Labor Pool 50K-125K): Minneapolis-St. Paul
2023 Metro Rankings
Top 10 Financial Centers (North America): Minneapolis/St. Paul
2023 Global Rankings

From the July / August 2023 issue of Business Facilities

LATEST NEWS

Polar Semiconductor Minnesota

Polar Semiconductor To Invest $525M In Minnesota Expansion

Polar Semiconductor will expand its Bloomington, MN manufacturing facility, with $120M in support from the U.S. CHIPS and Science Act, $75M from the Minnesota Forward Fund.
aluminum

Aluminum Recycler Expanding Operations In Minnesota

Spectro Alloys has broken ground on a $71 million expansion for its aluminum recycling operation in Rosemount, MN.