Investing In Minnesota

Minnesota is the home of 29 Fortune 1000 companies, that’s more per capita than any other state.  These industry leading Invest in Minnesotacompanies form a foundation that allows new and small business to thrive through the network of supporting infrastructure used by large and small companies alike combined with a collaborative community. Fortune 100 companies include General Mills, United Health Group, Target Corporation, 3M and Medtronic. Even more impressive is the States metro area labor pool of 1.8 million highly qualified workers that  staff these industry leaders, the highest labor participation rate among the 30 largest metros.  Minnesota offers more than 33 colleges and universities and hundreds of programs for residents looking to attain a degree. In fact, almost 40% of our impressive residents have attained a bachelor’s degree or higher and 93% of them has a high school degree. Its residents like these that drive the success we experience everyday in Minnesota. Minnesota is the nation’s leader in retail, Target, Best Buy, SuperValu, Schwan Food, Holiday Companies. Minnesota pioneered fully enclosed malls starting back in 1956 with Southdale Shopping Center, Edina MN, 1992 Mall of America the first in the industry to mix retail and entertainment, mall of America has become the model for combining signature retail and attractions to create an outstanding entertainment venue and is now one of the most visited destinations in the United States.

 #1 – Labor Force Participation Rate (US Census ) Minneapolis boasts the highest labor force participation rate with over 72.6% among the 30 largest U.S. metropolitan areas.

#3 – Most Literate Cities (Central Connecticut State University, 2011) Minneapolis ranked behind only Washington, DC and Seattle, according to this annual study based on data that includes number of bookstores, library resources, newspaper circulation and Internet resources.

#5 – Creative Density (Richard Florida/The Atlantic, 2010) Creative-class guru Richard Florida ranked the density of artistic and cultural creatives in leading cities. Greater MSP ranked behind Los Angeles, New York, Washington, DC and San Francisco.

#5 – Highest concentration of young, well-educated workers (American Fact Finder) With 8% of the metropolitan population age 25 to 34 years old and nearly 50% completing at least an associates degree, Minnesota has become a hotspot for young employees.

#8 – America’s Top Brainpower Cities (The Daily Beast, 2010) For the second year, MSP ranked eighth in a comparison of our 55 largest cities. The labor force in the Greater MSP region is advantageous in two ways. It has grown by nearly 2.0% over the last five years, which is almost twice the national average.  In addition to the labor force growth that’s taken place over the past five years, the labor force is expected to keep on growing by 5.6% until 2030, which will keep the region’s businesses fully staffed and performing at their top level.

Demographics

Vibrant, International Region

The population of the Greater MSP region (the 13-county Minneapolis-Saint Paul MSA) is over 3.2 million and is projected to reach over 5.2 million by 2030. With the highest concentration of corporate headquarters in a major metro area and research institutions, the Twin Cities area has a cosmopolitan spirit, vibrant international community, and broad range of cultural institutions. From 2000 to 2009 over 106,000 people moved to the Greater MSP region from around the world.

A Diverse Workforce

People from all backgrounds and walks of life are hard at work in Minnesota. The labor force participation rate for women in Minnesota is 67.6 percent, compared to the national rate of 59.3 percent. People between the ages of 45 and 54 have the highest labor force participation rate (89.5 percent) of all age groups in the state. The national rate for the same age group is 82 percent. Minnesota’s labor force participation rate for African-Americans is 73.7 percent, compared with the national rate of 63.7 for this group nationwide. The state’s labor force participation rate for Hispanic (or Latino) workers is 83.8 percent, the highest of any ethnic group in the state and well exceeding the national rate of 68.8 percent.

16th Largest Metro in US

Important Facts

  • 55.7% of the total population is in the prime working ages of 25-64 – higher than the national average of 52.9%.
  • The median age in the Greater MSP area is 36, compared to 36.9 in the Midwest and 36.5 in the US.
  • Sex: 49.6% Male, 50.4% Female
  • Race: 83.7% White, 6.4% Black, 5.3% Asian, 4.6% Other
  • Per capita income in 2009: $31,848, well above the US average of $26,409.
  • The Greater MSP region educational attainment (population 25 and older) far exceeds national and regional averages.

Source: US Census Bureau, 2009 American Survey 1-Year estimates.  midwest average includes IA, IL, IN, KA, MI, MN, MO, ND, NE, OH, SD, WI.