Tuesday, February 7, 2023

7. Minnesota

Inclusiveness is supposed to be this state's North Star. But the state is at the heart of a national reckoning on race.

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Minnesota Score and Ranking

Category 2021 Score 2021 Rank 2019 Rank 2021 Grade
Cost of Doing Business 140 42 39 D
Infrastructure 222 12 9 B
Life & Health 272 4 A-
Workforce 172 29 13 C-
Economy 147 18 23 B
Business Friendliness 99 28 28 C
Access to Capital 124 14 17 B
Technology & Innovation 132 4 7 A
Education 107 5 3 A-
Cost of Living 32 30 31 C-

Economic Profile

Governor: Tim Walz, Democrat

Population: 5,657,342

GDP growth (Q1 2021): 7.5%

Unemployment rate (May 2021): 4%

Top corporate tax rate: 9.8%

Top individual income tax rate: 9.85%

Gasoline tax: 30.60 cents/gallon

Bond rating (Moody's/S&P): Aa1, stable/AAA, negative

Major private employers: Mayo Clinic, UnitedHealth Group

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

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