Minnesota has the tools to lead the nation in economic growth with our tremendous workforce and innovation strengths, according to the Minnesota Business Benchmarks. Yet the state lags in many key economic indicators, partly due to self-imposed headwinds.
That’s the chief takeaway of the third annual report produced by the Minnesota Chamber and our local Chamber Federation partners.
"Minnesota’s economy has long been fueled by innovation, a highly educated workforce and forward-thinking leadership,” Chamber President Doug Loon says. “Extending this legacy requires preventive maintenance borne from awareness and informed conversation."
Among the key findings:
  • Minnesota continues to shine in innovation. This success should be used as a springboard to close the gap with other states on entrepreneurship and start-up activity. 
  • Our tremendous workforce continues to be one of Minnesota’s greatest assets. Working to close the achievement gap and keeping an open door to incoming talent will continue to fuel economic growth. 
  • Minnesota’s tax environment threatens our other competitive advantages. Working to lower rates and simplify the tax structure will make other elements of our business climate even more inviting to grow jobs and our economy for the long term. 
  • Minnesota’s affordable cost of living helps recruit and retain talent. Reining in other everyday business costs will help employers maintain a healthy bottom line and compete into the future. 
"By aggregating objective data sizing up Minnesota against other states, we can build on our many strengths and mitigate notable threats," Loon says. "The report sets a course for adopting policies that will propel the state’s economy forward and sustain our cherished quality of life. If we lead from ahead, we will remain there."