DEED Developments header

Why Minnesota: Twin Cities

Posted on September 03, 2013 at 2:44 PM
Tags: Twin Cities

The Twin Cities is an economic powerhouse, generating 64,400 new jobs in the past year and boasting the second-lowest unemployment rate among major U.S. metropolitan areas at 4.9 percent.

Eighteen of the state’s 19 Fortune 500 companies are located in the Twin Cities, including Medtronic, 3M, General Mills, Target and UnitedHealth Group. Agricultural commodities giant Cargill Inc., the largest privately held company in the country, is also headquartered here.

What’s the secret of the metro region’s success? A diverse economy is a major part of the formula, with high-tech manufacturing, financial services and banking, insurance, retail, and publishing and printing among the major employers in the region.

The medical device industry alone employs nearly 28,000 people in the Twin Cities – second in the country behind Los Angeles. Employment in the sector is 556 percent higher than the national average.

The Twin Cities’ vaunted workforce is another part of the formula that keeps great companies here and attracts new ones. The metro has one of the most educated workforces in the country, ranking fifth among major metros with nearly 38 percent of the population having at least a bachelor’s degree. Ninety-three percent of the population has a high school degree – tops in the United States.

A strong work ethic and innovation are among other hallmarks of the region’s workforce. The Twin Cities ranks eighth in the country for new utility patents, and many of the world’s best-known products were developed here, including Post-It Notes, Scotch Tape, Wheaties, Cheerios and the pacemaker.

Go here to learn more about the Twin Cities and why it’s a great place to move, expand or launch a business.

Archives


Tags



view as list