This month, Governing Magazine (one of the most credible sources of nonpartisan news and policy analysis covering state and local governments) reported the results of a new survey conducted by Thumbtack.com and the Ewing Marion Kauffman Foundation ranking the Most (and Least) Small Business-Friendly States in the country.
According to the survey, Minnesota ranked 11th in the nation for overall business friendliness, confirming our state remains one of the best places in the United States to start, own, and expand a small business.
According to Governing Magazine:
“When it comes to how business-friendly an area is, smaller companies care about much more than just taxes...Training and networking programs were found to be the best predictor of overall scores, followed by a state’s economy and licensing requirements.
“In fact, the majority of businesses surveyed didn’t think their taxes were unfairly high. The larger the business, though, the more negatively it perceived its taxes.
“When a small business owner decides where to set up shop, they’re most likely to choose where they already reside. For this reason, taxes typically aren’t their chief concern initially, said Katie McConnell, a senior associate with the National League of Cities’ Center for Research and Innovation.”
Neighboring Wisconsin ranked 17th for overall business friendliness, and Iowa ranked 21st. In addition to being ranked the 11th best state to own a small business, Minnesota received an A- grade for overall business friendliness, which was a marked improvement from the B grade Minnesota received in 2012.
You can read more about the survey, and how Minnesota’s small business environment compares to other states, on the Governing.com website.
Minnesotans need a strong economy we can depend on for good jobs, living wages, and a strong middle class. That is why Governor Dayton’s budget invests in measures to create jobs, strengthen our infrastructure, and make Minnesota a more competitive place to do business. These investments will yield new jobs, vibrant communities, and additional state and local tax revenues that will far exceed these initial investments.
Investing an Additional $86.5 million in Economic Development
Creating thousands of jobs by leveraging $1.475 billion in private investment.