The business landscape is changing fast in northeastern Minnesota. New companies have chosen to relocate or expand in northeastern Minnesota over the past few years, tapping into a growing number of skilled workers. The costs for land and commercial real estate are significantly lower in the region, and the average electricity costs for industrial customers are six percent lower than the national average.
At the IRRRB, we’re here to help your business thrive. Along with our partners, we can offer abundant resources for grants, loans and venture capital. We also offer consulting, employee training, and infrastructure development resources. We ask business owners one simple question…how can we help?
* Historically dominant industries include mineral production, forest products, transportation and health care, but a growing base of companies involved in aviation, electronics, plastics, precision machining, technology, and back office operations are making their way to the region.
* Three commercial airports serve the Northland and UPS, FedEx, and other freight carriers provide daily air transportation of packages in and out of a number of regional airports.
* As for industrial parks, we’ve got the right land, buildings, and communities for your business startup, expansion, or relocation. We can help you find the perfect match!
* Minnesota's hard-working ethic is reflected in the third-highest labor force participation rate nationwide (70.3 percent, most current year 2012). The U.S. rate is 63.7 percent.
* Minnesota jumped 12 spots from 2012 to rank eighth nationwide on Forbes list of best states for business 2013. Minnesota's overall 2013 ranking was the biggest improvement of any state which looks at six key metrics: cost, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.
* Minnesota boasts a 92.5 percent rate (second nationally) of citizens with a high school degree in addition to good schools, a low poverty rate and healthy population.
* Minnesota's per capita personal income is the second highest in the Midwest (most current year 2012) at $46,227. This is about eight percent higher than the national average ($42,693).
* The state sales and use tax rate is 6.875 percent currently.
* Health care, retail trade, accommodation, and construction are the top four industries with the most job vacancies in Minnesota, according to iSeek.