Bloomington-based Polar Semiconductor recently announced a $525 million expansion of its Minnesota operations, supported by a $75 million investment from the State of Minnesota and $120 million from the U.S. CHIPS and Science Act.
Hear from Polar Semiconductor’s leadership and employees about why the company is growing in Minnesota—and the key advantages they see in doing business here.
DEED’s Business Development team has the expertise, resources, and connections to help turn business location and expansion plans into reality, partnering with companies at any stage to ensure they have the tools to locate, expand, and thrive in Minnesota.
State of Business Expansion in Minnesota
- Amount of $ for new investments/expansions: $35 billion
- # of employees OR new jobs: 53,000 expected new direct jobs created (non-construction)
- # New square feet: 55 million
- The Mayo Clinic has undertaken expansion projects worth nearly $5.3 billion – largely driven by the Destination Medical Center project – representing the largest investment by a single entity in the state.
- Among all sectors, manufacturing ($7.4 billion), healthcare ($7.1 billion) and information ($7 billion) attracted the highest levels of investment.
- Expansions in manufacturing industries have created 21,800 new jobs in the state, the largest number by far, among sectors.
Sources:
Minnesota Business Expansions, DEED. 2018-2025 (Q2).
Note: These data are based on announcements of expected expansions, rather than completed expansions.
Notable Expanding Businesses In Minnesota
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