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Minnesota Named No. 3 State for Business by CNBC

7/21/2017 10:42:24 AM

Minnesota is No. 3 in CNBC’s recent ranking of "America's Top States for Business." In the annual study by the business news channel, Minnesota received top 10 rankings in five categories:

  • Education: 2nd
  • Quality of life: 3rd
  • Technology and innovation: 5th
  • Economy: 6th
  • Infrastructure: 10th

The study ranks all 50 states on 66 measures of competitiveness divided into 10 categories. These categories, in addition to the ones mentioned above, include workforce, cost of doing business, business friendliness, access to capital and cost of living.

Minnesota received the third-highest combined score in an unusually close finish for the top-ranked states. Out of a potential 2,500 points, Minnesota received 1,615 points – putting it within one point of No. 2 ranked Georgia and within six points of No. 1 ranked Washington.

Highly Ranked for Years

CNBC ranked Minnesota No. 1 in America’s Top State for Business in 2015 and ranked it fourth in 2016. In fact, Minnesota has placed among the top 10 states for business in nine of the past 11 years that the study has been done.

This year’s CNBC study notes that Minnesota has some of the best K–12 test scores in the nation. It also cites Minnesota’s strong economy – sixth best in the nation – with statewide unemployment at a low 3.7 percent, which is well below the national average.

“The credit for our state’s continued economic success belongs to the people of Minnesota,” said Governor Mark Dayton. “I thank the hardworking Minnesotans and business owners who have made Minnesota home to their families, innovative companies and a great quality of life.

“By continuing to support excellent education and a world-class workforce, we can create even better opportunities for Minnesota businesses and families.”

A Great Place to Grow a Business

“Minnesota continues to be recognized as one of the premier states for doing business,” said Commissioner Shawntera Hardy of the Minnesota Department of Employment and Economic Development.

“This distinction – coupled with our top-rated workforce, education, and quality of life – make Minnesota one of the best places in the country for businesses to start, expand or relocate.”

Find out more about doing business in Minnesota at CompareMN.com, and see Minnesota’s other recent national rankings at Why Minnesota.

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