6. Minnesota

The Land of 10,000 Lakes offers a superior quality of life, a vibrant economy and a robust infrastructure. On the flip side: High taxes have businesses swimming in expenses.

Category
Score
2014 Rank
2013 Rank
Cost of Doing Business 165 38 39
Workforce 137 (Tie) 30 32
Quality of Life 229 4 3
Infrastructure & Transportation 244 5 8
Economy 290 5 10
Education 95 (Tie) 12 23
Technology & Innovation 225 11 18
Business Friendliness 138 15 15
Cost of Living 23 28 34
Access to Capital 20 (Tie) 11 17
Overall 1566 6 15

Economic Profile

Governor: Mark Dayton, Democrat

Population: 5,420,380

GDP growth: 2.8 percent

Unemployment rate (May 2014): 4.7 percent

Top corporate tax rate: 9.8 percent

Top individual income tax rate: 9.85 percent

Gasoline tax: 47 percent

Bond rating/outlook: Aa1/stable

Major private employer: Mayo Foundation

Economic profile sources: Federation of Tax Administrators, American Petroleum Institute, Moody's Investor Service, Bureau of Economic Analysis, Bureau of Labor Statistics, Minnesota FY 2013 CAFR

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