4. Minnesota

The North Star State again charts its own course to competitiveness, but rising costs prevent a repeat as Top State.

Top States Minnesota
Source: George Kavallines
Category
Score
2016 Rank
2015 Rank
Workforce 241 15 13
Cost of Doing Business 155 35 35
Infrastructure 224 5 9 (Tie)
Economy 202 17 5
Quality of Life 269 2 3
Technology & Innovation 179 9 6
Education 149 2 2
Business Friendliness 65 27 (Tie) 23
Cost of Living 36 27 32
Access to Capital 30 21 23
Overall 1550 4 1

Economic Profile

Governor: Mark Dayton, Democrat

Population: 5,489,594

GDP growth: 2.4 percent

Unemployment rate (May 2016): 3.8 percent

Top corporate tax rate: 9.8 percent

Top individual income tax rate: 9.85 percent

Gasoline tax: 47 cents/gallon

Bond rating/outlook: Aa1, stable

Major private employers: Mayo Clinic, UnitedHealth Group

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute, Moody's Investor Service, S&P Global Market Intelligence

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