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

Latest Special Reports

  • Between new federal tax bill changes and underutilized deductions, CNBC finds ways to save money while filing taxes.

  • Coverage of the World Economic Forum’s annual meeting in Davos, Switzerland.

  • To turn the page on structural racism, communities are Changing The Narrative. In this series, CNBC explores the central themes of racial healing through stories addressing implicit bias in economic data, the major obstacles to racial equity at work, how fiscal investment can change the narrative on minority entrepreneurship and the ramifications of the great resignation in the Black community.