6. Minnesota

The North Star State has world-class education and great quality of life. But costs can be high.

A research technician prepares human cell samples for vaccine studies in the vaccine research laboratory at the Mayo Clinic medical center in Rochester, Minnesota.
Ariana Lindquist | Bloomberg | Getty Images
A research technician prepares human cell samples for vaccine studies in the vaccine research laboratory at the Mayo Clinic medical center in Rochester, Minnesota.
Category
Score
2018 Rank
2017 Rank
Grade
Workforce 253 16 16 B+
Infrastructure 255 6 10 A-
Cost of Doing Business 131 38 36 D+
Economy 180 18 6 B-
Quality of Life 252 3 3 A+
Technology & Innovation 167 5 5 A
Education 148 5 2 A-
Business Friendliness 72 28 33 (Tie) C
Access to Capital 68 17 16 B-
Cost of Living 22 29 31 C-
Overall 1548 6 3 -

Economic Profile

Governor: Mark Dayton, Democrat

Population: 5,576,606

GDP growth (Q4 2017): 1.5 percent

Unemployment rate (May 2018): 3.1 percent

Top corporate tax rate: 9.8 percent

Top individual income tax rate: 9.85 percent

Gasoline tax: 28.60 cents/gallon

Bond rating (Moody's/S&P): Aa1, stable/AA+, 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 (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

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