Top States for Business

7. Minnesota

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Inclusiveness is supposed to be this state's North Star. But the state is at the heart of a national reckoning on race.

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Minnesota Score and Ranking

Category 2021 Score 2021 Rank 2019 Rank 2021 Grade
Cost of Doing Business1404239D
Infrastructure222129B
Life & Health2724--A-
Workforce1722913C-
Economy1471823B
Business Friendliness992828C
Access to Capital1241417B
Technology & Innovation13247A
Education10753A-
Cost of Living323031C-
Overall144777

Economic Profile

Governor: Tim Walz, Democrat

Population: 5,657,342

GDP growth (Q1 2021): 7.5%

Unemployment rate (May 2021): 4%

Top corporate tax rate: 9.8%

Top individual income tax rate: 9.85%

Gasoline tax: 30.60 cents/gallon

Bond rating (Moody's/S&P): Aa1, stable/AAA, negative

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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