Top States for Business

9. Minnesota

Joseph Sohm | Corbis | Getty Images

Minnesota Score and Ranking

CATEGORY  2022 SCORE  2022 RANK 2021 RANK  2022 GRADE 
WORKFORCE2262129C+
INFRASTRUCTURE244412A-
COST OF DOING BUSINESS1254142C-
ECONOMY2001618C+
LIFE & HEALTH24554B+
TECHNOLOGY & INNOVATION17964A-
BUSINESS FRIENDLINESS883228D+
EDUCATION104155B+
ACCESS TO CAPITAL301314C+
COST OF LIVING252630C-
OVERALL146697

Economic Profile

Governor: Tim Walz, Democrat

Population: 5,707,390

GDP growth (Q1 2022): -2.0%

Unemployment rate (May 2022): 2%

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, positive/AAA, stable

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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