ST. PAUL, MN – Minnesota is America’s Third Best State for Business in 2017,according to a new report released today by CNBC. Minnesota moved into the third spot this year, after placing fourth in 2016 and coming in first as America’s Top State for Business in 2015.
CNBC’s annual study scores all 50 states on 66 measures of competitiveness, separated into 10 categories. These categories include workforce, economy, infrastructure and transportation, technology and innovation, education, cost of living, cost of doing business, access to capital, business friendliness and quality of life.
“The credit for our state’s continued economic success belongs to the people of Minnesota. I thank the hardworking Minnesotans and business owners who have made Minnesota home to their families, innovative companies, and a great quality of life,” said Governor Mark Dayton. “By continuing to support excellent educations and a world-class workforce, we can create even better opportunities for Minnesota businesses and families.”
According to CNBC’s analysis, Minnesota received the third highest overall score this year, and Minnesota scored second in both education and quality of life. The CNBC study notes that Minnesota has some of the best K–12 test scores in the nation. CNBC also cites Minnesota’s strong economy – the sixth best in the nation – with statewide unemployment at a low 3.7 percent, which is well below the national average.
“Minnesota is home to some of the most talented, educated, productive people in the world,” said Lt. Governor Tina Smith. “This ranking reinforces what we know in Minnesota: when we support excellent education, great places, innovation and good ideas, we all do better.”
Since 2011, the Minnesota economy has added more than 277,500 new jobs. These new jobs have been added by the growing number of business relocating to Minnesota, in addition to companies that have announced expansions within the state. Minnesota has now seen 35 straight months of unemployment at or below 4 percent.
“Minnesota continues to be recognized as one of the premiere states for doing business,” said Minnesota Employment and Economic Development Commissioner Shawntera Hardy. “This distinction coupled with our top-rated workforce, education, and quality of life, make Minnesota one of the best places in the country for businesses to start, expand, or relocate.”
In 2014, Minnesota tied for 12th place in the education category. In 2017, Minnesota now ranks 2nd, thanks to the state’s educated workers and the availability of over 200 public and private higher-education institutions that offer companies the ability to recruit talent. The study also emphasized the Minnesota has some of the best K–12 test scores in the nation.
According to the U.S. Bureau of Labor and Statistics, Minnesota ranks 4th in the country for the percent of the working-age population with a high school diploma or higher, at more than 92 percent, and 11th in the nation for percent of the population with a Bachelor’s Degree or higher at more than 34 percent.
Other Recent National Rankings for Minnesota
- Third-Best State – This year, Minnesota was named the third-best state in America by U.S. News and World Report.
- Best State for Women – Minnesota is the best place for women according to a study from WalletHub.
- Best State for Job Creation – Minnesota is the top state for job creation on Gallup’s Job Creation Index.
- Second Best Run State – Minnesota is the second best run state in America according to a study published by USA Today.
- Best State to Retire In – The AARP recently named Minnesota the best state in the nation to retire in.
- Second Best State for Working Moms – Minnesota was named the 2nd-best state for working moms according to WalletHub.
Office of the Governor & Lt. Governor, Communications Department
130 State Capitol, 75 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155