Minnesota: A favorable location for business owners

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The consensus is clear: Minnesota is one of the strongest and steadiest places for commerce in the United States.

In a business and career analysis by Forbes, the Midwestern state—hailed as the “Star of the North”—places 9th among the best places for business based on a robust economic climate and quality of life.

A home to 5.4 million people, the state’s Minneapolis-St. Paul metro area is considered a lucrative hub for multibillion-dollar companies such as Target, U.S. Bancorp, General Mills, 3M, and Medtronic. The state’s economy, which was once reliant on the production of raw materials, has now transformed into a diverse producer of finished products and services in various industries.

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Business opportunities in Minnesota, however, is not limited to its metropolitan areas. In Minnetonka, for example, numerous corporations from various industries continue to thrive. One notable company is the food processing giant, Cargill Inc., which today holds the distinction as the largest privately held corporation in the country in terms of revenue.

With the state’s economy shifting into high gear, rural counties are now also recovering from the last recession. News reports note that nine Minnesota counties—Clay, Jackson, Marshall, Pennington, Polk, Pope, Stevens, and Wilkin—are rapidly progressing in terms of economic output, median home prices, jobs, and unemployment rates.

With these economic activities, Minnesota is indeed a favorable option for investors. With a strong workforce and a healthy mix of companies, the state has emerged as one of the vigorous communities for businesses.

Steve Liefschultz of Equity Bank is a seasoned real estate investor and banker. Subscribe to this blog for more insights on business and investment.