For the last ten years, the Business Benchmarks report has laid out economic indicators in several categories that best determine a healthy economy and a competitive business climate. Our state has numerous economic strengths including a diverse industry base with businesses of all sizes, a legacy of innovation, hardworking labor force and great natural amenities. When asked why they choose to stay in Minnesota, a strong majority of business leaders say it is because their business was established here. We must honor that legacy and improve our comparative position so businesses can continue to start, grow and thrive in Minnesota.
In this tenth annual report, we look back on a decade of data and talk to business executives throughout the state, and a longer-term view comes into focus. What does an economy need to thrive?
Key findings from the report include:
- Economy: Steady but slow to grow – Minnesota’s economy continues to expand but at a slower pace compared to national trends
- Taxes: A top concern for businesses – Minnesota remains among the least competitive states for taxes
- Cost of doing business: Increases impacting competitiveness– Minnesota’s cost of living is more competitive than other regions but faces increases
- Innovation: A strong legacy and critical for the future – Minnesota continues to excel in innovation
- Infrastructure: Strong foundations with continued improvement – Minnesota’s transportation and connectivity infrastructure remains a competitive advantage
- Workforce: High participation but educational concerns– Minnesota boasts a skilled and engaged workforce but faces future concerns
Click here to read the report in its entirety.
2025 Benchmarks report
