2026 Business Benchmarks Report from the Minnesota Chamber Foundation
The 2026 Business Benchmarks Report from the Minnesota Chamber Foundation asserts that Minnesota’s economy is at a crossroads, no longer keeping pace with the nation and facing an economic imperative for growth. The report highlights three key areas where Minnesota is falling behind: GDP per capita, where the state’s annual growth rate of 1.0% (2019-2024) ranked 38th nationally and has eroded its historical advantage over the U.S. average; Labor force growth, which slowed to only 0.2% annually (2019-2024) and ranked 40th, constraining growth due to an aging population and a high existing participation rate; and Net domestic migration, where Minnesota ranked 41st from 2020-2024, losing nearly 48,000 residents to other states, a trend influenced by rising costs and a less competitive business climate. While Minnesota possesses strengths like a skilled workforce, innovative companies, and high quality of life, the report issues a call to action for employers and policymakers to address barriers like slow tech growth, lagging innovation momentum, and high taxes to restore the state’s economic momentum and competitiveness.
