|
 |
|
||||
|
|
2. Highly Educated, Productive Workforce 4. Growing Population & Labor Force 5. Easy Access to Midwest, National and Global Markets 6. Competitively Prices Land and Buildings 7. Reliable, Affordable Services 8. Progressive, Pro-business Leadership 9. Exceptional Quality of Life 10. Consistently High Business Rankings
The Metro MSP region supports one of the most diverse economies in the U.S. The regions healthy collection of companies and economic resilience earned it the title of best metro center for business in 2007 by MarketWatch. Nineteen Fortune 500 companies are headquartered here. Another 15 S&P 500 firms call the Twin Cities home. The region also boasts the fourth highest concentration of small businesses in the county, according to MarketWatch. Thats no surprise, given its top-ten ranking as a place to grow a small business by American City Business Journals. Metro MSP is second in the country for business expansions, according to Expansion Management – based on the region’s robust business climate and attractiveness to growing companies. Site Selection reinforced this recognition, calling the Twin Cities’ business climate one of the top five in the country in 2007. The Corporation for Enterprise Development followed suit, giving the region straight A’s in development capacity and business vitality.
2. Highly Educated, Productive Workforce Minnesota has one of the most educated workforces in the nation. Almost 91% of the adult population has at least a high-school diploma the highest in the nation. More than 30% has a college degree ranking Minnesota seventh nationally in adult educational attainment, according to the Education Research Center. Looking forward, the Center scores Minnesotans a full grade higher (B+) than the national average in educational chances for success over their lifetime. The 13-county Twin Cities MSA is the fourth most educated among the top 25 MSAs. Two-year or four-year degrees are held by more than 36% of the adult population – compared to 27% nationally. (U.S. Census, 2006) Nearly 10% hold graduate or professional degrees. (Cities Ranked and Rated, 2007) Minnesota has the third highest proportion of people in the workforce – 73%. More than 87% of the workforce is a white or blue-collar worker, according to Cities Ranked and Rated. The state’s work ethic is legendary, resulting in one of the lowest rates of absenteeism in the country. Minnesota's high-tech employment exploded in the1990s, reaching 15th place in the nation in 2007. More than 8,000 high-tech firms employ nearly 270,000 skilled workers. Businesses using high-tech processes employ thousands more.
Minnesota is one of the most innovative states in the country, according to a 2007 study by the Kauffman Foundation. It ranks third in the number of global patent applications – a telling indicator of its investment in new technology. This penchant for innovation isn’t new. The state has long been celebrated for its resourcefulness. In fact, some of the best-known products were invented here:
The University of Minnesota is one of the top-ranked research and teaching institutions in the U.S. It not only meets the talent needs of regional employers but is a major contributor to the Minnesota economy. Minnesota firms received $322 million in venture capital investment in 2006 through 36 deals – ranking the state second in the Midwest. It took 10th place in revenue generated by venture capital-backed companies headquartered in the state, according to a 2007 study by the National Venture Capital Association. For examples of extraordinary innovation among Minnesota companies in 2007, read Minnesota Technology's "The Year in Tech." For breaking news about innovative people who are creating a 21st-century region, visit The Line, a weekly web magazine that chronicles innovation in Minneapolis/Saint Paul.
4. Growing Population & Labor Force The population of the 11-county Metro MSP region was nearly 3.1 million in 2007. It is projected to grow by 4.6% by 2012. The labor force estimate was 1.9 million. Labor force growth is expected to outpace population growth and jump by 5.3% by 2012. (MSP Prospector, 2007) These modest projections come on the heels of a decade of record-setting population growth; the seven-county region grew by more than 15% in the 1990s. Labor force participation is third highest in the nation – a testiment to Minnesota's strong work ethic. The 13-county Twin Cities MSA is the 16th most populous metro area in the country. It ranked first in both labor force participation and employment among the 25 largest MSAs in 2005. (U.S. Census Bureau, American Community Survey, 2005)
5. Easy Access to Midwest, National and Global Markets Metro MSP’s strategic location – midway between both coasts – makes it a natural base for companies needing access to national markets. The region’s extensive network of interstates and highways connects businesses to customers and vendors throughout North America. I-35 runs from Canada to Mexico. I-94 traverses the U.S. Products shipped by highway can reach most U.S. markets within three days. The MSP International Airport is the 12th busiest airport in the U.S. It offers non-stop flights to 131 U.S. cities and 14 international markets. Business travelers praise its service, ranking it the best in the U.S. in 2005. A network of regional airports makes it easy for companies to stay close to Midwest customers. The Mississippi is the third largest river in the world, running thousands of miles through the nation’s heartlands before reaching the Gulf of Mexico. It supports five port areas, three in the Metro MSP region, and serves as a vital transportation artery for hauling coal, grain and other products. Minnesota is one of the nation's railroad hubs, with over 4,600 miles of rail line. Four extensive railroad networks help Metro MSP companies transport large volumes of raw materials and finished products across North America: BNSF, Union Pacific, -->Canadian Pacific Railway -->, and Twin Cities & Western.
6. Competitively Prices Land and Buildings Land and building prices are competitive with other major metro regions in the country. Rental rates for office space are in the bottom third nationally, according to the Milken Institute's 2007 Cost-of-Doing-Business Index. Privately owned parcels of buildable land are available throughout the region. Publicly owned/managed redevelopment areas are also available. Click on Search Properties for a current list.
7. Reliable, Affordable Services Minnesota’s electricity and gas prices are significantly lower than the national average for most customer classes. Multiple providers deliver highly reliable electricity, gas, water and telecommunications services to Metro MSP businesses. Leading providers include CenterPoint Energy, Connexus Energy, Dakota Electric Association, Great River Energy and Xcel Energy.
8. Progressive, Pro-business Leadership Business, government and civic leaders have a long history of working together to build a highly competitive business environment. Their efforts caught the attention of MarketWatch, which named the Metro MSP region “the best metro center for business” in 2007. The region also earned accolades from Expansion Management, which ranked the region second nationally for business expansions, based on its robust business climate and attractiveness to growing companies. That “attractiveness” reflects the region’s joint investment in education, infrastructure, workforce development, healthcare, civic engagement, arts and the environment. This site selection web site represents the latest – and most far-reaching – example of regional collaboration. Eleven counties, three anchor cities and more than a dozen private and public-sector organizations joined efforts to create the region’s first GIS-based site selection tool.
9. Exceptional Quality of Life No matter who conducts the study, the Metro MSP region consistently takes top honors for quality of life. Forbes singled out the Twin Cities as “the most affordable place to live well” in America in 2007 – based on affordable housing, high quality of life, and access to choice arts, leisure and entertainment offerings. Expansion Magazine ranked it among the eight best places to live and work in the U.S. Kiplinger’s named it among the most family-friendly cities in the U.S., giving top marks to its “clean, progressive metro area that’s studded with architectural gems, and laced with lakes, rivers and parks.” The region is routinely recognized as one of the healthiest, most literate, smartest, greenest, cleanest, most family-friendly, coolest, and most livable areas in the country. That’s great news for businesses needing to recruit or retain top talent. The state earns its share of lifestyle kudos as well. For six straight years, Minnesota has topped Morgan Quitno's "most livable state" list, based on affordable housing, safe streets, a strong education system and excellent health care. The State Policy Reports echoes that finding, rating Minnesota near the top of its “Camelot Index” for the last 12 years. For details on quality of life, visit MSP More to Life or The Line, a weekly web magazine that celebrates “the stylish, sophisticated, brimming with energy” life in Minneapolis/Saint Paul.
10. Consistently High Business Rankings As a state, Minnesota outperforms the rest of the country on important business metrics. As a region, Metro MSP consistently ranks in the top tier of business destinations.
|
|
