Six Things Employers Should Know About the Economy In Minnesota

Here are six quick facts about the economy in Minnesota and where it may be headed:

  • Minnesota was recently named the 8th best state for business by Forbes.
  • In 2013, Minnesota ranked second, next to Connecticut, in terms of having the most headquarters of Fortune 500 companies per capita.
  • In May of 2014, Minneapolis and St. Paul had the lowest unemployment rate (4.0%) of any large metropolitan area in the United States. The runners-up were Austin, Texas (4.1%), Columbus, Ohio and Oklahoma City (tied at 4.4%), and Boston, Massachusetts (4.7%).
  • Statewide, the unemployment rate in Minnesota was 4.5% in June of 2014, compared to 6.1% nationwide.
  • The five largest employers in Minnesota in 2014 are: (1) The Mayo Clinic (40,638 MN employees); (2) the State of Minnesota (37,076 MN employees); (3) the U.S. Federal Government (31,236 MN employees); (4) Target Corp. (31,035 MN employees); and (5) Allina Health (27,150 MN employees).
  • The Federal Reserve Bank of Minneapolis currently forecasts that moderate economic growth will continue in the region through 2015, with a likely 1% increase in employment in Minnesota in 2014.

About Michael Miller

Michael is a Chambers-rated attorney in Briggs and Morgan's Employment, Benefits, and Labor group and is head of the firm’s Employment Law Counseling and Compliance practice group. He has 25 years experience counseling employers to prevent unwanted litigation and advises companies of ongoing changes in federal, state and local employment law. Michael advises employers in all areas of employment law including discipline and discharge, leaves of absence, wage and hour compliance, non-compete and confidentiality agreements, affirmative action plans, background checking, and drug/alcohol testing. For Michael's full bio, click here.

Posted on July 28, 2014, in Public Interest and tagged . Bookmark the permalink. Leave a comment.

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