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.