Forbes magazine is out with its list of the most business-friendly states, and Minnesota comes in at No. 9 thanks to high marks for “quality of life” and a strong overall economic climate.
Well ahead of Minnesota at No. 2, though, is North Dakota. The continuing Bakken oil boom is behind the state’s robust economy and continued prospects for more of the same in the years ahead, Forbes noted. It also praised the state’s “thriving technology and service sectors.”
Forbes said the list is based on 36 factors, among them: business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life. Business costs, which include labor, energy and taxes, are weighted the most heavily. The magazine turned to 11 sources, leaning most heavily on Moody’s Analytics.
The magazine pointed to Minnesota benefiting from being the home of Target, U.S. Bancorp, General Mills, 3M and Medtronic (for the time being). It also liked the state for having the fourth-highest percentage of adults with a high school degree at 92.4 percent.
“With its good schools, low poverty rate and healthy populace, the state ranks second overall on Forbes’ quality of life measurements,” the magazine said in its online report.
South Dakota, which for years has been airing radio ads in Minnesota touting its business-friendliness, lands at No. 14. While Forbes gave a nod to that state for its low business costs, the magazine was unimpressed by South Dakota’s growth prospects (45th among the 50 states) and quality of life (30th).
Wisconsin can be found further down the rankings at 32nd, but Forbes did praise the state for its “Open For Business” campaign that started in 2011 and has boosted the overall employment climate.
At the top of the rankings is Utah. Bringing up the rear is Mississippi. For more, visit: http://tinyurl.com/pqy7z49.
Paul Walsh • 612-673-4482
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