Minnesota ranks 8th on Forbes list of Best States for Business

By KBJR News 1

Credit: MGN Online

Minnesota ranks 8th on Forbes list of Best States for Business

September 26, 2013 Updated Sep 26, 2013 at 11:57 AM CDT

St. Paul, MN (NNCNOW.com) --- Prospective entrepreneurs may want to look into the land of 10,000 lakes to start up their business.

The Forbes "2013 List of the Best States of Business" ranks Minnesota 8th, bumping the state up 12 spots within just one year. According to the publication, the huge leap in rank can be attributed to the strength of an improving economy.

“The Forbes magazine study is fantastic recognition of our state’s strong economic climate and thriving business community,” said Katie Clark Sieben, commissioner of the Minnesota Department of Employment and Economic Development. “The word is out that Minnesota is a great place to live, work and do business.”

Minnesota’s overall 2013 ranking was the biggest improvement of any state.

Forbes cited the Twin Cities as Minnesota’s economic hub, with 62 percent of the state’s population and a strong mix of corporate headquarters, including Target, U.S. Bancorp, General Mills, 3M and Medtronic.

The magazine also noted the high percentage of Minnesotans with a high school degree (92.5 percent, ranking second nationally) and pointed to the state’s strong quality of life measures such as good schools, low poverty rate and healthy population.

The eighth-annual study looks at six key metrics such as costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.

Minnesota ranked fifth in quality of life, ninth in economic climate, 13th in growth prospects, 18th in labor supply, 22nd in regulatory environment and 34th in business costs.

Virginia ranked No. 1 in the study, followed by North Dakota, Utah, North Carolina, Colorado, Nebraska and Texas.

Posted to the web by Krista Burns