Joseph Sohm | Corbis Documentary | Getty Images
Minnesota Score and Ranking
| CATEGORY | 2024 SCORE | 2024 RANK | 2023 RANK | 2024 GRADE |
|---|---|---|---|---|
| INFRASTRUCTURE | 271 | 5 | 3 | A |
| WORKFORCE | 207 | 19 | 17 | C- |
| ECONOMY | 187 | 24 | 24 | C- |
| QUALITY OF LIFE | 240 | 4 | 4 | A- |
| COST OF DOING BUSINESS | 115 | 35 | 39 | C- |
| TECHNOLOGY & INNOVATION | 169 | 12 | 4 | B+ |
| BUSINESS FRIENDLINESS | 139 | 22 | 30 | C+ |
| EDUCATION | 66 | 17 | 13 | B |
| ACCESS TO CAPITAL | 52 | 12 | 20 | B- |
| COST OF LIVING | 28 | 19 | 17 | C+ |
| OVERALL | 1474 | 6 | 5 |
Economic Profile
Governor: Tim Walz, Democrat
Population: 5,737,915
GDP growth (Q1 2024): -0.8%
Unemployment rate (May 2024): 2.8%
Top corporate tax rate: 9.8%
Top individual income tax rate: 9.85%
Gasoline tax: 49 cents/gallon
Bond rating (Moody's/S&P): Aaa, Stable/AAA, Stable
Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (including 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence
