Joseph Sohm | Corbis | Getty Images
Minnesota Score and Ranking
| CATEGORYÂ | 2022 SCOREÂ | 2022 RANK | 2021 RANKÂ | 2022 GRADEÂ |
|---|---|---|---|---|
| WORKFORCE | 226 | 21 | 29 | C+ |
| INFRASTRUCTURE | 244 | 4 | 12 | A- |
| COST OF DOING BUSINESS | 125 | 41 | 42 | C- |
| ECONOMY | 200 | 16 | 18 | C+ |
| LIFE & HEALTH | 245 | 5 | 4 | B+ |
| TECHNOLOGY & INNOVATION | 179 | 6 | 4 | A- |
| BUSINESS FRIENDLINESS | 88 | 32 | 28 | D+ |
| EDUCATION | 104 | 15 | 5 | B+ |
| ACCESS TO CAPITAL | 30 | 13 | 14 | C+ |
| COST OF LIVING | 25 | 26 | 30 | C- |
| OVERALL | 1466 | 9 | 7 |
Economic Profile
Governor: Tim Walz, Democrat
Population: 5,707,390
GDP growth (Q1 2022): -2.0%
Unemployment rate (May 2022): 2%
Top corporate tax rate: 9.8%
Top individual income tax rate: 9.85%
Gasoline tax: 30.60 cents/gallon
Bond rating (Moody's/S&P): Aa1, positive/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 (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence
