Economy of Minnesota

By | March 4, 2023

Minnesota’s economy is diverse and thriving, with a wide range of industries and sectors contributing to its success. The state is home to 17 Fortune 500 companies, including UnitedHealth Group, Target, Best Buy, 3M, CHS Inc., U.S. Bancorp, and General Mills. Minnesota is also a major agricultural producer, with the state ranking fifth in the nation for agricultural production. Minnesota’s manufacturing sector is also strong and includes medical technology, food processing, printing and publishing, and computer equipment.

The service industry is a major contributor to Minnesota’s economy as well. Tourism is an important sector in the state; it accounts for nearly $15 billion in annual economic activity and employs over 100 thousand people statewide. The retail industry also plays an important role in the Minnesota economy; it employs more than 300 thousand people across the state and contributes over $12 billion to the economy each year.

The technology sector has seen significant growth in recent years as well; it now contributes approximately $30 billion annually to Minnesota’s gross domestic product (GDP). Additionally, venture capital firms have invested more than $400 million into tech startups in the past two years alone.

In addition to these strengths of Minnesota’s economy are its strong educational system and workforce development efforts that have helped attract new businesses to the state as well as retain existing ones. The University of Minnesota offers numerous degree programs ranging from engineering to business administration while other institutions such as St Cloud State University offer specialized programs geared towards students interested in pursuing a career in healthcare or information technology (IT).

Overall, Minnesota’s economy continues to be one of the most robust in the nation thanks to its diverse mix of industries that contribute significantly towards its GDP each year. From agriculture and manufacturing to services such as tourism and retail along with its strong educational system—all these factors are what make up this great Midwestern state’s economic success story today.

Top 3 Counties in Minnesota

According to, main counties in Minnesota include:

1. Hennepin County: Located in the Twin Cities metropolitan area, Hennepin County is the most populous county in Minnesota, with a population of 1.2 million people. The county’s largest city is Minneapolis, which serves as the county seat and is home to the renowned Mall of America and many other attractions. With its thriving cultural scene, numerous educational institutions, and diverse population, Hennepin County is a great place to live and work. The county also boasts some of Minnesota’s best outdoor activities like biking along the Mississippi River Trail or taking in breathtaking views from atop Minnehaha Falls.

2. Ramsey County: Home to over 530,000 residents and located just east of Hennepin County, Ramsey County is the second most populous county in Minnesota. St. Paul serves as the county seat and is home to many cultural attractions like Como Park Zoo & Conservatory and Science Museum of Minnesota as well as a vibrant downtown area with restaurants, bars, shops and more. Ramsey County also has many parks throughout its borders for visitors to explore including Battle Creek Regional Park with its miles of trails for cycling or hiking along the Mississippi River banks.

3. Dakota County: Located south of Minneapolis-St Paul, Dakota County has a population of nearly 400,000 people and offers residents plenty of amenities ranging from shopping centers to golf courses to schools and libraries plus much more! The county seat is Hastings which features some beautiful historic buildings plus great restaurants with delicious cuisine ranging from Mexican food to sushi bars! There are plenty of parks throughout Dakota County that offer outdoor enthusiasts ample opportunities for fishing, camping or simply enjoying nature in all its glory.

Economy of Minnesota