CNBC Ranks Minnesota 5th Best State for Business

(KNSI) – Financial news channel CNBC has ranked Minnesota as the fifth best state for business in the country.

The list was generated by considering a range of criteria that fall into 10 broad categories. Minnesota scored best on infrastructure, which looks at total shipping volumes, the condition of roads, bridges, and waterways, and broadband internet access for remote work. The state also ranked high on livability, environmental quality, and healthcare access, plus our innovation economy, particularly in medical devices. All three categories were in the top five.

That’s not to say there isn’t some work to be done, though. Minnesota ranked 30th, in the bottom half of the country, for cost of doing business. CNBC says that includes incentives and tax breaks offered as well as wage and utility costs. Another area for improvement is business friendliness, where Minnesota was 39th. It measures trade and labor regulation, the amount of bureaucracy, and how welcoming states are toward emerging industries.

Governor Tim Walz is reacting to the ranking. He says, “From investing in broadband and our highway system to child care and job training, we will continue working hard to make Minnesota the best state to own a business.”

Walz says small businesses are a priority for the current administration, “Minnesotans work best when we work together to provide solutions and support for entrepreneurs and workers alike. Just as small business owners and employees work hard every day to better our state, we will continue to make Minnesota work better for them.”

The other top-ranking states were all located in the southeast or mid-Atlantic regions. North Carolina was first, followed by Virginia, Tennessee, Georgia, and Minnesota.

The next best Midwestern state on the list was Michigan, which ranked 10th. Illinois was 17th.

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