By: John T. Schmick
Minnesota ranked 7th in the nation for business according to CNBC’s recently -released “America’s Top States for Business 2011”. With low unemployment, a high quality of life, and an educated workforce, it is not surprising that Minnesota is one of the top ten states. 33 of the nation’s top 1,000 publicly-traded firms are headquartered in Minnesota, giving the state a broad, diverse economic base. According to Site Selection Magazine (Jan. 2012), Minnesota is one of six states where over 20% of the workforce hold a Bachelor’s degree. Of these same six states, three rank in the top ten states for low unemployment and have an economy where 7% – 13% of jobs are in the manufacturing sector.
It’s a well-known fact that economic diversity and high levels of education are the key factors in maintaining a successful business environment. Minnesota is not dependent on any one industry. Rather, the state has developed strong components of medical, financial, service, and research/development sectors. Combined with its economic stability, Minnesota offers a variety of opportunities for higher education through its many colleges, universities, and technical institutions. As a result, Minnesota is capable of withstanding economic downturns. The effects of the most recent housing downturn were much less dramatic for Minnesota than for many other states, and Minnesota is likely to rebound more quickly. Currently, there are numerous ongoing commercial and residential projects in Minnesota. Most noteworthy is the number of apartment projects in the Twin Cities Metro area, with 83 projects proposed, approved, and/or under construction, representing 11,819 new apartment units.
Even as the local economy improves, our clients may be dealing with business and real estate issues relating to the recent recession. Valuation professionals can provide guidance on the economic contribution, or potential, of business and real estate components within a management structure and a given market. With over 75 years experience valuing commercial real estate and business, Shenehon has the knowledge and skill to address a wide range of client concerns regardless of the economic environment.
America’s Top States for Business 2011 – #7 Minnesota
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