Minnesota’s economy is represented by a wide variety of prosperous businesses, including large Fortune 500 companies and small and medium companies. The overall health and diversity of our economy and its potential for future growth continue to draw in new residents, keeping demand for homes high, home values strong and the real estate market thriving.
The state’s dynamic economy has increased the number of Fortune 500 companies from 14 in 2000 to 20 in 2007. Overall, the state is home to 34 Fortune 1,000 companies, representing a wide variety of industries including insurance, banking, chemical manufacturing and food processing. Twin Cities Fortune 500 Companies include UnitedHealth Group, Target, Best Buy, Travelers Cos., 3M, Supervalu and U.S. Bancorp. Target and 3M are among 2007 Fortune’s “Top 20 Most Admired Companies.”
Growth spurt
What’s more, Minnesota businesses are growing. Business services firms are important indicators of business conditions and trends throughout the state, and a statewide survey conducted in May and June of this year found that professional services firms in Minnesota anticipate growing profits, expanded sales revenue and increase wages.
The survey, conducted by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis polled leaders at 250 professional services firms found that nearly half (49 percent) expect increases in revenue, and 45 percent expect increases in profits for the second half of 2007.
Given that Minnesota services-providing industries generally contribute around three-fourths of the state’s gross domestic product, this industry’s positive outlook should translate into job gains throughout Minnesota’s economy.
Workers make top marks
Minnesota companies have room to grow because our state draws from a large pool of skilled workers. Our residents are some of the most educated (we rank first in the country for percentage of the population with high school diplomas or higher) and highest earning in the country, giving us a steady stream of potentially qualified homebuyers with dependable income.
Skilled workers continue to enjoy living and working in Minnesota because of our high standard of living, state per capita personal income and median household income. The state ranked among the top six states with a three-year (2003-2005) average median household income of $56,085, exceeding the national average by more than 20 percent, according to the U.S. Department of Commerce.
As Minnesota residents, we also can count on steady employment rates. Between June 2005 and June 2006, the state’s job growth was 2.7 percent, surpassing the national rate of 1.4 percent and revealing a vigorous job market. As of July 2007, Minnesota’s unemployment rate is in line with the national rate. By industrial sector, our growth rate outpaced the nation in Education, Health Services and Government employment.
The data is clear. Whether you’re looking to put down roots for the first time, searching for the perfect place to grow your family, or hoping to spend the next chapter of your life somewhere a little cozier, opportunity is knocking in the Twin Cities. Don’t miss your chance to make your homeownership dreams a reality.