Minnesota is ranked 6th in the nation for business, a new study finds

MINNEAPOLIS — A recent study shows that Minnesota is ranked sixth in the nation for business, with high marks coming from areas judging the state’s competitiveness, workforce, infrastructure, economy, quality of life and business friendliness.

This comes on the heels of additional accolades the state has received recently, like their ranking for best state for independent retailers, according to a B2B Reviews study, and the Minneapolis-St. Paul International Airport was named the best U.S. airport in 2024 by Travel + Leisure.

“These rankings are a testament to our focus on investing in key areas that make our businesses and economy strong: job training, workforce development, child care, and broadband access,” said Governor Tim Walz. “Businesses in top industries, from health care to renewable energy and manufacturing, understand the benefits of investing and growing in Minnesota.”

Earlier this month, the Walz administration celebrated what it calls a huge milestone: $24 million secured in funding for job training and economic development programs.

That funding aims to support entrepreneurs and start-up businesses with operating needs, funds training programs and supports community events that provide an economic boost, like the Special Olympics, Taste of Minnesota, and other festivals. This funding became available for business on July 1. 

Large-scale investors are also taking interest in developing business operations in Minnesota. 

Last winter, the Mayo Clinic announced they are planning a $5 billion expansion in downtown Rochester. In May, Polar Semiconductor made a historic $525 million investment to expand their Bloomington facility. Then in June, the state secured $213 million to finance Bioforge Marshall LLC, a 500,000-square-foot sustainable biomanufacturing facility in Marshall, Minnesota. 

Millions have also been invested in to researching a possible manganese mine in the small Minnesota town of Emily. Manganese is a mineral that’s used to reinforce steel and make lithium-ion batteries.

Economists estimate the global manganese market is worth more than $20 billion and growing. The mineral, though, is 100% imported in the U.S., despite it being an element that could appear in rocks almost everywhere.  

The business study was conducted by and published by CNBC.

Minnesota was also recently ranked to have one of the most attractive accents in the country.

Minneapolis is ranked as one of the best cities for college graduates and one of the happiest cities in the U.S.