With one of the most diverse economies
in the nation, the Land of 10,000 Lakes offers just
about as many opportunities for business success –
something that scores of British companies already know
first hand.
In fact, the UK is Minnesota’s single largest
source of foreign direct investment. More than 125 British
companies have affiliates in Minnesota. Combined, they
boast a gross value of $1.8bn and employ about 17,000
workers. Major firms include Cannon Equipment Company
(IMI plc), Deltec (Smiths Industries plc), First Student
(First Group), IMI Cornelius (IMI plc), Pearson NCS
(Pearson plc), and Syntegra (BT). In addition, the UK
retains an honourary consul in Minnesota, and the British-American
Business Council has an active chapter here as well.
So what makes Minnesota such an attractive place to
invest? For starters, a strong, diverse economy, an
educated workforce and a superb quality of life. Consider
the following:
BUSINESS-FRIENDLY CLIMATE
Government-imposed business costs are at their lowest
in more than a decade, with significant reductions in
workers’ compensation and unemployment insurance
costs, and a deep cut in commercial property taxes.
And businesses are reaping the benefits of tax-free
development by locating or expanding in one of Minnesota’s
10 Job Opportunity Building Zones.
PROVEN PERFORMANCE
Minnesota consistently receives top grades for economic
performance, development capacity and business vitality
from the Corporation for Enterprise Development. And
Expansion Management magazine ranks the Twin Cities
region as the fourth-best metropolitan area in the US
for locating a company.
RENOWNED WORK ETHIC
Minnesota ranks as the nation’s “hardest-working”
state, with the highest labour force participation rate
in the nation and 75% of working-aged people in the
labour force.
EXCELLENCE IN EDUCATION
A University of Florida report in 2003 ranked the University
of Minnesota among the nation’s top 10 in total
research spending, placing it ahead of such top research
institutions as Harvard and Massachusetts Institute
of Technology.
FERTILE GROUND FOR INNOVATION
The Milken Institute ranks Minnesota eighth nationwide
in the State Technology and Science Index, based on
research and development inputs, risk capital and infrastructure,
technology and science workforce. The Twin Cities metropolitan
area ranks seventh in high-tech job growth, and 10th
among the most competitive knowledge regions in the
world, based on indicators like the number of patents,
number of managers as a percentage of total population,
and per capita spending on education.
BEST IN THE BUSINESS
Minnesota is home to 19 Fortune 500 companies. The Forbes
list of “400 Best Big Companies in America”
features 14 Minnesota companies, and 10 companies made
the magazine’s list of “200 Best Small Companies”.
3M earned the Environmental Excellence Award for its
leadership in waste reduction and energy efficiency.
Comparing financial indicators, Industry Week included
eight Minnesota companies in its list of the top 50
US manufacturers.
A MOST LIVABLE STATE
Minnesota’s cultural attractions, outdoors recreation
and scenic landscapes, along with affordable housing,
safe streets and strong education system, helped propel
the state – for seven of the past eight years
– to the top of Morgan Quitno’s “Most
Livable State” rankings. The report Kid Friendly
Cities in 2004 ranks Minneapolis the fifth-best city
in the country. Minnesota ranks first in the nation
in home ownership (77.3%) and seventh in per capita
income.
Economic conditions may change, but the stature, stamina
and leadership of Minnesota remains constant. With all
these advantages, it’s no wonder that so many
of the world’s most-recognised companies call
Minnesota home. Many British affiliates are among them.
But there is room for many more in Minnesota, the land
of 10,000 opportunities.
Department of Employment
of Economic Development
390 North Robert Street
St Paul, MN 55101
Tel:
+1 651 296 3711
Fax:
+1 651 296 0994
Website:
www.dted.state.mn.us
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