Minnesota ranked as having best average credit rating in nation

Friday, March 23, 2018

Minnesotans' noted Midwestern work ethic apparently extends to personal finance. The consumer and business credit rating agency Experian said in its State of Credit report for 2017 that Minnesotans have the highest credit scores in the country. The company's annual survey shows that Minnesotans have an average credit score of 709 out of 850, well above the national average of 675. Vermont and New Hampshire trailed Minnesota residents with average scores of 702 and 701 respectively. Minnesota's neighbors also ranked in the top 10: South Dakota ranked fourth with an average score of 700; North Dakota, sixth with 697; Wisconsin, seventh with 696; and Iowa,...
Formula for Success: Minnesota Biotech & Life Sciences

Thursday, March 22, 2018

Minnesota cements status as national leader in bioscience research and discovery A University of Minnesota spinout company is working to develop an artificial liver that could dramatically reduce the number of patients who die waiting for a liver transplant. Another Minnesota company has developed a novel means of serving primary care to low-income seniors, keeping them healthy while saving them money. These are just two examples of the innovations emerging from Minnesota’s bioscience industry, which, with a nearly $23 billion annual impact and 167,000 direct and indirect jobs, is one of the largest in the country. In fact, Minnesota ranks first among...
Agricultural Business Feeds Minnesota's Economic Bottom Line

Wednesday, March 21, 2018

Agriculture and food production is a major staple of the Minnesota economy Minnesota’s early economy was built on fur trading and farming, with flour being an early commodity. While the state has grown into a tech and research hub, the business of producing goods from fertile Minnesota land continues to help anchor the state’s booming economy. Economic Mainstay Minnesota’s agricultural production and processing industry entails $57.5 billion in sales more than 147,000 jobs overall. The food production industry has more than 46,000 workers, making it the largest manufacturing segment in the state by total workers. Minnesota companies also sent nearly $6.2 billion in...
With Interest – Minnesota's Financial Services Growth Spurt

Tuesday, March 20, 2018

Strong financial services yield innovative new companies The financial services sector has long been an anchor of the Minnesota economy, and the banking and asset management firms the state has are creating technology-driven enterprises that complement and serve them. More than 300 banking institutions serve Minnesota with more than 1,700 branches in 595 cities. Minnesota ranks third among states in the number of banking institutions. Minneapolis-based U.S. Bancorp, the global financial services giant, is the fifth-largest U.S. bank, with assets of nearly $450 billion. It operates 3,091 banking offices in 25 states. Minnesota also is home to Wayzata-based TCF Financial Corp., which operates...
Updated DEED Business Guide now available

Monday, March 19, 2018

Thirty-sixth edition covers major issues faced by people who start businesses ST. PAUL – The 2018 edition of “A Guide to Starting a Business in Minnesota” is now available from the Small Business Assistance Office at the Minnesota Department of Employment and Economic Development (DEED).  This popular guide, which is now in its 36th edition and free of charge, provides a concise summary of the major issues faced by anyone starting a business in Minnesota.  “Small businesses employ just over half of the private-sector workforce and create nearly two-thirds of the nation’s jobs,” said DEED Commissioner Shawntera Hardy. “While starting a business is no easy...

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