One of the top-rated metropolitan areas in the Midwest, The Twin Cities of Minneapolis and St. Paul has a vast array of businesses — from industries based in the sciences to those in the financial sector. In an ever-changing world, it’s clear that The Twin Cities has got to offer everything to suit your individual career needs. Economic growth in the Twin Cities has been stable, and the upwards trend is expected to continue. Here are the top five booming industries in the Greater MSP Area.
Health Care and Social Assistance
The Health Care and social Assistance industry in the Greater Minneapolis – St. Paul area posted a high 303,639 jobs in 2019, with data showing a whopping 10 percent increase in five years. With over 750 health and life sciences companies, MSP provides the highest concentration of medical device jobs and boasts the fifth-lowest operating cost among other companies in the nation, to boot. With a large workforce, the MSP region uses its experience to promise quicker advances in the industry by 6 months compared to the rest of the nation, providing a quicker and more profitable economic gain.
Food and Water
The MSP Food and Water industry prides itself on its innovative agriculture. With a well-balanced ecosystem and a fertile ground for businesses and brands to grow in, the potential for profitability and sustainability is astronomical.
In recent years, Agricultural exports reached a near-record high of $8 Billion, making Minnesota the third largest exporter in the United States for seed technology, food manufacturing, and packing distribution. With more than 67,000 jobs available in the agricultural field, and an abundance of lakes and rivers directly contributing to making Minnesota one of the country’s leaders in water technology, it comes as no surprise that food-related businesses thrive in the region.
Headquarters and Business Services
There are 16 Fortune 500 Headquarters located in Minnesota, including big names such as General Mills, UnitedHealth Group, and Target corporation. This makes the Greater Minneapolis – St. Paul area a world-leading hub for Headquarters.
Minnesota boasts the highest labor participation rate among the 30 largest metropolitan areas in the United States with over 2 million qualified workers. The state of Minnesota has been ranked as one of the “Top Ten Best States for doing business” by CNBC for the last four years, accounting for nearly $260 billion dollars of gross domestic product.
This includes banking, insurance, and security/ financial investing services. Minnesota ticks all the boxes for your financial needs: With nearly 110,000 people working for finance-related employers, over 310 commercial banks, significant foreign direct investment, and the sixth-highest per capita total of Chartered Financial Analysts in the nation, Greater MSP has one of the most dynamic financial services sectors in the nation.
Over 124,000 workers employed in finance-related fields helped generate $705 million in small business loans, leading to Minnesota to being ranked as the number 4 most financially savvy state in the United States, per WalletHub.
Advanced Manufacturing and Technology
Ranked the 6th most inventive metropolitan area in the world and ranked #1 for medical technology, R&D Minnesota hosts four sectors within the technology industry.
Research and Development: Catering to over 100,000 patients and top companies including Medtronic, 3M and Cargill — along with the University of Minnesota, a top 10 research university — makes this a market filled with great ideas. Minnesota also offers research and development tax credits to help businesses thrive.
Advanced Manufacturing: Minnesota has a long history of national defense contributions, with nearly $2 billion in Department of Defense contracts. The state ranks 15th in plastic industry employment, and eighth in workforce health and safety.
Energy & Renewables: Minnesota is committed to helping clean-tech companies grow. With a strong established base and over 52,000 workers in renewable energy, green services, and environmental conservation, Minnesota is making this a reality.
Data Centers: Securian, Wells Fargo, Time Warner, CenturyLink and many more have established data centers in Greater MSP. The region boasts robust incentives, one of the most accessible fiber networks in the country, and several co-location options that make expansion even more affordable.