Editing Minnesota (section)

== Economy ==

{{Main|Economy of Minnesota}}
{{See also|List of Minnesota locations by per capita income}}

Once primarily a producer of raw materials, Minnesota's economy has transformed to emphasize finished products and services. Perhaps the most significant characteristic of the economy is its diversity; the relative outputs of its business sectors closely match the United States as a whole.<ref>{{cite web|title=Environmental Information Report, App. D Socioeconomic Information |date=May 30, 2003 |place=[[United States of America|US]], MN |url=http://www.pca.state.mn.us/publications/reports/eir-appendix-e.pdf |access-date=November 19, 2006 |archive-url=https://web.archive.org/web/20070205204209/http://www.pca.state.mn.us/publications/reports/eir-appendix-e.pdf |archive-date=February 5, 2007 }}</ref> Minnesota's economy had a [[gross domestic product]] of $383{{spaces}}billion in 2019,<ref>{{cite web |title=Gross Domestic Product (GDP) by State |publisher=Bureau of Economic Analysis |date=October 2, 2020 |url=https://apps.bea.gov/itable/iTable.cfm?ReqID=70&step=1#reqid=70&step=1&isuri=1 |place=US |access-date=November 10, 2020 |archive-date=October 23, 2018 |archive-url=https://web.archive.org/web/20181023080037/https://apps.bea.gov/itable/iTable.cfm?ReqID=70&step=1#reqid=70&step=1&isuri=1 |url-status=live }}</ref> with 33 of the United States' top 1,000 publicly traded companies by revenue headquartered in Minnesota,<ref>{{cite web | url = https://money.cnn.com/magazines/fortune/fortune500/2008/states/MN.html | website = Fortune 500 | year = 2006 | title = States | publisher = CNN Money | access-date = March 25, 2009 | archive-url = https://archive.today/20120524201256/http://money.cnn.com/magazines/fortune/fortune500/2008/states/MN.html | archive-date = May 24, 2012 | url-status = live }}</ref> including [[Target Corporation|Target]], [[UnitedHealth Group]], [[3M]], [[General Mills]], [[U.S. Bancorp]], [[Ameriprise]], [[Hormel]], [[Land O' Lakes]], [[SuperValu (United States)|SuperValu]], [[Best Buy]], and [[Valspar]]. Private companies based in Minnesota include [[Cargill]], the largest privately owned company in the United States,<ref>{{cite web | author= Forbes | title= Largest US Private Cos | website= [[Forbes]] | url= https://www.forbes.com/lists/2008/21/privates08_Cargill_5ZUZ.html | year= 2008 | access-date= January 25, 2009 | archive-url= https://web.archive.org/web/20090122061017/http://www.forbes.com/lists/2008/21/privates08_Cargill_5ZUZ.html | archive-date= January 22, 2009 | url-status= live }}</ref> and [[Carlson Companies]], the parent company of [[Radisson Hotels]].<ref>{{cite web|title=Our Brands |publisher=Carlson Companies |url=http://www.carlson.com/brands/index.cfm |archive-url=https://web.archive.org/web/20071024112507/http://carlson.com/brands/index.cfm |archive-date=October 24, 2007 |access-date=January 5, 2010 }}</ref>

Minnesota's [[List of U.S. states by income|per capita personal income]] in 2019 was $58,834, the thirteenth-highest in the nation.<ref>{{cite web | title = State Personal Income 2019 | place = US | publisher = Bureau of Economic Analysis | url = https://apps.bea.gov/regional/bearfacts/action.cfm | access-date = November 10, 2020 | df = mdy-all | archive-date = October 22, 2018 | archive-url = https://web.archive.org/web/20181022232802/https://apps.bea.gov/regional/bearfacts/action.cfm | url-status = live }}</ref> Its 2019 [[median household income]] was $74,593, ranking thirteenth in the U.S. and fifth among the 36 states not on the Atlantic coast.<ref>{{cite web | url= https://www.census.gov/library/visualizations/interactive/2019-median-household-income.html | title= United States and States – R2001. Median Household Income | publisher= Census Bureau | access-date= November 10, 2020 | place= US | archive-date= November 16, 2020 | archive-url= https://web.archive.org/web/20201116233552/https://www.census.gov/library/visualizations/interactive/2019-median-household-income.html | url-status= live }}</ref>

=== Industry and commerce ===

[[File:IDS reflecting Wells Fargo.jpg|upright|thumb|The [[IDS Tower]], designed by [[Philip Johnson]], is the state's tallest building,<ref>{{Cite news| last = Coleman| first = Nick| title = Capella Tower sports a cap, but it can't topple the IDS| work = Star Tribune| date = March 24, 2008| url = http://www.startribune.com/featuredColumns/16942626.html| access-date = November 19, 2009| archive-url = https://web.archive.org/web/20121126040508/http://www.startribune.com/featuredColumns/16942626.html| archive-date = November 26, 2012| url-status = live}}</ref> reflecting [[César Pelli]]'s [[Art Deco]]-style [[Wells Fargo Center (Minneapolis)|Wells Fargo Center]].]]

Minnesota's earliest industries were fur trading and agriculture. Minneapolis grew around the flour mills powered by [[St. Anthony Falls]]. Although less than 1% of the population is now employed in the agricultural sector,<ref>{{cite web|url=http://factfinder.census.gov/servlet/QTTable?_bm=y&-geo_id=04000US27&-qr_name=DEC_2000_SF3_U_DP3&-ds_name=DEC_2000_SF3_U&-_lang=en&-_sse=on |title=Minnesota – DP-3. Profile of Selected Economic Characteristics: 2000 |place=US |publisher=Census Bureau |access-date=November 26, 2006 |archive-url=https://archive.today/20200212041913/http://factfinder.census.gov/servlet/QTTable?_bm=y&-geo_id=04000US27&-qr_name=DEC_2000_SF3_U_DP3&-ds_name=DEC_2000_SF3_U&-_lang=en&-_sse=on |archive-date=February 12, 2020 }}</ref> it remains a major part of the state's economy, ranking sixth in the nation in the value of products sold.<ref>{{cite web | url = http://www.nass.usda.gov/census/census02/profiles/mn/cp99027.PDF | title=Census of Agriculture, Minnesota State Profile | place = US | publisher = Department of Agriculture | access-date = December 3, 2006|archive-url = https://web.archive.org/web/20061001103025/http://www.nass.usda.gov/census/census02/profiles/mn/cp99027.PDF |archive-date = October 1, 2006}}</ref> The state is the nation's largest producer of [[sugar beet]]s, [[sweet corn]], [[pea]]s for processing, and farm-raised [[Turkey (bird)|turkeys]]. Minnesota is also a large producer of corn and soybeans,<ref name="resources">{{cite web | url = http://www.deed.state.mn.us/whymn/resources.htm | title = Wealth of Resources | publisher = Minnesota Department of Employment and Economic Development | access-date = November 26, 2006 | archive-url = https://web.archive.org/web/20061212194851/http://www.deed.state.mn.us/whymn/resources.htm | archive-date = December 12, 2006 | url-status = live }}</ref> and has the most food [[List of food cooperatives#United States|cooperatives]] per capita in the United States.<ref>{{cite news|title= The Co-Op Advantage|url= http://www.minnesotamonthly.com/media/Minnesota-Monthly/August-2008/Twin-Cities-Fresh-Taste-Festival/The-Co-Op-Advantage/|date= August 2008|publisher= Greenspring|work= Minnesota Monthly|access-date= February 10, 2012|archive-url= https://web.archive.org/web/20130115143853/http://www.minnesotamonthly.com/media/Minnesota-Monthly/August-2008/Twin-Cities-Fresh-Taste-Festival/The-Co-Op-Advantage/|archive-date= January 15, 2013|df= mdy-all}}</ref> [[Forestry]] remains strong, including [[logging]], [[pulpwood]] processing and paper production, and forest products manufacturing. Minnesota was famous for its soft-ore mines, which produced a significant portion of the world's [[iron ore]] for more than a century. Although the high-grade ore is now depleted, [[taconite]] mining continues, using processes developed locally to save the industry. In 2016 the state produced 60% of the country's usable iron ore.<ref name="resources" /> The mining boom created the port of Duluth, which continues to be important for shipping ore, coal, and agricultural products. The manufacturing sector now includes technology and [[biomedical]] firms, in addition to the older food processors and heavy industry. The nation's first indoor [[shopping mall]] was [[Edina, Minnesota|Edina's]] [[Southdale Center]], and its largest is Bloomington's [[Mall of America]]. Minnesota is one of 45 U.S. states with its [[Minnesota State Lottery|own lottery]]; its games include [[Multi-State Lottery Association|multi-jurisdiction draws]] and in-house draws.

==== Largest employers ====
As of 2025, Minnesota's largest employers were:<ref>{{Cite web |last=Kennedy |first=Patrick |date=2025-03-27 |title=See who tops our list of top Minnesota employers |url=https://www.startribune.com/top-minnesota-employers-biggest-mayo-university-target-walmart-unitedhealth/601245538 |access-date=2025-03-27 |website=Star Tribune |language=en}}</ref>
{| class="wikitable sortable"
|+
!Company
!Employees in Minnesota
!Headquartered in Minnesota?
|-
|[[Mayo Clinic]]
|56,999
|Yes
|-
|State of Minnesota
|44,889
|Yes
|-
|[[Target Corporation]]
|35,000
|Yes
|-
|[[M Health Fairview]]
|34,673
|Yes
|-
|[[HealthPartners]]
|26,300
|Yes
|-
|[[Walmart]]
|24,677
|No
|-
|[[University of Minnesota]]
|23,481
|Yes
|-
|[[Allina Health]]
|21,387
|Yes
|-
|[[UnitedHealth Group]]
|19,000
|Yes
|-
|Federal government
|18,031
|No
|-
|[[Minnesota State Colleges and Universities system]]
|14,539
|Yes
|-
|[[Essentia Health]]
|12,606
|Yes
|-
|[[CentraCare Health]]
|11,337
|Yes
|-
|[[Wells Fargo]]
|11,000
|No
|-
|[[U.S. Bancorp]]
|11,000
|No
|}

=== Energy use and production ===

{{Further|List of power stations in Minnesota}}

Minnesota produces [[ethanol fuel]] and is the first to mandate its use, a 10% mix ([[E10 fuel|E10]]).<ref>{{cite web |url= http://www.ethanolproducer.com/article.jsp?article_id=1905 |publisher= Ethanol Producer Magazine |title= Hawaii to meet E10 mandate with imported ethanol |access-date= December 3, 2012 |archive-url= https://web.archive.org/web/20130612002534/http://www.ethanolproducer.com/articles/1905/hawaii-to-meet-e10-mandate-with-imported-ethanol/ |archive-date= June 12, 2013 |url-status= live }}</ref> In 2019 there were more than 411 service stations supplying [[E85]] fuel, comprising 85% ethanol and 15% gasoline.<ref>{{cite web |url= https://afdc.energy.gov/stations/states |title= Alternative Fueling Station Counts by State| publisher = US Department of Energy| access-date=February 24, 2019|archive-url = https://web.archive.org/web/20190211145220/https://afdc.energy.gov/stations/states |archive-date = February 11, 2019|url-status=live}}</ref> A 2% [[biodiesel]] blend has been required in [[diesel fuel]] since 2005. Minnesota is ranked in the top ten for wind energy production. The state gets nearly one-fifth of all its electrical energy from wind.<ref>{{cite web|url=https://www.eia.gov/state/analysis.php?sid=MN|title=Minnesota: Profile Analysis|date=March 15, 2018|publisher=U.S. Energy Information Administration|access-date=September 28, 2018|archive-url=https://web.archive.org/web/20180929000256/https://www.eia.gov/state/analysis.php?sid=MN|archive-date=September 29, 2018|url-status=live}}</ref>

[[Xcel Energy]] is the state's largest utility and is headquartered in the state;<ref>{{Cite web|title=Xcel quarterly profits up 35%, buoyed by rate increases|url=https://www.startribune.com/xcel-quarterly-profits-up-35-buoyed-by-rate-increases/567423812/|website=Star Tribune|date=January 31, 2020 |access-date=May 1, 2020|archive-date=February 9, 2020|archive-url=https://web.archive.org/web/20200209113328/http://www.startribune.com/xcel-quarterly-profits-up-35-buoyed-by-rate-increases/567423812/|url-status=live}}</ref> it is one of five investor-owned utilities.<ref name=":0">{{Cite web|title=About MN's Municipal Utilities :: Minnesota Municipal Utilities Association|url=https://www.mmua.org/about/about-mns-municipal-utilities|website=www.mmua.org|access-date=May 1, 2020|archive-date=March 3, 2020|archive-url=https://web.archive.org/web/20200303105555/https://www.mmua.org/about/about-mns-municipal-utilities|url-status=live}}</ref> There are also a number of municipal utilities.<ref name=":0" /> There are also 44 electric distribution cooperatives serving retail electric consumers throughout the state.<ref>{{Cite web|url=https://www.mrea.org/about/|title=About - MREA - Minnesota Rural Electric Association|website=www.mrea.org/about|access-date=August 22, 2024}}</ref>

=== State taxes ===

Minnesota has a [[progressive income tax]] structure; the four brackets of state [[income tax]] rates are 5.35%, 7.05%, 7.85%, and 9.85%.<ref>{{cite web | title = Minnesota Income Tax Rates and Brackets: Income Tax Rates for 2013 | place = MN | publisher = Department of Revenue | url = http://www.revenue.state.mn.us/individuals/individ_income/Pages/Minnesota_Income_Tax_Rates_and_Brackets.aspx | access-date = August 28, 2013 | archive-url = https://web.archive.org/web/20170921165202/http://www.revenue.state.mn.us/individuals/individ_income/Pages/Minnesota_Income_Tax_Rates_and_Brackets.aspx | archive-date = September 21, 2017 }}</ref> As of 2008 Minnesota was ranked 12th in the nation in per capita total state and local taxes.<ref name="TF" /> In 2008 Minnesotans paid 10.2% of their income in state and local taxes; the U.S. average was 9.7%.<ref name=TF>{{cite web|title=Minnesota's State and Local Tax Burden 1977–2008 |publisher=The Tax Foundation |access-date=June 6, 2010 |url=http://www.taxfoundation.org/taxdata/show/462.html |archive-url=https://web.archive.org/web/20100401070951/http://www.taxfoundation.org/taxdata/show/462.html |archive-date=April 1, 2010 }}</ref> The state [[sales tax]] in Minnesota is 6.875%, but clothing, prescription drug medications and food items for home consumption are exempt.<ref name="salestax">{{cite web|title=Sales and Use Tax Instruction Book |publisher=Department of Revenue |date=July 2009 |url=http://taxes.state.mn.us/sales/Documents/sales_tax_booklet.pdf |place=MN |access-date=June 6, 2010 |archive-url=https://web.archive.org/web/20111027093524/http://taxes.state.mn.us/sales/Documents/sales_tax_booklet.pdf |archive-date=October 27, 2011 }}</ref> The [[Minnesota Legislature|state legislature]] may allow municipalities to institute local sales taxes and special local taxes, such as the 0.5% supplemental sales tax in Minneapolis.<ref>{{cite web |url= http://taxes.state.mn.us/taxes/sales/publications/fact_sheets_by_name/content/BAT_1100111.pdf |publisher = Department of Revenue | title= Local Sales Tax and Use |access-date=November 26, 2006 | place = MN | archive-url = https://web.archive.org/web/20061009052806/http://www.taxes.state.mn.us/taxes/sales/publications/fact_sheets_by_name/content/BAT_1100111.pdf |archive-date = October 9, 2006}}</ref> [[Excise]] taxes are levied on alcohol, tobacco, and motor fuel. The state imposes a [[use tax]] on items purchased elsewhere but used within Minnesota.<ref name="salestax" /> Owners of [[real property]] in Minnesota pay [[property tax]] to their county, municipality, school district, and special taxing districts.{{clear left}}