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==Economy== [[File:MN Ford plant.jpg|thumb|The [[Ford Motor Company]]'s [[Twin Cities Assembly Plant]] in 2006]] The Minneapolis–Saint Paul–Bloomington area employs 1,570,700 people in the private sector as of July 2008, 82.43% of whom work in private service providing-related jobs.<ref>{{cite web |title=Databases, Tables & Calculators by Subject |work=Bureau of Labor Statistics |publisher=U.S. Department of Labor |date=August 26, 2008 |url=http://data.bls.gov/PDQ/servlet/SurveyOutputServlet;jsessionid=f030f2337f5b$3F$3F$3 |access-date=August 26, 2008 |archive-date=March 10, 2022 |archive-url=https://web.archive.org/web/20220310193448/https://data.bls.gov/cgi-bin/dbdown?REQUEST_ERROR_MESSAGE |url-status=live}} This data may not be directly reproducible via this link. [http://data.bls.gov/PDQ/outside.jsp?survey=sm BLS.gov] {{Webarchive|url=https://web.archive.org/web/20080912103418/http://data.bls.gov/PDQ/outside.jsp?survey=sm |date=September 12, 2008 }}, Select "27 Minnesota" and "33460 Minneapolis–St. Paul–Bloomington, MN-WI" and all subsectors.</ref> Major corporations headquartered in Saint Paul include [[Ecolab]], a chemical and cleaning product company<ref>{{cite news |last=Orrick |first=Dave |title=Downtown goal: Fill storefronts — at least for now |work=[[St. Paul Pioneer Press|Pioneer Press]] |publisher=MediaNews Group |date=July 28, 2008 |url=http://www.twincities.com/allheadlines/ci_10021824 |access-date=July 30, 2008 |archive-url=https://web.archive.org/web/20080803030400/http://www.twincities.com/allheadlines/ci_10021824 |archive-date=August 3, 2008 |url-status=live}}</ref> that the ''Minneapolis/St. Paul Business Journal'' named in 2008 as the eighth-best place to work in the Twin Cites for companies with 1,000 full-time Minnesota employees,<ref>{{cite news |last=Johnson |first=Kim |title=Business Journal names Best Places to Work |work=Minneapolis / St. Paul Business Journal |publisher=[[American City Business Journals]] |date=August 20, 2008 |url=http://twincities.bizjournals.com/twincities/stories/2008/08/11/daily30.html?surround=lfn |access-date=August 26, 2008 |archive-url=https://web.archive.org/web/20090519190102/http://twincities.bizjournals.com/twincities/stories/2008/08/11/daily30.html?surround=lfn |archive-date=May 19, 2009 |url-status=dead}}</ref> and [[Securian Financial Group Inc.]]<ref><!-- Note: This is not the same reference to the MMAA in the museums section --> {{cite news |last=Abbe |first=Mary |title=Same old struggles at the MMAA |work=[[Star Tribune]] |pages=3 |publisher=Chris Harte |date=July 21, 2008 |url=http://www.startribune.com/entertainment/art/25873384.html |access-date=July 21, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080918180413/http://www.startribune.com/entertainment/art/25873384.html |archive-date=September 18, 2008}}</ref> The [[3M Company]] moved to St. Paul in 1910. It built an art deco headquarters at 900 Bush Avenue that still stands. Headquarters operations moved to the suburban Maplewood campus in 1964. 3M manufacturing continued for a couple more decades until all St. Paul operations ceased. The city was home to the [[Ford Motor Company]]'s [[Twin Cities Assembly Plant]], which opened in 1924 and closed at the end of 2011. The plant was in [[Highland Park, Saint Paul|Highland Park]] on the Mississippi River, adjacent to [[Lock and Dam No. 1, Mississippi River]], which generates hydroelectric power.<ref>{{cite web |title=Lock and Dam 1 |work=St. Paul District |publisher=US Army Corps of Engineers |url=http://www.mvp.usace.army.mil/navigation/default.asp?pageid=145&subpageid=146 |access-date=August 27, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20081206183104/http://www.mvp.usace.army.mil/navigation/default.asp?pageid=145&subpageid=146 |archive-date=December 6, 2008}}</ref> The site is being redeveloped into a mixed-used area called [[Highland Bridge (development)|Highland Bridge]] which, when complete, will include 3,800 housing units, most opening in 2023.<ref>{{cite news |last1=Bloomquist |first1=Madison |title=Big Picture: Highland Bridge |url=https://mspmag.com/arts-and-culture/big-picture-highland-bridge/ |access-date=March 5, 2023 |work=Mpls. St. Paul |date=November 8, 2022 |archive-url=https://web.archive.org/web/20221203033536/https://mspmag.com/arts-and-culture/big-picture-highland-bridge/ |archive-date=December 3, 2022}}</ref> Saint Paul has financed city development with [[Tax increment financing|tax increment financing (TIF)]]. In 2018, it had 55 TIF districts. Projects that have benefited from TIF funding include the [[CHS Field|St. Paul Saints stadium]], and the [[affordable housing]] along the Twin Cities [[Metro Green Line (Minnesota)|Metro Green Line]].<ref>{{cite news |url=https://www.twincities.com/2018/04/14/frederick-melo-you-dont-know-tif/ |title=Frederick Melo: You don't know TIF! |date=April 14, 2018 |work=Twin Cities |access-date=April 15, 2018 |language=en-US |archive-url=https://web.archive.org/web/20180415125039/https://www.twincities.com/2018/04/14/frederick-melo-you-dont-know-tif/ |archive-date=April 15, 2018 |url-status=dead}}</ref> ===Housing=== In November 2021, Saint Paul became the only Midwestern city to regulate rent increases when voters passed a [[rent control]] ordinance as part of a larger effort to curb rising housing costs.<ref name="passed law">{{cite news |last1=Melo |first1=Frederick |title=St. Paul City Council likely to prune rent-control ordinance next week |url=https://www.twincities.com/2022/09/07/st-paul-city-council-likely-to-exempt-new-construction-for-rent-control-going-back-20-years/ |work=[[St. Paul Pioneer Press]]|access-date=September 27, 2022|date=September 7, 2022}}</ref><ref name="reformer rent">{{cite news |last1=Nesterak |first1=Max |title=St. Paul City Council passes sweeping overhaul of rent control ordinance |url=https://minnesotareformer.com/2022/09/21/st-paul-city-council-passes-sweeping-overhaul-of-rent-control-ordinance/ |access-date=March 5, 2023 |work=Minnesota Reformer |date=September 21, 2022}}</ref> The law limited annual rent increases to 3% and prohibited higher increases after a tenant vacated a unit.<ref name="reformer rent" /> This resulted in an 80% reduction in requests for new housing permits, while in [[Minneapolis]], permits were up 70%.<ref name="Reason_2022-03-22">{{cite news |last=Britschgi |first=Christian |date=2022-03-22 |title=America's Most Controversial Rent Control Law Is Getting a Hasty Makeover - A collapse in new development activity followed St. Paul voters' approval of a strict, vaguely written rent control ordinance. City and state officials are scrambling over how best to fix the new law. |url=https://reason.com/2022/03/22/politicians-scramble-to-define-amend-repeal-the-nations-most-controversial-rent-control-law/ |newspaper=[[Reason (magazine)|Reason]] |quote=Tomorrow the St. Paul City Council will discuss the details of implementing Question 1, a brief, voter-passed ordinance that caps annual rent increases at 3 percent and which includes none of the typical exemptions or allowances for new construction, vacant units, or inflation. ... California and Oregon policies also include a number of other exemptions to their state-level rent control laws. They allow property owners, up to a point, to add inflation to allowable rent increases. They both allow landlords to raise rents as high as they want between tenants and have higher caps on rent increases: 5 percent in California and 7 percent in Oregon.}}</ref><ref name="MinnPost_2022-03-16">{{cite news |last=Callaghan |first=Peter |date=2022-03-16 |title=Minnesota Senate committee moves bill to retroactively cancel rent control measures passed by voters in Minneapolis, St. Paul |url=https://www.minnpost.com/state-government/2022/03/minnesota-senate-committee-moves-bill-to-retroactively-cancel-rent-control-measures-passed-by-voters-in-minneapolis-st-paul/ |newspaper=[[MinnPost]] |quote=Draheim also cited Census Bureau statistics that show requests for housing permits has fallen 80 percent in St. Paul since the passage of the referendum. In Minneapolis, which hasn't drafted an ordinance yet and where new buildings could be exempt from caps, permits are up 68 percent.}}</ref> Saint Paul's rent control initiative has since been significantly rolled back.<ref>{{Cite web |last=Stokes |first=Kyle |date=2025-05-06 |title=St. Paul's rent control policy faces another rollback |url=https://www.axios.com/local/twin-cities/2025/05/06/st-paul-rent-control-vote-new-construction |access-date=2025-05-07 |website=Axios |language=en}}</ref> In September 2022, the Saint Paul City Council amended the law to allow higher vacancy increases and exempt units built in the preceding or following 20 years from the increase cap.<ref name="Star Tribune, September 20th, 2022">{{cite news|last1=Galioto |first1=Katie |title=St. Paul leaders poised to limit controversial rent control policy |url=https://www.startribune.com/st-paul-leaders-poised-to-limit-controversial-rent-control-policy/600208717/?refresh=true |work=[[Star Tribune]] |access-date=September 27, 2022|date=September 20, 2022}}</ref><ref name="Pioneer Press, September 21, 2022">{{cite news |last1=Melo |first1=Frederick |title=St. Paul City Council amends rent control, exempts new construction with 5-2 vote |url=https://www.twincities.com/2022/09/21/st-paul-city-council-amends-rent-control-exempts-new-construction-exemption-with-5-2-vote/ |work=[[St. Paul Pioneer Press]] |access-date=September 27, 2022|date=September 21, 2022}}</ref> Since then, according to [[Zillow]] estimates, St. Paul's rents have grown at a pace similar to Minneapolis's, since the ordinance gives landlords several options to raise rents by more than 3%.<ref>{{Cite web |last=Stokes |first=Kyle |date=2025-05-06 |title=St. Paul's rent control policy faces another rollback |url=https://www.axios.com/local/twin-cities/2025/05/06/st-paul-rent-control-vote-new-construction |access-date=2025-05-07 |website=Axios |language=en}}</ref>
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