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Minnesota eighth on Forbes List of Best States for Business

Minnesota ranked eighth in the Forbes 2013 List of the Best States for Business, jumping 12 spots from a year earlier on the strength of an improving economy, according to the publication.

Minnesota’s overall 2013 ranking was the biggest improvement of any state in the eighth annual study, which looks at six key metrics: cost, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.

“The Forbes magazine study is fantastic recognition of our state’s strong economic climate and thriving business community,” said Katie Clark Sieben, commissioner of the Minnesota Department of Employment and Economic Development (DEED). “The word is out that Minnesota is a great place to live, work and do business.”

Forbes cited the Twin Cities as Minnesota’s economic hub, with 62 percent of the state’s population and a strong mix of corporate headquarters, including Target, U.S. Bancorp, General Mills, 3M and Medtronic.

The magazine also noted the high percentage of Minnesotans with a high school degree (92.5 percent, ranking second nationally) and pointed to the state’s strong quality of life measure such as good schools, low poverty rate and healthy population.

In the six key metrics, Minnesota ranked fifth in quality of life, ninth in economic climate, 13th in growth prospects, 18th in labor supply, 22nd in regulatory environment and 34th in business costs.