Key Facts
- Per Capita Real GDP
- $41,353 Rank: 10/50 (2007)
- Population
- 5,220,390 Rank: 21/50 (2008)
- Per Capita Personal Income
- $38,712 Rank: 12/50 (2006)
- Unemployment Rate
- 4.50% Rank: 24/50 (2008)
- Business Tax Climate Index
- Rank: 42/50 (2008)
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Minnesota: Introduction
Minnesota lies in the Upper Midwest region of the United States. It is bordered by Canada to the north, Wisconsin to the east, the Dakotas to the west and Iowa to the south. The “Land of 10,000 Lakes” was carved from what was formerly known as Minnesota Territory and admitted into the Union in 1858. Diversity among its five million plus residents has been increasing due to an influx of Hispanic, Eastern European, and Asian immigrants. Its high participation rate in outdoor activities has helped put Minnesota at the top of the list of both healthiest states (Americas Health Ratings 2006), and highest percentage of residents who engage in regular exercise.
Minnesota has historically relied on its natural resources. Today corn and dairy farming continue to be important in agriculture. Minnesota’s vast forests and mineral wealth provide substantial income to the state and facilitate its manufacturing sector as well. Tourism is another beneficiary of the state’s natural attractions. Finance, health care and real estate are among the state’s fastest growing service sector industries. Nearly 60% of Minnesotans now live in the Minneapolis-Saint Paul metropolitan area better known as the Twin Cities. This area is the center for business and home to an internationally recognized arts community.
One unique feature of the Minnesotan economy is prevalence of cooperatives, which are organizations that sponsor cooperative buying and selling. It has more consumer, producer, and business service cooperatives than any other state in the Union. Most cooperatives are in the agricultural sector. The largest producer cooperatives are creameries for marketing milk, butter, cheese, and other dairy products.
