State Quick Facts
- Nickname: The North Star State
- Capital: St. Paul
- 2016 Population: 5,519,952
- Gross State Product: $335 Billion
- Total Nonfarm Employment: 2,895,100
- Governor: Mark Dayton (D)
- Senators: Al Franken (D), Amy Klobuchar (D)
- Representatives: 8
Support For Local Business
Senator Amy Klobuchar (D-MN): “The success of Minnesota’s small businesses is vital to the success of Minnesota’s overall economy. Minnesota’s 120,000 small businesses account for more than half of the state’s private-sector employment, and their job growth rate exceeds that of large businesses. Small businesses are engines of job creation.”
(Senator Amy Klobuchar, Senate Website, Accessed 4/28/14)
Senator Al Franken (D-MN): “Small businesses drive our state’s economic engine.”
(Senator Al Franken, Senate Website, Accessed 4/28/14)
Representative Michele Bachmann (R-MN): “[T]he small business community is vital to the American economy. According to the Small Business Administration, small businesses employ half of all private sector employees. They also generated 64 percent of the new jobs in America over the past 15 years.”
(Representative Michele Bachmann, “Supporting Our Small Businesses, Protecting Our Economy,” Press Release, 11/22/11)
Minnesota’s 509,732 small businesses represent 99.5% of all employers in the state and employ 1.2 million workers.
Women-owned businesses make up 157,800 of Minnesota small businesses.
Veteran-owned businesses make up 45,500 of Minnesota small businesses.
A total of 8,682 companies, which operate internationally, competing in global markets on a daily basis for inputs, capital, and customers, export from Minnesota.
Minnesota exports reached $19.2 billion in 2016, with products and services going to over 211 countries.
Seventeen Fortune 500 companies are headquartered in the Land of 10,000 Lakes.