State Economy Among the Fastest Growing in the U.S. – According to the U.S. Department of Commerce Bureau of Economic... Read more
State Economy Among the Fastest Growing in the U.S. – According to the U.S. Department of Commerce Bureau of Economic Analysis, Minnesota is one of the fastest growing economies in the country. The state tied California for fifth place in growth of gross domestic product last year based on data for durable goods manufacturing, mining, agriculture, wholesale trade, finance and construction. Earlier this year Ms. Katie Clark Sieben, Commissioner of the Minnesota Department of Employment and Economic Development, observed, “ We are experiencing healthy growth across several business sectors, creating new jobs for Minnesota workers and new opportunities for Minnesota businesses.”
Minnesota Gains from International Trade – A Business Roundtable analysis reports that international trade supports an estimated 775,000 jobs in Minnesota and generated $23.7 billion in exports at year-end 2012. Of that export number 43 percent was with U.S. free trade agreement partner countries. Eighty-nine percent of Minnesota’s exporters are small to medium sized companies with fewer than 500 employees.
Medtronic CEO Supports Corporate Tax Reform – Omar Ishrak, chairman and chief executive officer of Medtronic Inc. has urged Minnesota businesses and citizens to support comprehensive reform of the U.S. tax code. Among other things, he said this should include reducing the corporate tax rate to a level that is competitive with other industrialized countries. He also supports a change in the international tax rules to allow U.S. companies to repatriate overseas earnings to be used for domestic investment and job creation without a tax penalty. He noted that the last comprehensive reform of the tax code was in 1986.
Minnesota Rebuilds to Pre- recession Employment Level – The state reached a “milestone” this month (September) when statewide employment surpassed the pre “great recession” level. A strong August, which included a gain of over 12,000 new jobs, pushed the state over the employment peak it had in February 2008. The mix of Minnesota jobs has changed, however, over this last five years period. Logging, mining, education, healthcare and professional business services are among the fields where there have been employment gains. Construction, manufacturing and utility jobs still lag behind earlier levels.
Shutterfly Expands in Minnesota – With the help of the Minnesota Investment Fund, an incentive program designed to help the state compete in the business attraction arena, Shutterfly Inc. announced plans to build a 217,000 sq. ft. manufacturing facility in the city of Shakopee. Forbes’ ranked the company ninth on its list of fastest growing companies in 2013. Shutterfly is a manufacturer and digital retailer of personalized products and services.