The latest Business Benchmarks report from the Minnesota Chamber of Commerce presents a complex picture of the state’s economy. This report condenses economic data into an easy-to-read format for business professionals, highlighting both strengths and challenges.
Among the strengths outlined in the report are Minnesota’s long-term economic stability, a favorable cost of living, a strong legacy of innovation, improvements in infrastructure, and a recovering labor force. However, the report also highlights challenges such as slow economic growth, high taxes and regulations, increasing cost of doing business, and negative net domestic migration.
Despite these high-quality strengths, the report suggests that they have not translated into meaningful economic growth for the state. This paints a somewhat contradictory picture of the state’s economic position.
To access the full report, you can find the link here. This report provides valuable insights into the current economic landscape in Minnesota, shedding light on both the positive aspects and the challenges that the state faces.