Our region has received recognition lately for its positive business climate.
CNBC recently released its ranking of the top states for business and Minnesota landed in the #6 spot. The rankings looks at a variety of factors including the economy, the cost of doing business, business friendliness, infrastructure, quality of life, education and a myriad of others. The ranking indicates that ours is a high-value region. It acknowledges the many benefits the region provides in terms of business friendliness, education, innovation, a robust economy, strong infrastructure and great quality of life. Taxes are one important part of the equation when evaluating business climate, but Minnesota offers many benefits to businesses.
Meanwhile, KPMG released its review of taxation and reported that the region has a very competitive “overall tax structure for business,” and it is ranked second for companies that invest a great deal in research and development. Overall GREATER MSP ranks 17th out of the top 51 markets globally and 8th out of the top 31 markets in the U.S. for overall tax structure. Thanks to refundable R&D tax credits, Greater MSP and the state rank second in the U.S. and number 8 in the world for overall tax structure. The tax credits, which are not the norm across the U.S., are one way to ensure that innovation stays strong in the state.
In a new national survey, Minnesota and Greater MSP were recognized as a top location to start a small business. Thumbtack.com, in partnership with the Kauffman Foundation, conducted its annual survey and found the state to be #5 in terms of ease for starting a small business. The state also got high marks for its training and networking programs and female entrepreneurs were more likely to rate the friendliness of the state higher than their male counterparts. Minneapolis Saint Paul came in #11 of all the cities surveyed.
And business services firms are optimistic about the short term. In a survey released by Minnesota's Department of Employment and Economic Development and the Federal Reserve, 82% of business services firms in the state are optimistic that profits will increase or remain steady this year. This is an improvement of 7 percentage points over last year and 49% of survey respondents expect an increase in employment and consumer spending.
Greater MSP. Business and People Prosper Here!