The Greater MSP region continues to see business investment announcements and growth opportunities despite the COVID19 pandemic. The region experienced a pause in business investment activity in the Second Quarter of 2020 with stay-at-home orders and travel restrictions slowing the pace of investment decisions by employers. Moving out of Second Quarter the pause was lifted as a number of companies have made announcements for growth in the Greater MSP region. There have been nearly 100 announced expansions in the Minneapolis Saint Paul region this year. Regionwide, GREATER MSP estimates that over 3,000 new jobs have been created by expanding businesses in 2020, over 600 jobs have been retained through coordinated regional partner efforts, and over $600 million has been spent on new construction, equipment purchases, and space renovations. Included below are some examples of business investment successes so far in 2020.
The Greater MSP region is home to another tech unicorn. Arctic Wolf, valued over $1 billion, announced they will be moving their corporate headquarters from Silicon Valley to Eden Prairie, MN. The cybersecurity firm will add 150 jobs to the region. Minnesota’s single largest venture capital raise of the year was led by Minneapolis-based Bright Health, which announced a September raise of $500M in Series E funding, bringing the total equity raised by the company to $1.5 billion since 2016. Retailer Maurices, also announced they will open a tech center in downtown Saint Paul, employing 30 technology, analytics, security and development staff.
Amazon announced Lakeville as the location for their next fulfillment facility, which will compliment the existing Shakopee facility in serving a growing 3.6 million-person metro area.
In the life sciences and healthcare sector, Medica announced they will be opening a service center employing 50 in the Midway neighborhood of Saint. Paul. An important element of the decision to choose this neighborhood was Medica’s desire to advance racial equity and hire employees from the diverse communities it serves. Health insurance startup Bind Benefits Inc. has far outpaced their growth projections for 2020 and has hired more than 100 new employees this summer. Globally-leading drug delivery innovator, Kindeva, announced their plans to build a new 136,000 square foot headquarters, research, and manufacturing facility in Woodbury.
Legacy firm, Deluxe is also offering new opportunities for the region. The company will be moving its headquarters, and more than 500 employees, from suburban Shoreview to downtown Minneapolis in 2021. While this may appear to be a simple regional move, it is in fact a major vote of confidence in the Downtown Minneapolis market by a large, publicly-traded tech leader. Further, this is an opportunity for Shoreview – in partnership with Scannell Properties – to redevelop their former headquarters into a modern, mixed use business park.
GREATER MSP is uniquely positioned to partner with the region’s 120+ city and county governments, electric utilities, real estate professionals, trade associations, and the State of Minnesota to deliver timely and relevant support to businesses considering the Greater MSP region. If you would like to learn more about how the GREATER MSP Business Investment team can help with business attraction, expansion, or retention efforts contact Joel Akason, Senior Vice President of Business Investment.