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Why Twin Cities Minnesota Regional Fact Sheet Brochure 2013

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Why Twin Cities Minnesota Regional Fact Sheet Brochure 2013 WHY TWIN CITIES A GREAT PLACE TO LIVE , WORK AND DO BUSINESS Why Twin Cities? The Twin Cities Metropolitan Area is one of the fastest growing regions in the Midwestern United States. It’s not surprising why. With low unemployment, a high-quality workforce, robust transportation infrastructure, excellent business culture, and high quality of life, Minneapolis-St. Paul is an incredible place to invest and do business. A skilled, driven workforce helps businesses thrive. Minnesota is a national leader in education and The metropolitan economy has a diverse mix of industries innovation. We take top marks for high school and and is a national leader in such industries as finance, advanced degree attainment, patent filings and advanced advanced manufacturing, agriculture and retailing. research. The Twin Cities has a transportation system to meet The Twin Cities is an increasingly diverse place, with our modern business needs – including the highest-rated newest residents expanding the metro’s global presence airport in the nation based on a 2012 study by Travel and deepening our international business connections. and Leisure Magazine, and an expanding light rail system Though Minnesota might be known for its winters, both that connects commuters across the metro. Minneapolis and St. Paul are home to two of the largest Minnesota has the second most Fortune 500 companies enclosed skyway systems in the world. The skyways, per capita in the country. Among these are Target, 3M, enclosed shopping malls, and variety of indoor activities General Mills, U.S. Bancorp, and Medtronic, to name a (Minneapolis has more theater seats per capita than any few. Private companies are also a significant part of the other city outside New York) are part of a culture that economy, including agricultural titan Cargill, the largest keeps residents warm year-round. privately-held company in the country. Kittson Roseau Twin Cities Metro Area Profile Lake of The Woods Marshall Northwest Koochiching Minneapolis-St. Paul is home to a diverse and growing population. Pennington Cook Red Lake Beltrami Lake Polk Clear- Northeast water Itasca 2010 population: 3,259,654 Per capita income growth 2000-2010: Norman Mahnomen St. Louis Cass Hubbard (53.7% of Minnesota’s total population) 23.4 (compared to 31.2 statewide) Becker Clay Otter Tail Wadena Aitkin Carlton Crow Wilkin Population growth 2000-2010: The unemployment rate in the Twin Cities Wing Central Mille Pine Todd Lacs 10.0 percent (compared to 9.7 percent has decreased steadily to 5.2 percent in Morrison Kanabec Grant Douglas Traverse Benton nationwide) December 2012, significantly lower than Stevens Pope Stearns Isanti Big Sherburne Chisago Stone Swift Anoka Washington the national rate of 7.6 percent for that Kandiyohi Meeker Lac Wright Ram- Per capita personal income: Hennepin Qui Chippewa sey Parle McLeod Twin Cites time. Since the beginning of the Great Carver Yellow Medicine Renville Metro $33,577 in 2011 Scott Dakota Southwest Sibley Le Recession, the Twin Cities has maintained Nicollet Lincoln Lyon Redwood Sueur Rice Goodhue Wabasha (compared to $27,915 nationwide) Brown Steele Dodge Blue Olmsted Pipestone Waseca Winona Cottonwood Watonwan Earth one of the lowest unemployment rates Murray Southeast Freeborn Fillmore Houston Rock Nobles Jackson Martin Faribault Mower among major metropolitan areas across MINNESOTA BUSINESS COMMUNITY the country. DEVELOPMENT REGIONS WHY TWIN CITIES Growth and Change Much of this growth is spurred by the region’s growing ethnic diversity, continuing to strengthen the metro’s global The 16th largest metro in the country, Minneapolis-St. Paul is business connections. the main economic center between Chicago and Seattle and continues to see positive population growth now and into the Around 19,000 new residents move to the Twin Cities near future. from abroad each year. 10 percent of the metro’s population is foreign born. According to Census data, the Twin Cities is growing at a rate of 1.18 percent annually, faster than the nationwide Minneapolis-St. Paul is home to the largest Somali rate of .9 percent. community outside of Africa and the largest Hmong community outside of Laos. Other new ethnic groups The metro is expected to gain another 300,000 residents make up an increasing share of the population, especially by 2020. Hispanic and Asian immigrants. Key Industries Minneapolis-St. Paul is a global leader in advanced manufacturing, particularly in the Electronics and The strength of the Twin Cities economy lies in a diversity Medical Device of industries, with concentrations in health care, advanced sectors, with manufacturing, finance, and service sectors. significantly larger workforces Prominent Twin Cities Industries in those Minneapolis/St. Paul Employment Q3, 2012 industries than in most major Minneapolis- MPLS/STP Industry St. Paul Location metros. Employment Quotient1 Several Twin Total, All Industries 1,563,725 Cities financial Management of Companies and institutions 64,425 2.78 Enterprises emerged as Computer and Electronic Product major players 34,941 2.62 Manufacturing following the fallout of the Great Recession. Miscellaneous Manufacturing U.S. Bancorp, Piper Jaffray, and Ameriprise are 17,723 2.56 (mainly medical device manufacturing among the largest. Printing and Related Support 14,337 2.50 Several companies headquarted in the Twin Cities Activities are global leaders in cutting-edge technologies, such Internet Service Providers, Web as Medtronic in medical devices, ReconRobotics in Search Portals, and Data Processing 7,180 2.37 Services robotic technology, Stratasys in additive manufacturing, and in chemicals and films. Air Transportation 12,587 2.29 3M Insurance Carriers and Related 50,261 2.03 Activities Top Manufacturing Industries in the Region, 2011 Publishing Industries (except Internet) 16,649 1.85 Industry Establishments Employed Securities, Commodity Contracts, and Other Financial Investments and 15,893 1.61 Computer and Electronic Product 329 34,941 Related Activities Manufacturing Fabricated Metal Product 22,269 1.37 Fabricated Metal Product Manufacturing 882 22,265 Manufacturing Wholesale Electronic Markets and 13,417 1.32 Agents and Brokers Machinery Manufacturing 414 16,257 Printing and Related Support Machinery Manufacturing 16,235 1.27 498 14,332 Activities Source: U.S. Bureau of Labor Statistics Food Manufacturing 250 10,310 1A location quotient greater than 1 indicates a concentration of employment greater than the national average employment for that industry. Total All Manufacturing 4,258 160,606 Source: Minnesota Department of Employment and Economic Development 1 Your firm can tap into Minnesota’s large pool of skilled workers and be assured of a growing supply of potential hires. WHY TWIN CITIES Employment in Medical Manufacturing Industry in Largest U.S. Metros As Percent of Total Metropolitan Employment, 2011 Seattle Minneapolis-St. Paul Boston Detroit San Francisco Philadelphia Los Angeles Riverside Phoenix Atlanta U.S. Bureau of Labor Statistics Data unavailable for Chicago, New York, Houston and Dallas metros Miami Employment Overall, the Twin Cities is projected to gain nearly 144,100 jobs—an 8.5 percent increase by 2019. A highly-trained labor force with a strong work ethic provides the talent that Twin Cities businesses need to thrive in a global The Twin Cities is ranked first in the nation and third in marketplace. the world for human capital, according to the most recent World Knowledge Competitiveness Index. Rankings in this Minneapolis-St. Paul has the highest labor force index reflect the level of knowledge and skills within the participation rate (72.6 percent) among the top 30 largest workforce as well as the extent to which human capital is U.S. metropolitan areas. equally distributed within the population. The Twin Cities offers a highly educated workforce. 2 WHY TWIN CITIES Education & Innovation The Twin Cities has one of the most educated and innovative Minneapolis-St. Paul has the fifth highest percentage of populations in the U.S. – making it a major player in the global population with a bachelor’s degree or higher (37.9 percent) knowledge economy. among the 30 largest U.S. metropolitan areas. Among metropolitan areas, the Twin Cities had the highest A total of 61,440 degrees were awarded from the Twin percentage of population with a high-school degree (93 Cities’ 157 post-secondary institutions in 2010 with similar percent in 2011). numbers awarded in the years since then. According to the Minnesota Office of Higher Education, the Top 10 Degree Attainment Among Large Twin Cities ranked fourth with 50 percent of the population U.S. Cities, 2012 having attained some sort of degree (Minnesota ranked 5th Population with College Metropolitan Area among all states with a 45.8 percent attainment rate). Degree or Higher The Twin Cities ranks eighth in the country for new utility Washington, DC 46.8% patent awards – a testament to our culture of innovation. San Francisco 43.4% Boston 43.0% Many of the world’s best-known products and innovations were developed here, including Post-It Notes and Scotch Denver 38.2% Tape (3M), Wheaties and Cheerios cereals (General Mills), Minneapolis-St. Paul 37.9% and the Pacemaker (Medtronic), to name a few. Seattle 37.0% The University of Minnesota – among the top five public New York 36.0% research universities in the country – has spun out 38 Baltimore 35.1% startups since 2006, thanks to an innovative new effort Atlanta 34.1% through its Office for Technology Commercialization. Chicago 34.0% Source: New York Times, Brookings Institution Consumer Spending Strong personal incomes and affordable housing, together Average Annual Expenditures with a sales tax exclusion on apparel, gives residents the Minneapolis-St. Paul 2010-2011 spending power to support a thriving retail industry. Insurance & Pensions Per capita personal income—$48,657 as of 2011—is the 12% highest in the Midwest and among the highest for large` All Other 20% metropolitan areas in the country.
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