51 Minnesota Business Stats & Facts For 2025

Here are 51 business stats about Minnesota for 2025.

Basics:

Population: 5,737,915 (US Census 2020)
Population desnity per square mile: 71.70
GDP: $471,820 (millions USD)
GDP Per Capita: $82,885
Median household income (in 2022 dollars): $84,313
Real GDP Growth Rate: 1.20%
Total Employment: 3.3m
Unemployment Rate: 3.2%

Rankings

% Share of National Economy: 1.72%
State Economic Growth Rank (out of 50): 20
Population Growth Rank (out of 50): 27
Business Growth Rank (out of 50): 34
State Growth Rank in Employment (out of 50): 27

Biggest Industries In Minnesota By Revenue

1. Life Insurance & Annuities: $58.1b
2. Health & Medical Insurance: $50.2b
3. Third-Party Administrators & Insurance Claims Adjusters: $40.2b
4. Commercial Banking: $39.5b
5. Hospitals: $30.2b
6. Medical Supplies Wholesaling: $23.5b
7. New Car Dealers: $20.8b
8. Drug, Cosmetic & Toiletry Wholesaling: $19.7b
9. Wholesale Trade Agents and Brokers: $19.3b
10. Corn, Wheat & Soybean Wholesaling: $18.5b

Biggest Employers In Minnesota

1. State of Minnesota: 50,000 (1.5%)
2. Mayo Clinic: 35,000 (1.1%)
3. Walmart Inc.: 24,060 (0.7%)
4. Target Corp: 24,000 (0.7%)
5. Unitedhealth Group Incorporated: 18,000 (0.5%)
6. U S Bancorp: 14,000 (0.4%)/li>

Small Businesses In Minnesota

Number of Small Businesses 525,156
Percent of bossiness that are small businesses: 99.40%
Number of employees: 1,300,000
Share of Employment: 45.70%
Number of New Businesses In The Past Year: 17,765
Number of Businesses That Closed In The Past Year: 14,523
Net Change In New Businesses: 3,242

Number of Businesses With No Employees: 409,431
Number of Businesses with 1-19 Employees: 100,829
Number of Businesses with 20-499 Employees: 14,896
Share of Businesses Owned By Women: 41.40%
Share of Businesses Owned By Veterans: 6.70%
Share of Hispanic Owned Businesses: 2.80%
Share of Businesses Owned By Racial Minorities: 11.00%

Fortune 500 Companies In Minnesota

Number of Fortune 500 Headquaters: 15
Biggest Company: UnitedHealth Group
Biggest Company Type: Health Care: Insurance and Managed Care
Number of Employees: 400,000
Revenue (in millions): $324,162

Taxes In Minnesota

State Corporate Tax Rate: 9.80%
State Corporate Tax Rate Brackets: $0

State Sales Tax Rate: 6.88%
State Sales Tax Rank (out of 50): 6
Average Local Sales Tax Rate: 1.16%
Max Local Sales Tax Rate: 2.15%
Average Combined Sales Tax Rate: 8.04%
Combined Sales Tax Rank (out of 50): 15

Minimum State Income Tax Rate If You’re Single: 5.00%
Minimum State Income Tax Rate If You’re Married: 5.00%

General Minnesota Population Facts

In civilian labor force, total, percent of population age 16 years+: 68.60%
In civilian labor force, female, percent of population age 16 years+: 65.00%
Share of population which is foreign born: 8.50%
Mean travel time to work (minutes), workers age 16 years+: 23.3

Housing

Number of Housing Units: 2,575,411
Owner-occupied housing unit rate: 72.30%
Median value of owner-occupied housing units: $286,800
Median gross rent per month: $1,178
Households with a computer: 94.50%
Households with a broadband Internet subscription: 89.70%

Education

High school graduate or higher, percent of persons age 25 years+: 93.70%
Bachelor’s degree or higher, percent of persons age 25 years+: 38.20%

Also See

• Minnesota Registered Agent Services
• Minnesota Secretary of State Business Search
• How To Form an LLC In Minnesota
• Minnesota Bookkeepers & Bookkeeping Services

Sources

• https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP
• https://en.wikipedia.org/wiki/Economy_of_Minnesota
• https://www.ibisworld.com/united-states/economic-profiles/minnesota/
• https://taxfoundation.org/data/all/state/2024-sales-taxes/
• https://taxfoundation.org/data/all/state/state-corporate-income-tax-rates-brackets-2024/
• https://taxfoundation.org/data/all/state/state-income-tax-rates-2024/
• https://advocacy.sba.gov/2023/11/14/2023-small-business-profiles-for-the-states-territories-and-nation/
• https://advocacy.sba.gov/wp-content/uploads/2023/11/2023-Small-Business-Economic-Profile-MN.pdf
• https://www.bls.gov/eag/
• https://www.bls.gov/regions/midwest/minnesota.htm#eag
• https://www.census.gov/quickfacts/fact/table/MN,US/PST045223
• https://www.50pros.com/fortune500