MINNEAPOLIS (WCCO) — Minnesota has been ranked eighth on the “Forbes 2013 List of the Best States for Business,” which is a jump of 12 spots from last year, according to the publication.
Forbes says Minnesota’s overall 2013 ranking was the biggest improvement of any state in the eighth-annual study.
The study looks at six key metrics: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.
In those metrics, Minnesota ranked fifth in quality of life, ninth in economic climate, 13th in growth prospects, 18th in labor supply, 22nd in regulatory environment and 34th in business costs.
“The Forbes magazine study is fantastic recognition of our state’s strong economic climate and thriving business community,” said Katie Clark Sieben, commissioner of the Minnesota Department of Employment and Economic Development (DEED). “The word is out that Minnesota is a great place to live, work and do business.”
The Twin Cities was cited as Minnesota’s economic hub, with 62 percent of the state’s population and a strong mix of corporate headquarters, including Target, U.S. Bancorp, General Mills, 3M and Medtronic.
Forbes also mentioned the high percentage of Minnesotans with a high school degree – 92 percent, which is 2nd nationally – and pointed to the state’s strong quality of life measures, including good schools, low poverty rate and healthy population.
Virginia ranked No. 1 in the study, followed by North Dakota, Utah, North Carolina, Colorado, Nebraska and Texas.