British-owned firms are thriving in Minnesota, from engineering services, consumer lending, medical devices, civil engineering construction, commercial printing, pharmaceuticals, environmental consulting and more.
In fact, Minnesota companies affiliated with UK corporations employed the second-largest number of workers (16,500) among the state’s foreign firms, based on data from the Bureau of Economic Analysis at the U.S. Department of Commerce.
More than 140 companies in Minnesota are affiliates of British firms. Major firms include Ferguson Enterprises, First Student Inc., NCS Pearson Inc., Investment Centers of America, BP Products North America and Greyhound Bus Lines. In addition, the UK retains an honorary consulate in Minnesota. The UK is Minnesota’s 10th largest export trading partner. In 2014, Minnesota firms exported $529 million worth of products to the UK.
ENVIABLE BUSINESS CLIMATE
Minnesota has a strong and vibrant economy, ranking No.1 in a CNBC study of America’s Top States for Business 2015. Minnesota was especially high in education, economy and quality of life.
Companies announced 118 expansion projects in Minnesota in 2014, committing to spending more than $779 million and creating 3,800 jobs. The companies include Andersen Corp., Cardiovascular Systems and Polaris Industries.
TIRELESS WORK ETHIC
Minnesota had the third-highest labour force participation rate in the country at 69.9% as of August 2015.
A+ EDUCATION
Minnesota ranks second in the country for the percentage of the population aged 25 or older holding a high school diploma or equivalent (92.6%), according to 2014 data from the U.S. Census Bureau. The state also ranks 11th in the percentage of people with a bachelor’s degree or higher (34.3%).
Residents enjoy a high literacy rate. A Central Connecticut State University study in 2015 ranked Minneapolis as the most literate city in the US and St. Paul as the fourth most literate.
Minnesota students have led the nation in ACT college entrance exams for 10 consecutive years. Students are tested in English, reading, maths and science.
MATCHLESS INNOVATION
Minnesota was second in the country with 8,147 medical patents granted from 2009 to 2014. On a per capita basis, Minnesota entities or inventors were granted at least twice as many patents as the next closest state.
IMPRESSIVE CORPORATE MIX
Minnesota has a broad mix of companies, enabling the state to weather economic downturns better than other regions with economies that are more one-dimensional. The state has 17 Fortune 500 companies specialising in such areas as health care, financial services, retail and food production. The list includes Target Corp., General Mills, UnitedHealth Group and 3M. Agricultural commodities giant Cargill Inc., the largest privately held company in the country with estimated annual revenue of $135 billion in 2014, is headquartered in Minneapolis-St. Paul.
TRANSPORTATION AMENITIES
The Port of Duluth-Superior is the largest and busiest port on the Great Lakes, serving nearly 1,000 vessels and handling 34.5 million tons of cargo annually.
The Minneapolis-St. Paul International Airport serves more than 33 million passengers a year.
LIVING THE GOOD LIFE
Minnesota has the fourth-lowest poverty rate in the country, according to 2014 data from the U.S. Census Bureau.
Minnesota has the second-highest life expectancy in the US at 81.1 years, according to a Measure of America study.
Minnesota ranks No.1 in the United States in child well-being, according to the 2015 Kids Count report. The ranking was based on economic well-being, education, health, family and community.
Further Information
For more information, contact:
Laurence Reszetar
Director, Foreign Direct Investment
Tel: +1 651-259-7488
Email: Laurence.Reszetar@state.mn.us
Website: www.mn.gov/deed