Minnesota

Minnesota is the 32nd state of the United States, having joined the Union on May 11, 1858.

Economy

The Bureau of Economic Analysis estimates that Minnesota's total state product in 2003 was $211 billion. Per capita personal income in 2003 was $34,031, 10th in the nation. The average household income in 1999 was approximately $48,000, ranking eighth in the nation (U.S. Census Bureau). The county averages range from $17,369 (Todd County) to $42,313 (Hennepin County, a portion of the Metro area). In general, salaries are lowest in more rural areas, particularly in the northwest portion of the state.

Related Topics:
Bureau of Economic Analysis - U.S. Census Bureau - Todd County - Hennepin County

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Major industries/products

The Twin Cities are home to a diverse range of major businesses, including 3M Co. (formerly Minnesota Mining and Manufacturing Co.), Northwest Airlines, Target Corporation, U.S. Bancorp, Thrivent Financial for Lutherans (the merged entity of the former Aid Association for Lutherans and Lutheran Brotherhood), Medtronic, Ecolab, Best Buy, Cray Computers, Imation, International Dairy Queen, Regis Corporation, General Mills and a regional headquarters of Wells Fargo & Co., Caterpillar Inc. and Honeywell. The city of Rochester is the headquarters of the Mayo Clinic, and has a significant manufacturing presence in International Business Machines. The largest shopping mall in the United States, the Mall of America, is located in Bloomington.

Related Topics:
Twin Cities - 3M Co. - Northwest Airlines - Target Corporation - U.S. Bancorp - Thrivent Financial for Lutherans - Medtronic - Ecolab - Best Buy - Cray Computers - Imation - Dairy Queen - General Mills - Wells Fargo & Co. - Caterpillar Inc. - Honeywell - Mayo Clinic - International Business Machines - Shopping mall - Mall of America - Bloomington

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

A large proportion of the state's economy is still agricultural, even though only a small percentage of the population (around 2%) consider themselves to be farmers. Additionally, northern Minnesota is a source for iron ore and wood products, though these are both declining industries. A fair amount of ethanol alcohol fuel is produced in the state, and a 10% mix of ethanol into consumer gasoline has been mandated since 1997 (as of 2004, Minnesota is the only U.S. state with such a mandate). If production capacity meets the need, 2% biodiesel will be required in diesel fuel in 2005. Many farmers also now operate wind turbines to produce electricity, particularly in the windy southwest region. As of January 2005, the state is the country's fourth-largest wind energy producer after California, Texas, and Iowa, with 615 megawatts installed and 213 MW planned http://www.awea.org/projects/.

Related Topics:
Agricultural - Iron ore - Wood - Ethanol - Alcohol fuel - Gasoline - 1997 - Biodiesel - Diesel fuel - 2005 - Wind turbine - Electricity - January 2005 - California - Texas - Iowa - Megawatt

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

The state has been a major influence in the area of transportation, moving products along the Mississippi River, in and out of the inland seaport of Duluth, along railroads that crisscross the state, via highways with trucking and busing companies, and through the air with a major airline hub. However, water- and rail-borne traffic has been declining steadily over the years.

Related Topics:
Transportation - Railroad - Highway - Trucking - Bus

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

State taxes

Minnesota is regarded as a high-tax state by some. It has an income and sales tax, as well as levying taxes on a common range of goods such as tobacco, gasoline, and alcohol. The state does not charge sales tax on clothing, services (massages, haircuts, auto work, etc), or non-prepared food items.

Related Topics:
Tax - Income - Sales tax - Tobacco - Alcohol - Clothing - Service - Massage - Haircut

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Minnesota businesses and individuals paid an average of 11.8% of their income in state and local taxes in 1998, down from 12.7% in 1996 (Minnesota Department of Revenue). The Gross State Product was just under $173 billion in 1999 (Northeast Midwest Institute), with approximately $17.5 billion in exports in 2000.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Retail sales per capita were $10,260 in 1997, higher than the U.S. average of $9,190 (U.S. Census Bureau). The "retail capital" of the state is probably the Twin Cities suburb of Roseville, which recorded $14,870 per capita (though it is easily outstripped in total revenue by Minneapolis, St. Paul, Bloomington, and Edina).

Related Topics:
Roseville - Edina

~ ~ ~ ~ ~ ~ ~ ~ ~ ~