The Latest Minnesota Industry Statistics Explained
Minnesota has more than 8,500 manufacturers.
The statistic that Minnesota has more than 8,500 manufacturers indicates a strong presence of manufacturing businesses within the state. This figure suggests that Minnesota has a diverse and robust manufacturing sector contributing to its economy. Having over 8,500 manufacturers signifies a significant level of industrial activity within the state, covering a wide range of industries such as food processing, machinery, electronics, and more. This statistic highlights the importance of the manufacturing sector in Minnesota, showcasing the state as a hub for production and innovation, which can lead to job creation, economic growth, and overall prosperity for the region.
In 2021, Minnesota’s total gross state product was $388 billion – the 17th largest in the United States.
The statistic indicates that in 2021, Minnesota’s total gross state product reached $388 billion, positioning it as the 17th largest state economy in the United States. Gross state product (GSP) is a measure of the total value of goods and services produced within a state’s borders over a specific period. Minnesota’s ranking as the 17th largest economy signifies its economic importance relative to other states in terms of output and productivity. This statistic suggests that Minnesota has a sizable and robust economy, contributing significantly to the overall economic landscape of the United States.
Manufacturing alone contributes $49.2 billion to Minnesota’s economy – around 14% of the state’s GDP.
The statistic indicates that the manufacturing sector is a significant driver of Minnesota’s economy, contributing $49.2 billion, which accounts for approximately 14% of the state’s Gross Domestic Product (GDP). This suggests that manufacturing plays a crucial role in the state’s overall economic output and growth. The high level of contribution from the manufacturing industry highlights its importance in creating jobs, generating revenue, and supporting other sectors within the state. Additionally, the statistic implies that policies and investments aimed at supporting and fostering the manufacturing sector could have a substantial impact on Minnesota’s economic prosperity and competitiveness.
Minnesota’s manufacturing industry employs over 300,000 people.
The statistic that Minnesota’s manufacturing industry employs over 300,000 people highlights the significant economic impact and importance of the manufacturing sector in the state. This figure indicates a substantial workforce engaged in activities such as production, assembly, and distribution within industries such as machinery, food processing, medical devices, and more. The employment opportunities provided by the manufacturing industry not only contribute to the state’s overall employment rate but also play a crucial role in driving economic growth, fostering innovation, and supporting other related industries and supply chains. The large workforce employed in manufacturing signifies the sector’s considerable contribution to Minnesota’s economy, making it a key player in the state’s economic landscape.
Minnesota’s medical device industry employs around 35,000 people.
The statistic ‘Minnesota’s medical device industry employs around 35,000 people’ indicates the significant impact and contribution of the medical device sector to the state’s economy. With approximately 35,000 individuals employed in this industry, it highlights the sector’s role as a key driver of employment opportunities within Minnesota. This statistic also suggests the industry’s importance in providing valuable jobs and supporting the livelihoods of a substantial portion of the state’s workforce. The high level of employment within the medical device industry underscores its significance as a major economic player in Minnesota, emphasizing the sector’s influence on job creation and overall economic prosperity in the region.
The agriculture industry contributes $37.6 billion annually to Minnesota’s economy.
This statistic indicates that the agriculture industry in Minnesota plays a significant role in the state’s economy by contributing $37.6 billion annually. This contribution represents the total economic output generated by agricultural activities within the state, including the production of crops, livestock, and other agricultural products. The agriculture industry not only supports numerous farms and businesses directly involved in agriculture, but it also has a ripple effect on other sectors of the economy through providing income to farmers, creating jobs, and supporting related industries such as food processing, transportation, and retail. Overall, this statistic highlights the importance of the agriculture industry in driving economic growth and sustainability in Minnesota.
The agriculture and food industry in Minnesota employs nearly 400,000 people.
The statistic states that the agriculture and food industry in Minnesota provides employment opportunities for nearly 400,000 individuals. This showcases the significant contribution of the industry to the state’s economy by serving as a major provider of jobs. Employment in this sector encompasses a wide range of roles, from farming and food production to distribution and retail. Furthermore, the statistic underscores the industry’s importance in supporting livelihoods, fostering economic growth, and ensuring a stable and reliable food supply for the state’s residents. Such a substantial workforce in agriculture and food production reflects the industry’s integral role in sustaining not only the local economy but also the overall well-being and quality of life in Minnesota.
Minnesota is the largest producer of turkeys in the United States.
The statistic that Minnesota is the largest producer of turkeys in the United States indicates that the state of Minnesota leads in the production of turkeys compared to all other states in the country. This statistic reflects Minnesota’s significant agricultural industry, expertise in turkey farming, and favorable environmental conditions for turkey production. The state’s prominence in turkey production may be attributed to factors such as a conducive climate, the presence of experienced farmers, access to necessary resources, and efficient supply chain infrastructure. Minnesota’s status as the largest producer of turkeys underscores its importance in the national turkey industry and highlights the state’s contributions to meeting the demand for turkeys in the United States.
In 2020, Minnesota exported manufactured goods worth $20 billion, 87% of the state’s total exports.
In 2020, the state of Minnesota exported $20 billion worth of manufactured goods, representing 87% of the state’s total exports. This statistic indicates that the manufacturing sector plays a significant role in Minnesota’s economy and is a major driver of the state’s export activity. The high proportion of manufactured goods in the state’s total exports suggests that Minnesota has a robust manufacturing industry that is competitive on a global scale. The $20 billion export value underscores the importance of the manufacturing sector in generating revenue and creating jobs in the state, highlighting its contribution to Minnesota’s overall economic growth and trade relations. Additionally, it suggests that policies and investments supporting the manufacturing industry in Minnesota have been effective in promoting export-oriented activities and boosting the state’s competitiveness in the international market.
The information industry in Minnesota employs over 50,000 people.
The statistic that the information industry in Minnesota employs over 50,000 people indicates the significant role of this sector in the state’s economy as a major employer. This data suggests a substantial workforce dedicated to various information-related activities such as technology, telecommunications, publishing, and data processing among others. It highlights the industry’s contribution to job creation, economic growth, and innovation within Minnesota, as well as the potential impact on the overall labor market and local communities. This statistic underscores the importance of the information industry in driving employment opportunities, attracting talent, and fostering a dynamic and competitive business environment within the state.
Minnesota is home to 17 Fortune 500 companies.
The statistic that Minnesota is home to 17 Fortune 500 companies indicates that the state boasts a significant presence of large, successful corporations. The Fortune 500 list ranks the top revenue-generating companies in the United States, and Minnesota being home to 17 of these companies suggests a strong business environment within the state. This statistic showcases Minnesota’s economic vitality and attractiveness for corporations looking to establish or expand their operations. It also highlights the potential for job opportunities and economic growth stemming from the presence of these major companies in the state.
Minnesota’s bioscience industry provided over 48,000 jobs in 2021.
The statistic that Minnesota’s bioscience industry provided over 48,000 jobs in 2021 indicates the significant role this sector plays in the state’s economy. These jobs are likely spread across various subfields within bioscience, such as pharmaceuticals, medical devices, and biotechnology, showcasing the diversity and growth potential of the industry. The large workforce employed in bioscience not only contributes to job creation but also drives innovation, research, and development within the state. This statistic highlights the importance of bioscience as a key sector for employment opportunities, economic advancement, and technological progress in Minnesota.
The health care and social assistance sector is the largest employer in Minnesota, employing over 408,000 people in 2020.
The statistic that the health care and social assistance sector is the largest employer in Minnesota, employing over 408,000 people in 2020, highlights the significant role this industry plays in the state’s economy and job market. With a workforce of that size, it is clear that a substantial portion of the population in Minnesota is employed in this sector, emphasizing the importance of health care and social services in the state. This statistic also underscores the demand for healthcare services and the impact of social assistance programs on the lives of Minnesotans. Additionally, it suggests the potential for continued growth and investment in these sectors to meet the needs of the population and provide employment opportunities in the state.
In 2019, the retail trade sector in Minnesota generated over $18 billion in sales.
The statistic “In 2019, the retail trade sector in Minnesota generated over $18 billion in sales” indicates that the overall revenue generated by retail businesses operating within the state of Minnesota during the year 2019 exceeded $18 billion. This figure serves as a measure of the economic activity within the retail trade sector and reflects the total value of goods and services purchased by consumers in the state. The statistic is significant as it highlights the substantial contribution of the retail industry to the state’s economy and suggests a level of consumer spending and market demand. Monitoring such statistics can provide valuable insights into the health and performance of the retail sector, helping policymakers, businesses, and investors make informed decisions regarding economic development, market trends, and investment opportunities within the state.
Minnesota’s construction industry employs over 120,000 people.
The statistic that Minnesota’s construction industry employs over 120,000 people indicates the significant workforce involved in this sector within the state. This data points to the industry’s substantial contribution to Minnesota’s economy, providing job opportunities for a large number of individuals. The construction industry plays a crucial role in infrastructure development, housing construction, commercial projects, and overall economic growth. With over 120,000 people employed in this sector, it showcases the industry’s importance in driving employment and economic activity in Minnesota.
References
0. – https://www.www.mfests.org
1. – https://www.fortune.com
2. – https://www.minnesotabusiness.com
3. – https://www.minnesota.cbslocal.com
4. – https://www.www.trade.gov
5. – https://www.mn.gov
6. – https://www.www.deptofnumbers.com
7. – https://www.www.mhta.org
8. – https://www.www.mnchamber.com
