ST. PAUL, Minn. – In a surprise announcement unveiled Wednesday afternoon, CNBC ranked Minnesota the top state in the nation for business, up from number six just last year. The cable news network used 10 categories to rank states, with the workforce coming in as the biggest factor, followed by the cost of doing business and the strength of each state’s economy – all factors Minnesota has been consistently ranked high in. For the freshman legislator hailing from a part of the metro currently undergoing great economic growth, Sen. John Hoffman says it’s great be recognized.
“As Minnesotans, I think we all take a lot of pride in our strong work ethic and our educated workforce – and these were factors that helped push our state into winning the top state award. The ranking from CNBC is a true honor – and it’s great recognition for our state, but for life-long residents it’s a confirmation of something we’ve known for a long time – we have the recipe for success and it lives in the people who call the North Star state home,” said Sen. Hoffman.
For the first time since CNBC has begun ranking states Minnesota has won the honor; past winners have been Texas, Virginia and Georgia. Among the other factors that go into the final decision include technology and innovation, quality of life and the cost of living – and after winning awards like the healthiest state for seniors and Minneapolis as the best biking city in the country – the clues to our state’s success become clearer.
The top five states for business as ranked by CNBC are as follows: