Economy of Minnesota facts for kids

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Economy of Minnesota
Minnesota quarter, reverse side, 2005.jpg
state quarter
Statistics
GDP $333.267 billion
GDP per capita
$47,500 (2013)
Population below poverty line
11.5% (2013)
0.4436 (2011)
Labor force
2,995,400 (December 2014)
Unemployment 3.6% (December 2014)
Public finances
Revenues $20,181.8 million (2013)
Expenses $18,739.5 million (2013)

The economy of Minnesota produced US$312 billion of gross domestic product in 2014. Minnesota headquartered 31 publicly traded companies in the top 1,000 U.S. companies by revenue in 2011. This includes such large companies as Target, and UnitedHealth Group. The per capita personal income in 2004 was $36,184, ranking eighth in the nation. The median household income in 2013 ranked eleventh in the nation at $60,900.

Minnesota's largest companies

Nonprofits

The following table lists the Minnesota-based non-profit organizations among the largest 400 in the U.S. by 2006 private donations.

State Rank
by Revenue
Name National
Rank
Donations ($millions)
2006 estimate
Headquarters City
1 Mayo Clinic 45 265.9 Rochester
2 University of Minnesota 46 265.4 Minneapolis
3 Scholarship America 114 136.2 St. Peter
4 Minnesota Public Radio 378 40.3 St. Paul
5 Hope for the City 379 40.3 Edina
Salt-Newark-Cargill-20060121
Cargill salt harvesting, Newark, California
Radisson-Berlin-20070127
Part of Carlson, a Radisson hotel in Berlin

Private companies

The following table lists the privately held companies headquartered in Minnesota with 2007 revenues over $1 billion.

State Rank
by Revenue
Company Name National
Rank
Revenue
($billions) 2007 estimate
Employees Headquarters City Known for
1 Cargill 1 107.90 131,000 Minnetonka Farm Products
2 Carlson 87 38.00 170,000 Minnetonka Travel and Lodging
3 Schwan Food Company 124 3.30 17,000 Marshall Dairy Products and Frozen Foods
4 Andersen Corporation 136 3.00 10,600 Bayport Windows and Building Materials
5 Rosen's Diversified 184 2.40 4,200 Fairmont Meat Products
6 M A Mortenson 218 2.14 2,700 Robbinsdale Heavy Construction
7 Fagen 227 2.08 3,600 Granite Falls Heavy Construction
8 Holiday Cos. 238 2.00 4,600 Bloomington Retailing
9 Taylor Corp. 286 1.70 12,500 North Mankato Publishing – Periodicals
10 Ceridian 295 1.65 9,500 Bloomington Information Technology Services
11 Buffets, Inc. 334 1.46 38,000 Eagan Restaurants
12 API Group 351 1.35 6,000 New Brighton Conglomerates
13 Lifetouch 424 1.05 20,000 Eden Prairie Photography
14 Ryan Companies 427 1.04 600 Minneapolis Heavy Construction

Public companies

The following table lists the public companies headquartered in Minnesota with 2010 revenues placing them in the 1000 largest U.S. companies.

State Rank
by Revenue
Company Name National
Rank
Revenue ($millions)
2010 estimate
Headquarters City Known for
1 UnitedHealth Group 22 94,155 Minnetonka Managed Health Care
2 Target 33 67,390 Minneapolis Retailing
3 Best Buy 47 49,694 Richfield Retailing
4 Supervalu 61 40,597 Eden Prairie Food Distribution and Retailing
5 3M 97 26,692 Maplewood Diversified Manufacturing
6 CHS, Inc. 103 25,268 Inver Grove Heights Fuel Distribution
7 US Bancorp 126 20,518 Minneapolis Banking and Finance
8 General Mills 166 14,796 Golden Valley Food Processing
9 Land O' Lakes 218 11,146 Arden Hills Dairy Products
10 Xcel Energy 237 10,311 Minneapolis Electricity Production and Distribution
11 Ameriprise 246 10,046 Minneapolis Financial Planning
12 C.H. Robinson Worldwide 265 9,274 Eden Prairie Logistic Services
13 Thrivent Financial for Lutherans 318 7,471 Minneapolis Financial Products
14 Hormel Foods 325 7,221 Austin Meat Processing
15 Mosaic 346 6,759 Plymouth Fertilizer Manufacturing
16 Ecolab 378 6,090 St. Paul Sanitation Supplier
17 St. Jude Medical 436 5,165 Little Canada Medical Devices
18 Nash Finch 449 4,992 Edina Food Distribution
19 Alliant Techsystems 472 4,808 Eden Prairie Defense Contractor
20 Valspar 618 3,482 Minneapolis Paint and Coatings
21 Pentair 627 3,395 Golden Valley Water Treatment
22 Patterson 687 2,999 Eagan Dental and Veterinarian Supplies
23 Securian/Minnesota Life 729 2,746 St. Paul Life Insurance
24 Regis 730 2,739 Edina Hair Salons
25 Fastenal 813 2,340 Winona Fastener Manufacturer
26 Donaldson 836 2,233 Bloomington Filtration Products
27 Imation 860 2,155 Oakdale Data Storage Products
28 Polaris Industries 911 1,948 Medina Snowmobiles and ATVs
29 Toro 936 1,878 Bloomington Lawn and Irrigation Equipment
30 Michael Foods 961 1,804 Minnetonka Packaged Foods

Energy use and production

See also: Common ethanol fuel mixtures
Moorturbines
Wind turbines in western Minnesota

The state does not produce any petroleum of its own but boasts the largest oil refinery of any non-oil-producing state, the Pine Bend Refinery. As of 2001, Minnesotans were using a total of 7.2 million US gallons (27,000 m3) of gasoline per day, and fuel use rises in the region by about 2% annually. About 70% of the gasoline fuel used in the state comes from Pine Bend and the nearby St. Paul Park Refinery, while most of the rest comes from a combination of the Mandan Refinery in North Dakota, and the Superior Refinery in Superior, Wisconsin. 40 to 50% of Pine Bend's output is used within the state. Flint Hills is currently planning a $100 million expansion to increase capacity at the plant to about 330,000 barrels per day (52,000 m3/d). Petroleum from the north comes to the state through one of the longest pipelines in the world, the Lakehead Pipeline and the Minnesota Pipeline. Additional crude comes from the south via the Wood River Pipeline.

Ethanol fuel is produced in the state, and consumer gasoline is required to contain 10% ethanol (E10). As of 2006, Minnesota is the only U.S. state with such a mandate. 20% ethanol (E20) will be mandated in 2013. Minnesota has the highest number of fuel stations offering E85 fuel, with 300 statewide. A 2% biodiesel blend has also been required in diesel fuel since 2005. Electricity-producing wind turbines have become popular, particularly in the windy southwest region on the Buffalo Ridge. As of November 2006, the state is the country's fourth-largest producer of wind power, with 812 megawatts installed and another 82 megawatts planned.

Like other Midwestern states that experience cold winters, Minnesota is heavily dependent on natural gas for home heating. Just over two-thirds of homes use the fuel.

Gaming

Minnesota residents and visitors can legally gamble on the lottery, for instance; its games include Powerball, Hot Lotto, both multi-state games, Gopher 5, Northstar Cash, and numerous scratch tickets.

Business

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