Minnsights Blog
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Minnesota’s economy is largely powered by small and medium sized businesses (SMB’s). SMB’s make up 99.5% of all Minnesota firms and employ nearly 47% of all Minnesota workers. Small businesses also drive job growth in the state’s economy. In 2019 SMB’s were responsible for over 22,000 net new jobs, with firms under 20 employees creating the largest share of new jobs.
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At the Minnesota Chamber’s Virtual Washington, D.C. Fly-In, employers from every corner of Minnesota were able to meet with the U.S. senators and representatives to share what issues are impacting their businesses. Without question, the top issue discussed by employers was the current workforce shortage facing businesses in the state.
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April 2021 marked the one-year point from the largest economic downturn in Minnesota’s modern history. The shock to the economy last spring was staggering: Minnesota shed more than 400,000 jobs and lost over $36 billion dollars in GDP output, as in-person activities ground to a halt to slow the spread of COVID-19. To put this in perspective, Minnesota’s 2020 job losses exceeded the size of North Dakota’s entire workforce.
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Economic strategy starts with building on core strengths and driving resources toward efforts that help existing businesses change and grow.
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Latest Articles (blog page)
Leaders Lab is a one-of-a-kind opportunity to engage Minnesota’s developing business leaders (approximately late 20s to 40). It will enhance...
The 2023-2024 legislative sessions ushered in a host of significant legislative changes, impacting businesses and employees alike. From tax increases...
“Time to get out your butterfly net!” the project manager would shout over the walls of my cubicle. And I...
The other day I was going through my emails, sorting the wheat from the chaff. But there was one from...