Minnesota Can be Cold But The Manufacturing Industry Remains Hot
Minnesota, known as the ¨State of Innovation¨, offers an environment to those seeking to grow, improve and develop. Such a reputation enables innovator’s and engineer’s equal opportunity to make the world, especially Minnesota, a better place to live and work.
With a Human Development Indicator (HDI) of 5.89, Minnesota ranks as the 7th best US state to live in. It recently increased its job growth by 1.6% which lowered the unemployment rate to just 3.7%. Moreover, Minnesota boasts high college attendance rates, in addition to their more than 78% high school graduation rates. It is also the 15th Best Place for Business according to Forbes Magazine.
When we look at the economy, manufacturing constitutes one of the state’s biggest industries. It is driven by technology and accounts for 16% of Minnesota’s GDP. In fact, Minnesota contributes 1.8% of the U.S. GDP.
Medical Device Industry
Heading the list of Minnesota’s manufacturing is the medical device industry. It’s important to clarify that the ¨devices¨ manufactured within the industry aren’t exclusively high-tech and cutting-edge devices (no pun intended), like mechanical heart valves or lab-grown organs. They’re also surgical instruments, implements, prosthetics, implants, equipment and their parts’ replacements among others.
In this sector, innovation has played a critical role. The medical device industry has lead the market since 1940 by developing and producing medical patents. The U.S. Trade and Patent Office states that Minnesota ranked 1st place nationwide in medical device patents per capita in 2015. The University of Minnesota and the Mayo Clinic serve as spaces to conduct medical research and implement new medical practices. Employing almost 30,000 people, Minnesota not only ranks 1st in medical device manufacturing employment, but it’s also triple the national average.
Agriculture and Food Production
Minnesota also ranks as the 4th largest agricultural exporting State. The agriculture and food production industry earns almost $19 Billion annually. It is composed of two main sectors: crops and livestock. Both, have relatively similar contributions to the industry’s earnings. Crops account for about $10 Billion while livestock accounts for almost $9 Billion. The most widely grown crop is corn, representing 45% of Minnesota crop production. However, soybeans make up the biggest agricultural export.
Aside from covering the national demand, manufacturers create food products for purchase all over the world, including China, Mexico, Indonesia and Taiwan. Minnesota is not only one of the Nation’s biggest food exporters and producers, but it’s also one of the most prominent in agricultural machinery development. The state works on the creation, assembly, and development of the necessary equipment to carry out farming.
Minnesota sits on top of the nation’s manufacturing charts which can be partially attributed to the state philosophy of innovation for growth, development and overall improvement. This mindset offers opportunities for the state to increase its’ capacity to produce, develop and export some of the Nation’s most necessary foods, agricultural machinery, and medical equipment.
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