This article needs to be updated.(September 2021) |
Statistics | |
---|---|
GDP | $374 billion (2020) [1] |
Population below poverty line | 11.5% (2013) [2] |
0.4436 (2011) [3] | |
Labor force | 2,995,400 (December 2014) [4] |
Unemployment | 3.0% (August 2023) [5] |
Public finances | |
Revenues | $20,181.8 million (2013) [6] |
Expenses | $18,739.5 million (2013) [7] |
The economy of Minnesota produced US$312 billion of gross domestic product in 2014. [8] Minnesota headquartered 31 publicly traded companies in the top 1,000 U.S. companies by revenue in 2011. [9] This includes such large companies as Target and UnitedHealth Group. The per capita personal income in 2016 was $51,990, ranking sixteenth in the nation. [10] The median household income in 2013 ranked eleventh in the nation at $60,900. [11]
Minnesota's economy has transformed in the past 200 years from one based on raw materials to one based on finished products and services.
The earliest industries were fur trading and agriculture. Agriculture is still a major part of the economy even though only a small percentage of the population, less than 1%, are employed in the farming industry. [12]
In The Blufflands, cheese, wine, honey, milk, apples, and maple syrup are produced.
Minnesota is the U.S.'s largest producer of sugar beets, sweet corn, and green peas for processing and farm-raised turkeys. [13] State agribusiness has changed from production to processing and the manufacturing of value-added food products by companies such as General Mills, Cargill, Hormel Foods Corporation (prepackaged and processed meat products), and the McDonald Food Company.
Forestry, another early industry, remains strong with logging, pulpwood processing, forest products manufacturing, and paper production. The amount of forested land in the state is declining, from 16.7 million acres (68,000 km2) in 1990 to 16,200,000 acres (66,000 km2) in 2004; however, the average forest is maturing. From 1999 to 2004 the average annual growth within the state was 550 million board-feet (1,300,000 m³) of timber, while the average amount harvested was only 330 million board-feet (780,000 m³) per year. [14]
Minnesota was famous for its soft-ore iron mines which produced a significant portion of the world's iron ore for over a century. Although the pure ore is now depleted, taconite mining remains strong using processes developed locally to save the industry. In 2004 the state produced 75 percent of the usable iron ore in the country. [13] 3M (formerly Minnesota Mining and Manufacturing Co.) today is a diversified manufacturer of industrial and consumer products. The port of Duluth was created by the mining boom and today continues to be an important shipping port for the Midwest's agricultural and ore products.
Manufacturing was not left out, either. The brass era automobile maker Dan Patch was founded in Minneapolis in 1911. [15]
Retail is represented by Target Corporation, Best Buy, and Supervalu, all headquartered in the Twin Cities. Southdale Center, the first fully enclosed and completely climate-controlled shopping mall in the United States opened on October 8, 1956, in the suburban city of Edina. The largest shopping mall in the United States, the Mall of America, is located in Bloomington.
St. Jude Medical represents a growing biomedical industry spawned by university research, and Rochester is the headquarters of the world-famous Mayo Clinic. UnitedHealth Group is the second largest health insurance company in the U.S.
Financial institutions include U.S. Bancorp, Ameriprise and Thrivent Financial for Lutherans.
As might be expected in state with a love of the outdoors, boats and other recreational products are manufactured by a number of Minnesota companies, including Polaris Industries and Arctic Cat, who make snowmobiles and ATVs, Alumacraft Boat Company, and Lund Boats.
Today, the most salient characteristic of the economy is its diversity; the relative outputs of its business sectors closely match the United States as a whole. [16]
Minnesota attracted entrepreneurs and engineers, especially in the computer industry, and became a leading center of computer manufacturing after the war. [17] Engineering Research Associates was formed in 1946 to develop computers for the Navy and the intelligence agencies. It merged with Remington Rand, and soon became a division of Sperry Rand. [18] William Norris, Seymour Cray, and others left Sperry in 1957 to form Control Data Corporation (CDC). [19] Cray Research was formed when Cray left CDC to form his own company. "Minnesota was the undisputed epicenter of top-secret digital computing for decades." [20] Medical device maker Medtronic also was founded in the Twin Cities in 1949. Honeywell was a national force in computing until selling its computer division to Groupe Bull in 1989, remaining a prominent military and aerospace concern headquartered in Minnesota until 1999 when, after a merger, it moved to New Jersey. National firms, such as International Business Machines, moved manufacturing and R&D operations to Minnesota. State government and powerful politicians such as Hubert Humphrey maintained a favorable climate. The Minnesota Educational Computing Consortium brought state-wide networked computing in the 1970s and developed educational software such as the popular "Oregon Trail" game. The Federal Reserve Bank of Minneapolis combined computing power with financial clout across its region from Montana to upper Michigan. The University of Minnesota trained many computer specialists who decided to stay in the Minnesota rather than move to California. Minnesota thus preceded the better-known industrial districts of Route 128 around Boston and Silicon Valley. [21] An active high-technology sector is represented today by Alliant Techsystems, Ceridian, Cray, Digi International, Digital River, Geek Squad, Hutchinson Technology, Imation, IBM Rochester, Lawson Software, MacSoft, Medtronic, MTS Systems, St. Jude Medical, Stratasys, SPS Commerce, 3M, and more than 400 smaller software companies.
The following table lists the Minnesota-based non-profit organizations among the largest 400 in the U.S. by 2006 private donations. [22]
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 |
The following table lists the privately held companies headquartered in Minnesota with 2007 revenues over $1 billion. [23]
State rank by revenue | Name | National rank | Revenue ($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 |
The following table lists the public companies headquartered in Minnesota with 2010 revenues placing them in the 1000 largest U.S. companies. [9]
State Rank by Revenue | Company Name | National Rank | Revenue ($millions) 2010 estimate | Headquarters City | Known for |
---|---|---|---|---|---|
1 | UnitedHealth Group | 6 | 184,840 | 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 | Headquarters in Minneapolis, domiciled in Delaware | 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 |
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. [24] Minnesota has the highest number of fuel stations offering E85 fuel, with 300 statewide. [25] 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. [26]
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.
Minnesota's income tax is progressive with four rates, 5.35%, 7.05%, 7.85%, and 9.85%. [27] The sales tax in Minnesota for most items is 6.875% effective July 1, 2009. [28] The state does not charge sales tax on clothing, some services, or food items for home consumption. [29] The state legislature may allow municipalities to institute local sales taxes and special local taxes, such as the 0.5% supplemental sales tax in Minneapolis. [30] The cities of St. Paul, Rochester, Duluth and St. Cloud have similar taxes. Excise taxes are levied on alcohol, tobacco, and motor fuel. The state imposes a use tax on items purchased elsewhere but used within Minnesota. Owners of real property in Minnesota pay property tax to their county, municipality, school district, and special taxing districts. The overall state and local tax burden is calculated to average 11.9% in 2006, ranking 4th highest in the country. [31]
The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an industrialised high-income country according to the World Bank, and is a member of the European Union (EU), the World Trade Organization (WTO), the Organization for Security and Co-operation in Europe (OSCE) and the Organization of the Black Sea Economic Cooperation (BSEC). The Bulgarian economy has experienced significant growth (538%), starting from $13.15 billion and reaching estimated gross domestic product (GDP) of $86 billion or $203 billion, GDP per capita of $31,148, average gross monthly salary of 2,009 leva, and average net monthly salary of $2,102 (2022). The national currency is the lev, pegged to the euro at a rate of 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe.
Minnesota is a state in the Upper Midwestern region of the United States. It is the 12th largest U.S. state in area and the 22nd most populous, with over 5.75 million residents. Minnesota is known as the "Land of 10,000 Lakes" for having more than 14,000 bodies of fresh water covering at least ten acres each; roughly a third of the state is forested; much of the remainder is prairie and farmland. More than 60% of Minnesotans live in the Minneapolis–Saint Paul metropolitan area, known as the "Twin Cities", the state's main political, economic, and cultural hub and the 16th-largest metropolitan area in the U.S. Other minor metropolitan and micropolitan statistical areas include Duluth, Mankato, Moorhead, Rochester, and St. Cloud.
Gasoline or petrol is a petrochemical product characterized as a transparent, yellowish, and flammable liquid normally used as a fuel for spark-ignited internal combustion engines. When formulated as a fuel for engines, gasoline is chemically composed of organic compounds derived from the fractional distillation of petroleum and later chemically enhanced with gasoline additives. It is a high-volume profitable product produced in crude oil refineries.
Koch Industries, Inc. is an American multinational conglomerate corporation based in Wichita, Kansas, and is the second-largest privately held company in the United States, after Cargill. Its subsidiaries are involved in the manufacturing, refining, and distribution of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizer, pulp and paper, chemical technology equipment, cloud computing, finance, raw materials trading, and investments. Koch owns Flint Hills Resources, Georgia-Pacific, Guardian Industries, Infor, Invista, KBX, Koch Ag & Energy Solutions, Koch Engineered Solutions, Koch Investments Group, Koch Minerals & Trading, and Molex. The firm employs 122,000 people in 60 countries, with about half of its business in the United States.
Cray Inc., a subsidiary of Hewlett Packard Enterprise, is an American supercomputer manufacturer headquartered in Seattle, Washington. It also manufactures systems for data storage and analytics. Several Cray supercomputer systems are listed in the TOP500, which ranks the most powerful supercomputers in the world.
This article describes the use and availability of biodiesel in various countries around the world.
The United States produces mainly biodiesel and ethanol fuel, which uses corn as the main feedstock. The US is the world's largest producer of ethanol, having produced nearly 16 billion gallons in 2017 alone. The United States, together with Brazil accounted for 85 percent of all ethanol production, with total world production of 27.05 billion gallons. Biodiesel is commercially available in most oilseed-producing states. As of 2005, it was somewhat more expensive than fossil diesel, though it is still commonly produced in relatively small quantities.
The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.355 trillion as of 2022. In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. As of 2021, Texas grossed more than $300 billion a year in exports—more than the exports of California and New York combined.
E85 is an abbreviation for an ethanol fuel blend of between 51% and 83% denatured ethanol fuel and gasoline or other hydrocarbon (HC) by volume.
The economy ofHouston is based primarily on the energy industry, particularly oil. However, health care, biomedical research, and aerospace also constitute large sectors. In 2021, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area (MSA) was 537 U.S. dollars billion, the fourth-largest of any metro area in the United States. The Houston metropolitan area comprises the largest concentration of petrochemical manufacturing in the world, including for synthetic rubber, insecticides, and fertilizers. It is the world's leading center for oilfield equipment construction, with the city of Houston home to more than 3,000 energy-related businesses, including many of the top oil and gas exploration and production firms and petroleum pipeline operators. As of 2011, 23 companies on the Fortune 500 list have their headquarters in, or around, Houston.
The economy of Ohio nominally would be the 20th largest global economy behind Turkey and ahead of Switzerland according to The World Bank as of 2022. The state had a GDP of $822.67 billion in 2022, which is 3.23% of the United States total, ranking 7th in the nation behind Pennsylvania and ahead of Georgia. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development.
Western Refining, Inc., is a Texas-based Fortune 200 and Global 2000 crude oil refiner and marketer operating primarily in the Southwestern, North-Central and Mid-Atlantic regions of the United States. Western Refining (WNR) has been publicly traded on the New York Stock Exchange since January 2006 and is the fourth largest publicly traded independent refiner and marketer in the nation.
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Oil and gas production, tourism, and federal government spending are important drivers of New Mexico's economy. The state government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies.
The use of biofuels varies by region. The world leaders in biofuel development and use are Brazil, United States, France, Sweden and Germany.
The Chevron Richmond Refinery is a 2,900-acre (1,200 ha) petroleum refinery in Richmond, California, on San Francisco Bay. It is owned and operated by Chevron Corporation and employs more than 1,200 workers, making it the city's largest employer. The refinery processes approximately 240,000 barrels (38,000 m3) of crude oil a day in the manufacture of petroleum products and other chemicals. The refinery's primary products are motor gasoline, jet fuel, diesel fuel and lubricants.
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