MN Ranks 1st in 5-year Business Survival Rate

0
548

St. Paul – Minnesota ranks first in the nation in its five-year business survival rate (2015-2020).

That’s based on data from the U.S. Bureau of Labor Statistics. 

The state’s rate was 55.3%. In comparison, the national rate for the same period was 50.0%. 

DEED Commissioner Steve Grove says “This ranking confirms something we know to be true – people who start things in Minnesota tend to stick to it. It’s part of that Minnesota work ethic that we’re known for.”

Grove said the ranking bodes well for the state’s economy, as small businesses account for 47% of the jobs in the state.

A recent study by MIT showed that new businesses are responsible for nearly all net new jobs and 20% of gross job creation in our economy – so encouraging new businesses is vital to the future economy. 

In the third quarter, business starts in Minnesota were up nearly 60% compared to a year ago.

Since the pandemic began, Minnesota is above the national average in incorporated business starts.  

LEAVE A REPLY

Please enter your comment!
Please enter your name here