Startups and new businesses have thrived in Minnesota and have a longer runway than businesses around the rest of the nation. | GettyImages
Startups and new businesses have thrived in Minnesota and have a longer runway than businesses around the rest of the nation. | GettyImages
In recent years, Minnesota has made a dedicated effort to providing businesses and startups with a friendly economy to do business with and less restrictive legislation.
It appears that the work has paid off, as Minnesota has gained the top spot in the five-year business survival rate with 55.3% of new businesses making it through the five-year period, according to a press release from the Minnesota Department of Employment and Economic Development (DEED).
The success rate of businesses over five years in the rest of the country was 50%.
“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. This ranking bodes well for our economy, as we know that small businesses account for 47% of the jobs in the state," DEED Commissioner Steve Grove said.
New job growth is largely attributed to new businesses and startups, which means that the job market in Minnesota should remain healthy for years to come.
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