Business expansions boomed in Minnesota last year, but most nearby states did better. Here's why.
June 21, 2024
Businesses spent more than $7.7 billion on expansion projects in Minnesota last year that will result in nearly 4,000 new jobs. Those figures, by one estimate, are projected to keep rising this year, despite abundant headwinds.
That's one of the main takeaways from the Minnesota Chamber of Commerce's 2024 report on the state of business retention and expansion in Minnesota released early this month. The state still lags behind others in the Midwest in terms of total business expansion projects, though, and business leaders say housing and childcare shortages, labor issues, and the state's taxes and regulations are hindering stronger growth.
However, the outlook remains fairly positive, with many businesses indicating plans to continue expanding in 2024.