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Minnesota is an economic leader thanks to a "tremendous workforce and innovation," but suffers from "self-imposed headwinds," according to the annual Minnesota Business Benchmarks of the Minnesota Chamber of Commerce.
State policymakers need to make some changes, the chamber said in the most recent report that hits some similar themes as those of recent years.
"Minnesota's economy has long been fueled by innovation, a highly educated workforce and forward-thinking leadership," Chamber President Doug Loon said in a statement. "Extending this legacy requires preventive maintenance borne from awareness and informed conversation."
Business Benchmarks is a collection of key business and economic indicators that identify the state's strengths as well as areas for improvement for Minnesota businesses to compete in the global economy. Comprehensive, objective data was compiled from sources such as state and federal agencies.
Among the key findings, which will be debated at the 2018 state Legislature:
• Minnesota is an innovation hub. This should be used as a springboard to close the gap with other states on entrepreneurship and startup activity.
• The workforce continues to be a great asset. Working to close the racial-and-income achievement gap and an open door to immigration will continue to fuel economic growth.
• Minnesota's tax environment threatens other advantages. Working to lower rates and simplify the tax structure will make Minnesota more inviting to grow jobs and our economy for the long term. On the other hand, the state's affordable cost of living helps recruit and retain talent.
Todd Paulson, a Winona businessman and chairman of the chamber board, said most of the state's 17 Fortune 500 and other big companies grew up here. "That's a big deal," said Paulson. "We need public policies that encourage continued change and growth of businesses of all sizes."
The full report is at: www.mnchamber.com.