Economy
Main article: Economy of MinnesotaOnce primarily a producer of raw materials, Minnesota's economy has transformed to emphasize finished products and services. Perhaps the most significant characteristic of the economy is its diversity; the relative outputs of its business sectors closely match the United States as a whole. The economy of Minnesota had a gross domestic product of $262 billion in 2008. In 2008, thirty-three of the United States' top 1,000 publicly traded companies (by revenue ) were headquartered in Minnesota, including Target, UnitedHealth Group, 3M, Medtronic, General Mills, U.S. Bancorp, Ameriprise, Hormel, Land O' Lakes, SuperValu, Best Buy and Valspar. Private companies based in Minnesota include Cargill, the largest privately owned company in the United States, and Carlson Companies, the parent company of Radisson Hotels.
The per capita personal income in 2008 was $42,772, the tenth-highest in the nation. The three-year median household income from 2002 to 2004 was $55,914, ranking fifth in the U.S. and first among the 36 states not on the Atlantic coast.
As of June 2011, the state's unemployment rate is 6.7%.
Read more about this topic: Education In Minnesota
Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)