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: Minnesota
Famous quotes containing the word economy:
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)