Minnesota's Economy: Medical Technology, Retail Giants, and Agriculture

Minnesota has one of the most diversified and resilient state economies in the US — a combination of medical technology, retail, agriculture, and financial services that has produced consistent above-average economic performance.

Medical Technology
The Twin Cities is the global capital of medical device manufacturing — a heritage dating to Medtronic's founding by Earl Bakken in a Minneapolis garage in 1949 (Bakken invented the first wearable cardiac pacemaker). Medtronic (now headquartered in Dublin, Ireland, but with major operations in Fridley), Boston Scientific, St. Jude Medical (now Abbott), and 500+ medical device companies employ 30,000+ people in Minnesota. The University of Minnesota's medical and engineering programs supply the industry's talent.

Retail and Consumer Goods
Target Corporation (headquartered in Minneapolis) is the 7th-largest retailer in the US. Best Buy (Richfield) is the largest US electronics retailer. General Mills (Golden Valley — Cheerios, Pillsbury, Yoplait, Nature Valley) is one of the world's largest food companies. Cargill (Wayzata — private) is the largest privately held company in the US by revenue, a global agribusiness titan. 3M (Maplewood — Post-it Notes, Scotch tape, sandpaper) is a global manufacturing innovator. UnitedHealth Group (Minnetonka — the largest health insurance company in the US) is Minnesota's largest company by revenue.

Agriculture
Minnesota is the #1 producer of sweet corn, green peas, sugar beets, and wild rice in the US. The state also ranks #5 in corn and #5 in soybeans. The Red River Valley (northwest Minnesota) is the most productive wheat and sugar beet growing area in the eastern US. Wild rice (the state grain) is harvested by Ojibwe communities in northern Minnesota lakes.

Iron Mining (Mesabi Range)
The Mesabi Range in northeastern Minnesota has produced 70% of the US's iron ore. The open-pit mines near Hibbing, Virginia, and Chisholm are among the largest man-made excavations on Earth. The Hull-Rust Mahoning Mine (near Hibbing) is 4 miles long, 2 miles wide, and 600 feet deep.