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US State economic profile
Minnesota - Economic Profile
Statistics, economic information and rankings for the North Star State
In 2026, the state of Minnesota has a population of 5,856,666, having grown an annualized 0.5% over the five years to 2026, which ranks it 32nd out of all 50 US states by growth rate. Minnesota's gross state product (GSP) in 2026 reached $409.0b, with growth of 1.6% over the 5 years to 2026. Businesses in Minnesota employed a total of 3,479,904 people in 2026, with average annual employment growth over the past five years of 1.6%. The top three sectors by total employment are Real Estate & Rental & Leasing, Manufacturing, Healthcare & Social Assistance, while the unemployment rate across the state in 2026 was 3.9%.
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State economic profile
Minnesota Economic Overview
$409.0b
Gross state product
5,856,666
Population
687,848
Businesses
What is Minnesota's Gross Domestic Product (GDP)?
In 2026, Minnesota's GDP reached $409.0b, representing an increase of 1.6% from 2025. Minnesota's GDP has grown at an annualized rate of 1.5% over the five years to 2026. Moreover, Minnesota's trailing five-year GDP growth ranks it 37th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Minnesota's GDP, and compare them to the national average, using the chart below.
State economic profile
Minnesota Industry Trends
Learn about current trends affecting the most significant industries for Minnesota's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 640 industries in Minnesota.
What are Minnesota's Largest Industries by Revenue?
The largest industries by revenue in Minnesota are Health & Medical Insurance, Life Insurance & Annuities and Commercial Banking, which generated $132.6b, $46.0b and $39.7b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Health & Medical Insurance | $132.6b |
| 2. | Life Insurance & Annuities | $46.0b |
| 3. | Commercial Banking | $39.7b |
| 4. | Medical Supplies Wholesaling | $30.5b |
| 5. | Hospitals | $29.4b |
| 6. | Wholesale Trade Agents and Brokers | $24.2b |
| 7. | New Car Dealers | $22.5b |
| 8. | Warehouse Clubs & Supercenters | $19.0b |
| 9. | Property, Casualty and Direct Insurance | $18.4b |
| 10. | Soft Drink, Baked Goods & Other Grocery Wholesaling | $18.0b |
State economic profile
Top Companies in Minnesota
Learn about current trends affecting the top companies in Minnesota. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
Top 10 Companies Headquartered in Minnesota by Employment
The largest companies by employment in Minnesota are , which employed people in 2026.
| Company | 2026 employment | Share of employment |
|---|
State economic profile
Minnesota Sector Statistics
In Minnesota, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Minnesota's GDP by Sector?
The Real Estate & Rental & Leasing, Manufacturing and Healthcare & Social Assistance sectors contributed the most to Minnesota's GDP in 2026, representing a combined 38.5% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Real Estate & Rental & Leasing | 58,866,827,353 | 4.8% | 5.0% |
| Manufacturing | 45,465,421,384 | -0.4% | -0.5% |
| Healthcare & Social Assistance | 42,224,041,277 | 2.9% | 3.1% |
| Professional, Scientific & Technical Services | 36,568,369,824 | 4.5% | 4.9% |
| Finance & Insurance | 33,422,486,606 | 1.2% | 0.4% |
| Wholesale Trade | 24,087,720,610 | -1.2% | -1.5% |
| Retail Trade | 23,503,184,034 | 3.6% | 3.3% |
| Information | 21,274,737,814 | 7.0% | 6.4% |
| Management of Companies and Enterprises | 19,409,854,675 | 2.2% | 2.3% |
| Construction | 14,352,483,895 | -2.8% | -4.0% |
| Transportation & Warehousing | 13,108,081,604 | 2.7% | 2.9% |
| Administration, Business Support and Waste Management Services | 10,649,319,050 | 1.6% | 1.8% |
| Accommodation & Food Services | 9,746,709,375 | 3.9% | 4.4% |
| Other Services (except Public Administration) | 7,116,329,970 | -1.5% | -1.0% |
| Agriculture, Forestry, Fishing & Hunting | 6,143,916,992 | -0.6% | -1.3% |
| Utilities | 5,240,321,237 | -0.9% | -1.1% |
| Arts, Entertainment & Recreation | 4,590,582,596 | 6.9% | 7.9% |
| Educational Services | 3,595,778,637 | -0.0% | 0.4% |
| Mining | 1,598,400,984 | -2.2% | -0.1% |
What is Minnesota's Employment by Sector?
The Healthcare & Social Assistance, Retail Trade and Manufacturing sectors contributed the most to employment in Minnesota in 2026, representing a combined 37.5% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Healthcare & Social Assistance | 571,966 | 1.9% | 2.1% |
| Retail Trade | 411,375 | 1.1% | 2.1% |
| Manufacturing | 320,550 | 0.4% | 1.4% |
| Professional, Scientific & Technical Services | 281,707 | 1.5% | 2.3% |
| Accommodation & Food Services | 240,298 | -0.1% | 3.7% |
| Educational Services | 235,970 | 0.1% | 0.9% |
| Administration, Business Support and Waste Management Services | 212,921 | 2.1% | 1.7% |
| Transportation & Warehousing | 208,133 | 4.1% | 4.4% |
| Finance & Insurance | 208,032 | 0.9% | 1.6% |
| Construction | 197,578 | 1.7% | 1.9% |
| Other Services (except Public Administration) | 153,803 | 0.6% | 2.1% |
| Wholesale Trade | 147,934 | 1.1% | 1.4% |
| Real Estate & Rental & Leasing | 99,008 | 1.2% | 1.4% |
| Information | 89,941 | 2.6% | 3.9% |
| Arts, Entertainment & Recreation | 72,540 | 1.4% | 5.2% |
| Utilities | 16,079 | 2.0% | 2.4% |
| Agriculture, Forestry, Fishing & Hunting | 7,546 | 1.5% | 1.1% |
| Mining | 4,523 | -0.4% | -1.9% |
State economic profile
Minnesota Employment Trends
3.5m
Employment
3.9%
Unemployment
What Employment Trends are Impacting Minnesota?
The state of Minnesota employs 3,479,904 people in 2026, which ranks it 18th out of all 50 US states. Employment in Minnesota has grown at an annualized rate of 2.2% over the five years to 2026, overperforming the national average of 1.7%. Major sectors by employment in Minnesota include Healthcare & Social Assistance, Retail Trade and Manufacturing, which employed 571,966, 411,375 and 320,550 people in 2026, respectively. Minnesota's unemployment rate is 3.9% in 2026, which ranks it 17th out of all 50 US states. Minnesota's unemployment rate has trended upwards at a rate of 1.3% over the five years to 2026, overperforming the US economy as a whole.
Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Minnesota, and compare them to the US economy, using the chart below.
What is Minnesota's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Minnesota's DPI in 2026 was , compared to the US average of , which places it out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Minnesota's per capita disposable income, and compare it to the US average, using the chart below.
State economic profile
Minnesota Population Statistics
Which Counties in Minnesota have the Largest Populations?
The counties with the highest populations in Minnesota are Hennepin County, Ramsey County and Dakota County, which had populations of 1,249,116, 526,520 and 456,278 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Hennepin | 1.2m | -0.3% | 21.3% |
| Ramsey | 526.5k | -0.6% | 9.0% |
| Dakota | 456.3k | 0.6% | 7.8% |
| Anoka | 380.8k | 0.7% | 6.5% |
| Washington | 288.6k | 1.1% | 4.9% |
| St. Louis | 201.6k | 0.2% | 3.4% |
| Olmsted | 166.9k | 0.4% | 2.9% |
| Stearns | 163.4k | 0.5% | 2.8% |
| Wright | 160.3k | 2.0% | 2.7% |
| Scott | 160.0k | 0.9% | 2.7% |
| Carver | 114.6k | 1.0% | 2.0% |
| Sherburne | 106.9k | 1.5% | 1.8% |
| Blue Earth | 71.0k | 0.5% | 1.2% |
| Crow Wing | 69.9k | 0.8% | 1.2% |
| Rice | 68.9k | 0.5% | 1.2% |
| Clay | 67.2k | 0.5% | 1.1% |
| Otter Tail | 61.1k | 0.3% | 1.0% |
| Chisago | 60.2k | 1.0% | 1.0% |
| Winona | 49.9k | 0.1% | 0.8% |
| Goodhue | 48.2k | 0.1% | 0.8% |
| Beltrami | 47.2k | 0.3% | 0.8% |
| Itasca | 45.7k | 0.3% | 0.8% |
| Isanti | 45.0k | 1.4% | 0.8% |
| Kandiyohi | 43.9k | 0.1% | 0.8% |
| Benton | 41.8k | 0.2% | 0.7% |
Minnesota State industry reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level, with accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 640 Minnesota industry reports.
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