New Report Reveals Minnesota Business Stressors
ST. PAUL (WJON News) - A new report stresses the challenges businesses face in Minnesota.
The eighth annual Business Benchmark report from the Minnesota Chamber finds Minnesota businesses face some of the highest tax rates in the nation, and lag behind other states in overall growth.
Beth Kadoun is Vice President of Tax and Fiscal Policy with the Minnesota Chamber. She says tax reform is essential to the future of Minnesota business.
Understanding how peer states have grown their economies, lowered costs, or made themselves more competitive elevates our ability to make better decisions as we look to make Minnesota the premier marketplace in the upper Midwest. For example, looking at North Carolina and how they simplified and reformed their tax policies, it is no surprise that they have attracted investment, created jobs, and increased wages.
The report highlights Minnesota’s historically low unemployment and high five-year startup survival rate but stresses a worker shortage and low rate of migration into the state as headwinds to growth. Doug Loon, Minnesota Chamber President, says the report should be a wake-up call to legislators going into a new session.
Minnesota’s economic indicators are beginning to sound the alarm. The workforce shortage continues to persist and doesn’t show immediate signs of improvement. Minnesota remains strong in innovation and steady in infrastructure, but to maximize those advantages, we must evaluate our position relative to our peers around the country to ensure we are competitive and prepared to create economic opportunity statewide.
To view the report, click here.