Concept

Economy of Minnesota

Summary
The economy of Minnesota produced US312billionofgrossdomesticproductin2014.Minnesotaheadquartered31publiclytradedcompaniesinthetop1,000U.S.companiesbyrevenuein2011.ThisincludessuchlargecompaniesasTargetandUnitedHealthGroup.Thepercapitapersonalincomein2016was312 billion of gross domestic product in 2014. Minnesota headquartered 31 publicly traded companies in the top 1,000 U.S. companies by revenue in 2011. This includes such large companies as Target and UnitedHealth Group. The per capita personal income in 2016 was 51,990, ranking sixteenth in the nation. The median household income in 2013 ranked eleventh in the nation at $60,900. Industry and commerce Minnesota's economy has transformed in the past 200 years from one based on raw materials to one based on finished products and services. The earliest industries were fur trading and agriculture. Agriculture is still a major part of the economy even though only a small percentage of the population, less than 1%, are employed in the farming industry. In The Blufflands, cheese, wine, honey, milk, apples, and maple syrup are produced. Minnesota is the U.S.'s largest producer of sugar beets, sweet corn, and green peas for processing and fa
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