The Minnesota Chamber last week celebrated an important milestone — 110 years of advocating for an energized business community that improves the lives of all Minnesotans. Reflecting on our long history of helping our members grow Minnesota, it's clear that helping to spur long-term economic vibrancy by creating economic opportunity is as important today as it was all those years ago.
Each year, we compile the Minnesota Business Benchmarks, an analysis of Minnesota's rankings on key economic indicators. This year's findings illustrate the strength of our talented and educated workforce. The report shows how we continue to shine as an innovation state, which, when combined with our capable workforce, has propelled our economy forward. It illustrates how we continue to make progress on infrastructure improvements to bring efficiency to our state's transportation networks.
But the report also identifies serious challenges. Competitiveness and affordability are frequent red flags affecting the ability of Minnesota to attract investment, entrepreneurship and talent. For example:
• Minnesota has seen a slight improvement in tax rankings but is still in the five highest tax rates for both corporate and individual taxes.
• Other costs of doing business — ranging from rising prices for electricity to employer-sponsored health insurance costs — chip away at the bottom lines of big and small companies.
• Minnesota remains in the middle of the pack for overall cost of living, but shortages in child care and workforce housing are increasing concerns.
Our challenges are capped by changes affecting the state's crown jewel — our talented, reliable workforce. It is not news that employers across our state cannot find the workers they need. A strong economy, demographics, migration and far too many students not completing high school will leave Minnesota 239,000 workers short by 2020.
All of this sets the table for a robust legislative session.