2011.02.14 EDA Packet - Laserfiche WebLink

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MSP above peers and A self-assessment of key factors driving job growth identified national average MSP around average a clear area of opportunity — improving process levers MSP below average Job growth factors Assessment Supporting Facts Proposed focus Cost of doing Minnesota's corporate tax is third highest in the nation at 9.8% business MN ranks 41 st in overall tax climate • Minnesota's unionization rate is at 15.9% relative to 12.5% nationally Quality of life Ranked #1 on Sperling's best places, #2 on Forbes Best U.S. Cities to earn a living, and #2 in Next Cities- Hotspots for young, talented workers ----- - _- _ ---------- Human capital • 36.8% of Twin Cities residents have a bachelor's degree relative to 27.5% nationally • Infrastructure • MSP average commute time of 24 minutes is at the US average and average commute time via public transportation is better than US average Broadband penetration of 56% is middle of the road relative to peers Innovation and • Ranks 22nd in number of entrepreneurs per thousand residents start-up activity • At 26 deals venture deals in 2007, MSP lags top innovation hubs Strategic vision • Currently, various economic development entities operate with varying visions • ED pursued at a sub-regional level Historically limited coordination of sector focus Retention and • Grow MN coordinates visits with local chambers expansion efforts • Partnership between DEED and Grow MN 4 Attraction efforts • Sub-regions within MSP often compete for business rather than • coordinating efforts Marketing efforts Limited outreach efforts on regional basis, with most outreach coming from city entities such as the Capital City Partnership 7