Economy
See also: Economy of MinnesotaThe Minneapolis–St. Paul area is the third largest in the Midwest, behind Chicago and Detroit. The economy of Minneapolis today is based in commerce, finance, rail and trucking services, health care, and industry. Smaller components are in publishing, milling, food processing, graphic arts, insurance, education, and high technology. Industry produces metal and automotive products, chemical and agricultural products, electronics, computers, precision medical instruments and devices, plastics, and machinery. The city at one time produced farm implements.
Five Fortune 500 corporations make their headquarters within the city limits of Minneapolis: Target, U.S. Bancorp, Xcel Energy, Ameriprise Financial and Thrivent Financial for Lutherans. As of 2009 the city's largest employers are Target, University of Minnesota, Allina Health, Fairview Health Services, Wells Fargo, Hennepin County, Ameriprise, Hennepin County Medical Center, U.S. Bancorp, City of Minneapolis, Xcel Energy, Capella Education Company, RBC Wealth Management, Macy's, TCF Financial, Federal Reserve Bank of Minneapolis, Thrivent, and the Star Tribune.
Foreign companies with U.S. offices in Minneapolis include Coloplast, RBC and ING Group.
Availability of Wi-Fi, transportation solutions, medical trials, university research and development expenditures, advanced degrees held by the work force, and energy conservation are so far above the national average that in 2005, Popular Science named Minneapolis the "Top Tech City" in the U.S. The Twin Cities ranked the country's second best city in a 2006 Kiplinger's poll of Smart Places to Live and Minneapolis was one of the Seven Cool Cities for young professionals.
The Twin Cities contribute 63.8% of the gross state product of Minnesota. The area's $199.6 billion gross metropolitan product and its per capita personal income rank thirteenth in the U.S. Recovering from the nation's recession in 2000, personal income grew 3.8% in 2005, though it was behind the national average of 5%. The city returned to peak employment during the fourth quarter of that year.
The Federal Reserve Bank of Minneapolis, serves Minnesota, Montana, North and South Dakota, and parts of Wisconsin and Michigan. The smallest of the twelve regional banks in the Federal Reserve System, it operates a nationwide payments system, oversees member banks and bank holding companies, and serves as a banker for the U.S. Treasury. The Minneapolis Grain Exchange founded in 1881 is still located near the riverfront and is the only exchange for hard red spring wheat futures and options.
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Famous quotes containing the word economy:
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)