With a five-year business survival rate of 55.3%, Minnesota ranks top in the nation and well-above the national average of 50%. | Unsplash
With a five-year business survival rate of 55.3%, Minnesota ranks top in the nation and well-above the national average of 50%. | Unsplash
As the nation continues to struggle under the weight of the economic crisis created by COVID-19 restrictions, Minnesota has some good news in terms of retaining economic activity, as the state recently ranked first in the nation for its five-year business survival rate.
Nationwide, the business survival rate from 2015 to 2020 was 50%, according to a recent press release from the Minnesota Department of Employment and Economic Development (DEED). In comparison, Minnesota’s rate for the same timeframe was 55.3%.
“This ranking confirms something we know to be true – people who start things in Minnesota tend to stick to it. It’s part of that Minnesota work ethic that we’re known for,” Steve Grove, DEED commissioner, said in the release. “This ranking bodes well for our economy, as we know that small businesses account for 47% of the jobs in the state.”
DEED emphasizes job growth through encouraging the creation of new businesses, according to the release.
Alerts Sign-up