Minnesota has best 5-year business survival rate in US, data shows
Data from the U.S. Bureau of Labor Statistics indicates Minnesota has the best five-year business survival rate in the country.
The ranking was based on data from 2015-2020, with Minnesota’s rate at 55.3% compared to the national rate of 50%.
"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," Minnesota Department of Employment and Economic Development (DEED) Commissioner Steve Grove said. "This ranking bodes well for our economy, as we know that small businesses account for 47% of the jobs in the state."
According to DEED, business starts in Minnesota were up nearly 60% in the third quarter compared to a year ago, and the state also is above the national average in incorporated business starts since the pandemic began.
Grove encouraged Minnesotans to reach out to DEED or visit its website for information and assistance for starting a business.