Minnesota's business survival rate is a very encouraging development for the state's economy. | GettyImages
Minnesota's business survival rate is a very encouraging development for the state's economy. | GettyImages
Minnesota has gained the top spot in terms of five-year business survival in the period ranging from 2015-2020, according to information made available by the U.S. Bureau of Labor Statistics.
Over the course of five years, businesses survive 55.3% of the time, compared to a 50% average across the rest of the nation, a Minnesota Department of Employment and Economic Development (DEED) press release stated.
DEED Commissioner Steve Grove was pleased with the development and touted the state's friendliness toward new businesses.
“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. This ranking bodes well for our economy, as we know that small businesses account for 47% of the jobs in the state," Grove said.
With new businesses being responsible for much of the job growth in the state's economy, these findings bode well for the future of the state.
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