GDP
Minnesota's GDP reached about $466 billion in 2023, ranking 18th among U.S. states, led by healthcare, medical technology and agribusiness.
Real GDP (chained 2017 dollars)
1997–2025BEA, chained 2017 dollars (FRED MNRGSP).
| Indicator | Minnesota | U.S. |
|---|---|---|
| GDP (USD B) | 466 | 27700 |
- •Minnesota is home to 16 Fortune 500 company headquarters, including UnitedHealth Group, Target and 3M.
- •The Mayo Clinic, based in Rochester, is one of the world's top-ranked hospitals.
GDP Growth
Minnesota's real GDP grew about 2.3% in 2023, supported by healthcare, medical device manufacturing and agribusiness exports.
Real GDP growth
1998–2025Annual % change in BEA real GDP (MNRGSP).
| Indicator | Minnesota | U.S. |
|---|---|---|
| GDP growth (%) | 2.3 | 2.9 |
Personal Income
Minnesota's total personal income surpassed $370 billion in 2023, reflecting steady wage growth in healthcare, finance and manufacturing.
Per capita personal income
1970–2025BEA, current dollars (FRED MNPCPI).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Personal income (USD B) | 370 | 23000 |
Median Household Income
Minnesota's median household income is $84,313, ranking 10th nationally, boosted by strong corporate headquarters wages in the Twin Cities.
Median household income (CPS)
1984–2025Census CPS ASEC, current dollars (FRED MEHOINUSMNA646N).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Median household income (USD) | 84313 | 77719 |
Poverty Rate
About 9.3% of Minnesotans live below the poverty line, below the national average, reflecting a strong labor market and social safety net.
Poverty rate, all ages (SAIPE)
1989–2024Census Small Area Income and Poverty Estimates (FRED PPAAMN27000A156NCEN).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Poverty rate (%) | 9.3 | 12.5 |
Inflation
Consumer prices in the Minneapolis-St. Paul metro rose about 2.9% year-over-year in 2023, slightly below the national inflation rate.
CPI inflation, U.S.
2007–2024BLS CPI-U U.S. city average, annual average change (CPIAUCNS).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Inflation rate (%) | 2.9 | 3.4 |
Economic Output
Minnesota's GDP per capita is about $80,900, reflecting a diversified, high-value economy anchored by corporate headquarters.
Nominal GDP (current dollars)
1997–2025BEA, current dollars (FRED MNNGSP).
| Indicator | Minnesota | U.S. |
|---|---|---|
| GDP per capita (USD) | 80900 | 82700 |
Industry Breakdown
Minnesota's economy is led by healthcare and medical technology (Mayo Clinic, Medtronic), agribusiness (Cargill, General Mills), retail (Target, Best Buy) and finance.
Government jobs
1990–2025BLS Current Employment Statistics, annual average (FRED MNGOVT).
Manufacturing jobs
1990–2025BLS Current Employment Statistics, annual average (FRED MNMFG).
Construction jobs
1990–2025BLS Current Employment Statistics, annual average (FRED MNCONS).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Fortune 500 HQs | 16 | 500 |