Minnesota business owners are expressing concerns over the challenge of a shrinking workforce and high local tax rates, Twin Cities Business reports. The Minnesota Chamber of Commerce released these findings in its second annual Minnesota Business Benchmarks report.

According to the report, Minnesota came in 30th and 29th in relation to job growth and personal income in 2015. As a result, the Chamber has said it is making plans to improve the state’s ranking.

Minnesota ranks second in the nation for employing a well-educated workforce. Half of the workers in Minnesota have a two-year or higher-level degree. Despite a strong record, graduation rates in the state are decreasing. 81 percent of high school students in Minnesota graduate on time. Only 68 percent of minority students graduate on time. Manufacturers and business owners are concerned over this loss. Minnesota’s diverse economy requires workers with the skills to maintain and succeed in dynamic positions. In addition, the report indicated net domestic migration figures suffered a loss of 37,000 between 2010 and 2015.

Minnesota has the second highest unemployment tax rate in the nation. Minnesota’s individual income tax and corporate tax rates are the third highest. As a result, many business owners have raised concerns about the cost of labor, which is the 12th highest in the country. Other business owners are concerned about the high costs of electricity. Many experts have suggested that Minnesota has lost its competitive success among energy providers in recent years. Consequently, energy rates across the state have continued to rise.

Additional Findings

The Minnesota Chamber of Commerce found the state has among the country’s lowest annual health care costs. Although lower health care rates should help with the cost of doing business, only 44.3 percent of businesses in the state offer insurance to employees.

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Minnesota Businesses State Concerns Regarding Shrinking Workforce, High Tax Rates
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