After Chicago, the Minneapolis–Saint Paul area has the largest economic center in the Midwest. Its economy is largely dependent on commerce, finance, the healthcare industry, rail facilities, and trucking services. The other minor components are advanced technology, education, food processing, graphic arts, insurance, milling, and publishing. For the industry sector, some of the main goods produced include agricultural produce, automotive and metal products, chemical products, computers, electronics, machinery, medical devices and instruments, and plastics. At one point, the city was known for producing farm implements.
Fortune 500 companies that are headquartered in Minneapolis include:
In 2015, the firms touted as being the largest employers in the downtown area were:
- Wells Fargo
- Hennepin County
- U.S. Bancorp
- City of Minneapolis
- Xcel Energy
- The Star Tribune
- Capella Education
- Federal Reserve of Bank Minneapolis
- ABM Industries
The availability of Wi-Fi, development of transport facilities, university development and research expenditures, medical trials, energy conservation projects, and advanced degrees held by the workforce are currently above the national average standards set back in 2005. Popular Science also named Minneapolis as a ‘Top Tech City’ in the U. S. Some of the city’s other accolades include being ranked second in Kiplinger’s survey of Smart Places to Live and securing a spot as on a list of seven “cool” cities for young professionals.
The Federal Reserve Bank of Minneapolis offers its services to the regions of Montana, Minnesota, South Dakota, North Dakota, and parts of Michigan and Wisconsin. Being the smallest of the twelve regional banks that make up the Federal Reserve System, its duties include overseeing bank holding companies and member banks, operating a nationwide payment system, and acting as a banker for the United States Treasury.
Founded back in 1881, the Minneapolis Grain Exchange is still the sole exchange for hard red spring wheat options and futures.
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