With a five-year business survival rate of 55.3%, Minnesota ranks top in the nation and well-above the national average of 50%. | Stock photo
With a five-year business survival rate of 55.3%, Minnesota ranks top in the nation and well-above the national average of 50%. | Stock photo
A recent ranking of U.S. states based on the rate of survival of businesses over a five-year time period placed Minnesota at the top of the heap, offering a bit of good news despite the ongoing economic crisis created by COVID-19 restrictions and the deaths those restrictions have brought for businesses across the state.
Nationwide, the business survival rate from 2015 to 2020 was 50%, according to a recent press release from the Minnesota Department of Employment and Economic Development (DEED). In comparison, Minnesota’s rate for the same timeframe was 55.3%.
Steve Grove, DEED commissioner, said that the ranking reflects the determination of Minnesotans to see through anything they set their mind to, according to the release.
“It’s part of that Minnesota work ethic that we’re known for,” Grove said in the release. “This ranking bodes well for our economy, as we know that small businesses account for 47% of the jobs in the state.”
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