With 13 Fortune 500 companies headquartered in Minnesota, the state ranks 10^th among all states.  Nearly 50 million people, one million businesses and 80 thousand manufacturers live within 500 miles of Minneapolis and Saint Paul, making it a top U.S. market and an important business hub.

Minnesota’s Major Employers, by sector

High-technology products

Organization	MN Employment	Description
3M Company	18,179	Spectrum of products for industrial, commercial and consumer uses.
IBM Corporation*	7,200	Software developer. Manufacturer of the AS/400 family of business computing systems.
Medtronic Inc.	5,696	World’s leader in medical technology (implantable and interventional therapies).
ADC Telecommunications Inc.	4,781	Supplier of voice, video and data systems for telecommunications networks.
Seagate Technology Inc.*	3,725	World’s largest independent computer disk-drive manufacturer.
Hutchinson Technology Inc.	2,545	World’s largest producer of suspension assemblies, a component of disk drives.
Guidant Corp. Cardiac Rhythm Management Group*	2,500	Manufacturer of heart pacemaker defibrillator devices and related products.

Food processing

Hormel Foods Corp.	7,167	Multinational producer of fresh and processed meat and food products.
Cargill Inc.	5,111	Worldwide operations.  Trading and processing of agricultural commodities.
General Mills Inc.	3,785	Fortune 500 company.  Strategic alliances in Europe, Latin America, China.
Pillsbury	3,227	Subsidiary of General Mills Inc.
ConAgra Inc.*	3,000	Includes 6 companies in Minnesota, such as Sipco and Hunt-Wesson Inc.

Health-care services and management

Mayo Foundation	23,378	Comprehensive medical care and education in the medical sciences.
Allina Health System	22,454	Integrated health-care system of hospitals and health plans, in four states.
Fairview Health Services	18,700	Statewide integrated health-care system, including nursing homes and clinics.
HealthPartners	9,634	Largest managed health-care organization in Minnesota:  800,000 members.
HealthEast Care System	6,918	Provider of acute, tertiary, and long-term health services.
Park Nicollet Health Services (formerly HealthSystem MN)	6,607	Provider of a system of integrated health-care services.
Evangelical Lutheran Good  -  Samaritan Society*	5,796	Largest non-profit long-term care provider in the U.S., with 240 facilities in 26 states.
REM Inc.	5,000	Provider of health care services, including seniors, disabilities, home health care, and rehabilitation.
CentraCare Health System	4,930	Health care delivery system offering a full range of hospital, clinic and nursing services.

Financial and Insurance Services

Wells Fargo & Co. (incl. Former Norwest Bank)*	13,938		Diversified financial services company offering retail banking in 21 states.
U.S. Bancorp	12,515		Provides financial services to businesses and households in 24 states.
American Express Financial Advisor	7,716		Long-term financial planning services, “Employer of the Year 1998.”**
Prudential Insurance Company of America*	4,000		Largest insurance company in the U.S. with two major sites in Minnesota.
TCF Financial Corporation	3,400		Operates in Minnesota, Illinois, Wisconsin, Colorado and Michigan.
The St. Paul Cos.	2,958		Fortune 500 company.  On “100 Best Companies for Working Mothers” (Working Mother).

Other Manufacturers

Taylor Corporation	6,517	Includes Carlson Craft which controls 50% of U.S. wedding stationery market.
West Group	5,396	Publisher of over 1,000 print and over 400 CD-ROM business & legal information titles.
Andersen Corporation	4,824	Manufacturer of complete line of vinyl clad windows and patio doors, marketed internationally.

Retail

Target Corp.	35,047	Multistate general merchandise retailer, including Marshall Field’s, Target, & Mervyn’s.
Wal-Mart Stores Inc.*	11,925	General merchandise retail and wholesale stores (Sam’s Club).
Supervalu	8,600	Fortune 500 company.  The nation’s largest food distribution & 10th largest retailer co.
Best Buy Co. Inc.	6,500	Fortune 500 company.  Leading specialty retailer in the U.S. (electronics).
Fleming Cos. Inc.*	5,549	Doing business as Rainbow Foods, with 41 supermarkets in Minnesota.
Holiday Companies	5,000	Diversified wholesale and retail sale of food and sporting goods (Gander Mountain).
Perkins Family Restaurants	4,600	Chain of retail restaurants.

Other Employers in Services and in the Public Sector

State of Minnesota	55,294	State government & state colleges & universities (excluding University of MN system).
U.S. government	35,047	Federal government.
University of Minnesota	29,498	Public university with 4 campuses and an enrollment of nearly 60,000.
Northwest airlines	21,301	World’s 4th largest passenger airline by revenue passenger miles.
Carlson Companies	9,000	Travel, marketing and hospitality services, employing 147,000 people worldwide.
Qwest (formerly US West)*	7,000	a PROVIDER OF internet-based data, voice, image & multimedia communications.
Federated Direct (formerly Fingerhut Co.)	6,019	Second largest consumer catalog and direct mail marketer in the U.S.
Doherty Employment Group	5,800	Employment agency.  4th largest woman-owned business in the Twin Cities.
United Parcel Service*	5,467	Air courier and parcel delivery services worldwide, with 2 major hubs in Minnesota.
Xcel Energy (formerly Northern States Power Co.)	5,419	Operates in 12 states, providing energy-related products to 3 million customers.
Little Six Inc. (Shakopee Mdewakanton Sioux)	4,461	Owns Mystic Lake Casino, the largest gaming facility in the Upper Midwest.

*Corporate headquarters is not located in Minnesota.
**Minnesota State Council on Disability, Minneapolis Rehabilitation Center.

Source:  Corporate Report Fact Book 2001, Table:  Employer 100 (August 2000).

A Word on Taxes

Minnesota’s corporate income tax liability (9.8%) is typically competitive with other states, for businesses with a significant proportion of sales occurring outside the states. The state’s unique method for apportioning corporate income to the state minimizes the corporate income tax base. As a result, for Minnesota corporations with regional or national markets, Minnesota’s corporate tax rate of 9.8 percent may be reduced to a significant lower effective rate.

Minnesota does not have a capital value tax. Unlike a corporate income tax which is imposed only on a business’ profits, a capital value tax is imposed regardless whether a business is profitable.  And, Minnesota does not allow local government units to levy a corporate income tax.

*Source: Minnesota Tax Handbook, Minnesota Department of Employment & Economic Development