Economy
The economy of Minneapolis today is based in commerce, finance, rail and trucking services, health care, and industry. Smaller components are in publishing, milling, food processing, graphic arts, insurance, and high technology. Industry produces metal and automotive products, chemical and agricultural products, electronics, computers, precision medical instruments and devices, plastics, and machinery.
Five Fortune 500 headquarters are in Minneapolis: Target Corporation, U.S. Bancorp, Xcel Energy, Ameriprise Financial and Thrivent Financial for Lutherans. Three are in nearby suburbs: General Mills, Medtronic and Nash Finch Company. Fortune 1000 companies in Minneapolis include PepsiAmericas, Valspar Corporation and Donaldson Company.
Availability of Wi-Fi, transportation solutions, medical trials, university research and development expenditures, advanced degrees held by the work force, and energy conservation are so far above the national average that in 2005, Popular Science named Minneapolis the "Top Tech City" in the U.S. Minneapolis ranked the country's second best city in a 2006 Kiplinger's poll of Smart Places to Live and one of the Seven Cool Cities for young professionals.
The Twin Cities contribute 63.8% of the gross state product of Minnesota. The area's $145.8 billion gross metropolitan product and its per capita personal income rank fourteenth in the U.S. Recovering from the nation's recession in 2000, personal income grew 3.8% in 2005, though it was behind the national average of 5%. The city returned to peak employment during the fourth quarter of that year.
The Federal Reserve Bank of Minneapolis, with one branch in Helena, Montana, serves Minnesota, Montana, North and South Dakota, and parts of Wisconsin and Michigan. The smallest of the twelve regional banks in the Federal Reserve System, it operates a nationwide payments system, oversees member banks and bank holding companies, and serves as a banker for the U.S. Treasury. The Minneapolis Grain Exchange founded in 1881 is still located near the riverfront and is the only exchange for hard red spring wheat futures and options.
(Source: Wikipedia.org)
