It’s very
interesting to observe that, the most significant
characteristic of the economy is its diversity with a growing market of +5
million consumers.
The
agricultural sector remains a major part of the state's
economy, ranking sixth in the nation in the value of products sold.
The state is
the U.S.'s largest producer of sugar beets, sweet corn, and
green peas for processing, and farm-raised turkeys. Minnesota is also a large
producer of corn and soybeans.
Forestry
remains strong, including logging, pulpwood processing
and paper production, and forest products manufacturing.
Taconite
mining continues, using processes developed locally to save the industry. The
manufacturing sector now includes technology and biomedical firms in addition
to the older food processors and heavy industry.
Minnesota is
one of 42 U.S. states with its own lottery; its games include
Powerball, Mega Millions, Hot Lotto (all three multi-states), Northstar Cash
and Gopher 5.
Minnesota
produces ethanol fuel and is the first to mandate its use.
Minnesota has a progressive income tax structure; the four brackets of state income
tax rates are 5.35, 7.05, 7.85 and 9.85 percent.
The state
sales tax in Minnesota is 6.875 percent, but there is no sales tax on clothing,
prescription drug medications, some services, or food items for home
consumption.
The state
imposes a use tax on items purchased elsewhere but
used within Minnesota. Owners of real property in Minnesota pay property tax to
their county, municipality, school district, and special taxing districts.
Medical care in the state is provided by a comprehensive network of hospitals and
clinics headed by two institutions with international reputations. The University of Minnesota Medical School is
a high-rated teaching institution that has made a number of breakthroughs in
treatment, and its research activities contribute significantly to the state's
growing biotechnology industry.
The state
supports a network of public universities and colleges, including 32 institutions in the Minnesota State Colleges and
Universities System, and five major campuses of the University of Minnesota. It is also home to more than 20 private
colleges and universities, six of which rank among the nation's top 100
liberal arts colleges, according to U.S. News & World Report.
Principal
transportation corridors radiate from the
Minneapolis–St. Paul metropolitan area and Duluth. The major Interstate
highways are Interstate 35 (I-35), I-90, and I-94, with I-35 and I-94
passing through the Minneapolis–St. Paul metropolitan area, and I-90 traveling
east-west along the southern edge of the state.
Minnesota's
principal airport is Minneapolis–St. Paul
International Airport (MSP), a major passenger and freight hub for Delta Air
Lines and Sun Country Airlines. Most
other domestic carriers serve the airport.
Amtrak's
daily Empire Builder (Chicago–Seattle/Portland)
train runs through Minnesota, calling at the Saint Paul Union Depot and five
other stations.
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