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   Plenty of Minnesota businesses are growing, but they’re not always   
   choosing to build major expansion projects here, according to a new   
   report by the Minnesota Chamber of Commerce   
      
   Business expansion projects appear to be leaving Minnesota faster   
   than they’re coming in.   
      
   That was one of the takeaways from a new report released by the   
   Minnesota Chamber of Commerce on Thursday. From 2020 through 2022,   
   Minnesota-based companies invested about $10.6 billion in 155   
   projects outside of the state, according to the report. At the same   
   time, though, companies headquartered outside Minnesota invested   
   just $4 billion in 101 projects here.   
      
   The report said that amounts to a $6.6 billion “net investment   
   deficit” in Minnesota. Sean O’Neil, the chamber’s director of   
   economic development and research, said it’s the first time his   
   organization has attempted to quantify business investments coming   
   into and out of Minnesota. He noted that it’s an area that’s not   
   quite as well defined as things like unemployment rates, which are   
   reported based on nationally accepted benchmarks.   
      
   But he maintains that the inflow and outflow of expansion projects   
   is something that warrants further attention. Going forward, the   
   chamber aims to release an annual report on the topic. “I think this   
   is something for us to continue investigate further, to continue   
   thinking about what that means for our economy,” O’Neil said in an   
   interview Thursday morning.   
      
   For context, it is worth noting there’s been an uptick in business   
   expansions throughout Minnesota and nationally since 2021. Minnesota   
   is set to welcome at least two multibillion-dollar data centers in   
   the near future, for instance. The report also calls out a $25   
   million plastics recycling facility set to rise in Rogers. Plus,   
   just this week, Lockheed Martin announced plans to build a new St.   
   Paul facility that will employ more than 100 people.   
      
   In the bigger picture, though, the report notes that Minnesota has   
   been seeing fewer expansion projects than its peers in the Midwest,   
   and nationally. Between 2018 and 2022, Ohio welcomed a whopping   
   2,307 new and expansion projects, while Minnesota welcomed just 383   
   during that same time period. Indiana and Michigan also brought in   
   987 and 720 projects, respectively.   
      
   “Minnesota lags its peers in the Midwest, consistently ranking near   
   the bottom in both total projects and projects per capita,” the   
   report stated.   
      
   https://tcbmag.com/minnesota-losing-out-on-business-expansions/   
      
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