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   From: limp-dick.democrats@kamalaharris.com   
      
   Entrepreneurship is the engine of growth in the economy. New businesses are   
   not only responsible for creating the majority of new jobs, but they also have   
   an outsized impact on innovation as well as productivity growth. New   
   businesses also enhance    
   competition, improving the allocation of resources. This improves efficiency,   
   leading to income gains that are spread all around the economy.   
      
   Unfortunately, however, Minnesota has consistently fallen behind in creating   
   new businesses.   
      
   According to data from the US Census Bureau, for example, last year, Minnesota   
   had a total of 69,210 business applications. Adjusted for population, this   
   translates to 1,206 per 100,000 people, which was below the national rate of   
   1,637. Among the 50    
   states, Minnesota ranked number 38.   
      
   Not all business applications turn out to be employers, however. Luckily, the   
   US Census Bureau also reports those businesses that are likely, and be able to   
   employ people in a separate category called High Propensity businesses.   
   Minnesota’s performance    
   was similar in this category as well.   
      
   In 2023, the rate of high-propensity business formation for Minnesota was 380   
   per 100,000 people. This was below the national rate of 531. Minnesota also   
   ranked number 38 among the 50 states.   
      
   Figure 1: Number of High Propensity Business Applications per 100,000 people   
      
   Source: U.S. Census Bureau   
      
   This is a trend that, unfortunately, has persisted over time. Looking at the   
   period since 2010, Minnesota has ranked behind the nation in creating   
   businesses. Minnesota also ranked behind the median state throughout the whole   
   period between 2010 and 2023.   
      
   Figure 2: Number of High Propensity Business Applications per 100,000 people,   
   2010-2023   
      
   Source: U.S. Census Bureau   
      
   Data from the Bureau of Labor Statistics (BLS) on the age of private sector   
   business establishments show a similar concerning trend. In 2023, Minnesota   
   had one of the country’s smallest share of private sector businesses aged 5   
   years and under, ranking    
   ahead of just three states — Iowa, Ohio, and Pennsylvania. While the   
   national share of private sector business establishments aged 5 and under was   
   41 percent, in Minnesota, it was 34 percent.   
      
   Figure 3: Share of private sector business establishments that are 5 years and   
   under, 2023   
      
   Source: Bureau of Labor Statistics   
      
   Cause for concern   
   Minnesota’s economy certainly has some strengths. For one, we tend to rank   
   well on dynamism. But that is mainly due to our high rate of labor force   
   participation as well as a high rate of innovation.   
      
   Looking at the most important side of dynamism, however — turning ideas into   
   new businesses — we do not do so well.   
      
   If Minnesota’s economy is going to improve, especially with changing   
   demographics, it needs entrepreneurship. And that is why our lackluster track   
   in creating new businesses should be concerning.   
      
   Martha Njolomole is an Economist at Center of the American Experiment.   
   martha.njolomole@americanexperiment.org   
      
   https://www.americanexperiment.org/minnesota-continues-to-fall-b   
   hind-in-creating-new-businesses/   
      
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