Question

Minnesota:

What are the state's major industries, its main tradable industry or commodity and its government budget size?

What are the major challenges the state is facing and the major strengths that make the state unique?

Answer 1

Minnesota Main Industries:

1. Manufacturing is one of the largest employers. Electromedical equipment and high tech jobs are the biggest employers.

2. Wind Power: Ranked third in the US for electricity generated from wind, Minnesota boasts of the largest wind turbine tracking company in the US.

3. Data Centres: Satelitte internet use is high in Minnesota. Minnesota's climate makes data centers cost effective.

4. Livestock: leader in livestock and livestock products in the US.

5.Food processing is also a big industry.

Minnesota's most Tradeable Commodity:

Soybeans and corn are the top export items, accounting for more than 50% of the state's total agro exports. Minnesota ranks 4th in the US in agro exports.

Minnesota's Government Budget:

Minnesota follows biennium budget that is formulated every 2 years. The General Fund is the largest single fund consisting of individual income taxes, retail sales taxes, business and other such taxes.

​​The FY 2018-19 began on July 1, 2017 and ends this year on June 30. The current budget is around $ 46 billion.

Main Challenges:

1. A Bill to decriminalize and legalise the use of marijuana is under negotiation. Though recent sessions on the issue failed to reach any constructive conclusion.

2.The registration fee for opioid distributors and manufacturers needs a revision The House and Senate have passed bills in this regard though they differ in the implementation of the fee, delaying the final decision.

3. Tax hikes in gas is another impending issue. Despite the Houses's inclusion of the tax hike in its transportation plan, the Senate's refusal to accept it, has been delaying decisions.

4.Gun control and a new abortion bill are also other important issues faced by legislators.

Minnesota Strengths:

1. Minnesota's rich in natural resources. Corn is one the most valuable products and major item of export. More than 75% of America's iron ore is produced in Minnesota. Lake Superior, the largest freshwater lake in the world, is in Minnesota, which is known as the Land of 10000 lakes.

2. Toursim: Winter sports, fishing and the Victorian era architecture are a major tourist attraction.

3. Home to about 19 Fortune 500 companies: Minnesota has one of the lowest unemployment rates in the US, mainly because of the fast growing industries.