The energizing speeches by and , alongside the , the , , and many others, at the Democratic National Convention marked a key moment in the 2024 presidential election. With both parties now formally presenting their candidates and voters increasingly focused on the election, the Democratic and Republican political machines will ramp up their efforts—with door-to-door campaigning, rallies, campaign ads, and, of course, the familiar attack ads.
Many voters may have already encountered these political maneuvers. One topic circulating among is criticism of Minnesota’s economy under Governor Walz. What seems overlooked, or at best, casually mentioned, is the fact that Minnesota consistently ranks among the best states for living and doing business.
In the rankings, the “Land of 10,000 Lakes” was placed sixth. CNBC highlights advantages in infrastructure (fifth best state), quality of life (fourth), access to capital (12th), and tech and innovation (12th). Importantly, Minnesota has remained in the top 10 of these rankings throughout Walz’s governorship.
CNBC isn’t the only source offering glowing reviews for Minnesota. U.S. News & World Report has also placed Minnesota in the top five best states since the beginning of Walz’s first term. Together, these two independent sources demonstrate at the state level what so many that . This isn’t new to Minnesota’s business leaders. They have this attitude of corporate responsibility. In 1907, George Draper Dayton, founder of the business that would become Target Corporation, set aside 5% of pretax profits for charitable contributions. After World War II, several other companies in the state adopted this practice, and eventually, the Minneapolis Chamber of Commerce established the Five Percent Club to solidify this philanthropic spirit within the business community.
This might even explain how Walz has managed to retain the leadership of some of the world’s biggest companies, despite the state having the corporate income tax rate in the U.S. The Minneapolis-St. Paul Metro Area boasts the Fortune 500 companies per capita nationally, home to iconic American brands like 3M, General Mills, U.S. Bancorp, Target, and Best Buy; not to mention leading organizations including Cargill and Mayo Clinic.
Governor Walz can also cite solid economic data to support the ongoing progress under his leadership. Minnesota boasts a triple A , renewable energy generation, one of the highest , and, according to our , the third best investment return of state pension funds over a decade.
The Minnesota economy, like any state, has room for improvement, but its performance should be considered in a comprehensive context. Real GDP growth for 2023 did fall short of national growth as well as neighboring states. However, each state is often influenced by its primary industries and companies, leading to unique ups and downs in performance. For instance, in the quarterly reports for real GPD growth, the Midwest as a region lagged behind the national rate. Nonetheless, Minnesota performed better than most of its neighbors, including North Dakota, South Dakota, Nebraska, and Iowa.
Net migration and population change are other closely watched indicators for states. Minnesota has experienced mixed results in both areas. While domestic net migration was negative in 2023, , which includes international migrants, was positive and returned to pre-pandemic levels. The impact of COVID-19 and an aging population can’t be ignored either. With many Baby Boomers retiring early and remote work becoming the norm, migration to warmer states like Florida became a reality for many states, a challenge no governor had a quick solution for.
Walz is well aware of these issues. Despite many partisan commentators labeling him as a far-left progressive, he has earned praise from business leaders for successfully investing in , , , and .
So, when voters begin asking if Walz’s economic agenda is one to emulate? The resounding answer is “you betcha!” While much of the economic agenda by the Harris-Walz campaign remains to be announced, key policies are starting to emerge. Admittedly, they will , but the policy positions of candidates in both parties will never fully satisfy even their most devoted supporters.
What matters—regardless of party affiliation—is the candidates’ ability to lead with honesty, integrity, and intelligence for all Americans, including business and society. In fact, these were the values of the original American progressive spirit that was founded in Minnesota exactly a century ago, supported by leaders across both the public and private sectors. The selection of Governor Walz reminds us of the values and characteristics that have defined America in the past and define Harris today.
Milton Friedman, the renowned advocate for laissez-faire economics, perhaps put it best in the often cited but rarely read from September 1970: “It may well be in the long‐run interest of a corporation that is a major employer in a small community to devote resources to providing amenities to that community or to improving its government.” Friedman may have been onto something—his is message worth remembering as America enters the peak season of the election cycle.