Overview:
THE MINNEAPOLIS MARKET consists of sixteen counties in southeastern Minnesota, anchored by the city of Minneapolis. As of 2019, Minneapolis had an estimated population of 429,000, making it the 46th largest city in the United States. Minneapolis and its neighboring city St. Paul are referred to as the ‘Twin Cities’; an area built around the Mississippi, Minnesota and St. Croix rivers in east central Minnesota. The Twin cities contain 3.63 million people, making it the third largest population center in the Midwest. The Twin Cities contribute 63.8% of the gross state product of Minnesota.
Measured by gross metropolitan product per resident ($62,054), Minneapolis is the fifteenth richest city in the U.S. In addition, Minneapolis’s median annual income sits at $63,590, more than the median annual income of $61,937 for the U.S. Minneapolis’s economy is based in commerce, finance, healthcare and rail and trucking services. The city’s largest employers are Target, Wells Fargo, HCMC, Hennepin County, Ameriprise, U.S. Bancorp, Xcel Energy, RBC Wealth Management, Thrivent, the Star Tribune newspaper, and Capella Education Company. Target, U.S. Bancorp, Xcel Energy, Ameriprise and Thrivent Financial are all headquartered in Minneapolis. The Minneapolis market had a low unemployment rate at 2.9% compared to the national average unemployment rate at 4.4% in March of 2020, prior to the pandemic. As of April 2020, during the wake of the coronavirus, Minneapolis’s unemployment rate sat at 9.4%, below the national average at 14.7%.
While the retail and office markets in Minneapolis have been hit hard by the pandemic, the industrial market has seen a less significant impact. E-commerce has grown in the last few years, and this trend is expected to continue. As more Minneapolis residents stay at home as a result of the pandemic, the demand for consumer goods has increased.
The Minneapolis Industrial Market is divided into 14 submarkets: Chisago County, East, Isanti County, Midway, Minneapolis, North Central, Northwest, Pierce County, Sherburne County, South Central, Southwest, St. Croix County, St. Paul, and Wright County.
