 Doug Loon, President and CEO of the Minnesota Chamber of Commerce, spoke to EPAM Rotary on May 16, 2023.Doug said that the Minnesota Chamber of Commerce has about 6300 members statewide--38% in service industry; 28 % in manufacturing. Some strengths for Minnesota businesses are that Minnesota is diverse and highly innovative. Minnesota has a highly educated workforce. Per capita income in Minnesota is above national levels. Minnesota's Gross Domestic Product exceeds the country's average, although we have been lagging since 2006 due to labor shortages. Some of Minnesota's current business challenges are that we have an aging workforce and not enough births to replace workers in the future. In addition, 18-24 year adults are leaving the state and not returning as they are finding opportunities for affordable living and cheaper education elsewhere . We need more programs to improve productivity and retain/recruit workers. Doug discussed a program that South Dakota has where they offer free education in the trades in exchange for a commitment to work in South Dakota after school. Innovative programs such as that are needed in MN. Every sector in MN is looking for employees. Part of the role of the MN Chamber of Commerce is to promote business through public positions and lobbying efforts to affect government policies. Taxes are an item of concern/discussion. Minnesota is 6th in the nation for individual income taxes and only one state is higher than Minnesota for corporate taxes. |
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