Location
The “Twin Cities” of Minneapolis and St. Paul form the core of a metropolitan region encompassing 6,046 square miles and consisting of 13 counties: Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington, Isanti, Chisago, Sherburne and Wright in Minnesota, as well as Pierce and St. Croix counties in Wisconsin.
The Minneapolis/St. Paul metro area ranked ninth among major metro areas in the American Institute for Economic Research’s 2009 College Destinations Index, which gives prospective students an idea of an area’s attractiveness versus an institution’s attractiveness.
Population
According to ESRI(1) 2009 population estimates, the Minneapolis-St. Paul MSA (Metropolitan Statistical Area) ranks 16th in population in the United States with a population of 3,314,039.
Income
According to 2009 ESRI estimates, the Twin Cities’ median household income of $73,045 is ranked ninth among the top 50 most populous CBSAs.
Housing Prices
The Twin Cities median single-family home price (as of first-quarter 2010) is $162,000 compared with $202,000 at the end of 2008.
(Source: National Association of Realtors)
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Business Strengths Major business strengths in the Twin Cities include a highly educated workforce, excellent transportation services, a diverse economic base and available capital. The metro area is home to 19 Fortune 500 companies representing a broad spectrum of industries. The Minneapolis/St. Paul area’s employment base does not rely on any single industry, which allows it to weather recessions and economic downturns in specific industries.
The Minneapolis/St. Paul metro economy is the 14th largest in the nation, according to a 2009 report by the U.S. Bureau of Economic Analysis.
Forbes magazine ranked Minnesota No. 17 on its 2009 list of top states for business.
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Footnotes:
1) Environmental Research Systems Institute