Location
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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.
Forbes magazine identified the Minneapolis-St. Paul metro area as one of its “Best Places for Business and Careers” in the U.S., ranking it 34th among the nation’s largest metros. (Forbes, 2011)
Population
According to ESRI(1) 2010 population estimates, the Minneapolis-St. Paul MSA (Metropolitan Statistical Area) ranks 16th in population in the United States with a population of 3,328,053.
Income
According to 2010 ESRI estimates, the Twin Cities’ median household income of $72,379 is ranked ninth among the top 50 most populous MSAs.
Housing Prices
The Twin Cities median single-family home price (as of third-quarter 2011) is $160,300 compared with $171,400 in third-quarter 2010. (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 20 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 has one of the top-performing economies in the United States. The Brookings Institution ranked the area sixth nationally in a post-recession comparison of 150 global metro areas in 2010.
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Footnotes:
1) Environmental Research Systems Institute