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Cost of Doing Business Lower in Greater Mankato
Mankato-North Mankato MSA is 64th in nation and 5th in the Upper Midwest
Mankato, MINN (September 25, 2013) - The Cost of Doing Business in Greater Mankato is lower than the national average and competitive with other MSAs in the Upper Midwest.
According to Moody’s Analytics 2012 North American Business Cost Review, the Mankato-North Mankato Metropolitan Statistical Area (MSA), has an overall Cost of Doing Business index of 81, which means it is 81% of the national average (or 19% below the national average). This gives the Mankato-North Mankato MSA the 64th Lowest Cost of Doing Business among all 384 MSAs in the U.S., putting it in the top 17% nationally.
The Mankato-North Mankato MSA also has the 5th Lowest Cost of Doing Business among the 29 MSAs in the Upper Midwest states of Minnesota, Wisconsin, Iowa, North Dakota and South Dakota. Complete data for all 29 MSAs is available at greatermankato.com/cost-doing-business.
In Moody's analysis, four factors contribute to the overall Cost of Doing Business - Cost of Office Rent, Energy Costs, State & Local Taxes and Unit Labor Cost (which received the highest weighting). The Mankato-North Mankato MSA ranks in the top 50% or higher for all four factors among the 29 other Upper Midwest MSAs:
Cost of Office Rent
Unit Labor Cost
State and Local Taxes
The impetus for looking into the region’s “Cost of Doing Business” came from the Mankato-North Mankato MSA’s 10th place ranking on Forbes Best Small Metros for Business and Careers list, which included the 184 MSAs in the nation with populations less than 250,000. In studying the details of the exceptional ranking, Greater Mankato Growth found that of the 12 metrics Forbes utilized, Cost of Doing Business was weighted higher than other factors, with the Mankato-North Mankato MSA ranking 41st. To learn more about the region’s Cost of Doing Business, GMG went to the same source utilized by Forbes – Moody’s Analytics.
Greater Mankato Growth, along with the Regional Economic Development Alliance, also wanted to be able to communicate to businesses the value of locating in the region. “When businesses look at Cost of Doing Business, they sometimes look at isolated factors,” said Jonathan Zierdt, President & CEO of Greater Mankato Growth. “However, Moody’s comprehensive approach, provides a more complete picture of the actual Cost of Doing Business and its positive contribution to the success of businesses here.”
About Greater Mankato Growth
Greater Mankato Growth (GMG) is committed to advancing business for a stronger community. As the Chamber of Commerce and Economic Development organization serving the regional marketplace, GMG advances business through: existing business support, new business growth, business promotion, talent development, public affairs, community marketing, visitor attraction and servicing and civic engagement. Greater Mankato Growth, Inc. also includes two LLCs: Visit Mankato, which focuses on visitor attraction and servicing, and the City Center Partnership, LLC, which focuses on development in the City Center.
About the Regional Economic Development Alliance
In 2009, the Regional Economic Development Alliance (REDA) began with a progressive group of communities and counties joining together with Greater Mankato Growth in business attraction and development efforts. REDA participants include Eagle Lake, Lake Crystal, Le Sueur, Madison Lake, Mankato, Saint Peter and Blue Earth County. By working together, the group is able to efficiently provide regional and individual city and county information to businesses interested in the Greater Mankato marketplace. As a result of promoting the individual strengths of each community, along with the combined assets of the regional marketplace, all experience collective success.