ST. PAUL, Minn. — A CNBC study ranks Minnesota as one of the top 5 states in the nation for businesses, surpassing Texas.

On Wednesday, Gov. Tim Walz and Lt. Gov. Peggy Flanagan announced this huge milestone for the great lake state. 

This announcement comes on the heels of a huge push from the Walz administration to expand a number of technological industries in Minnesota, including microchip production and broadband access. 

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These investments were recently safeguarded with the passing of the state’s largest-ever infrastructure bill. 

“Businesses are at the heart of our communities, our workforce, and our state’s economy. They drive our economic growth, culture, and innovation,” said Walz. “From investing in broadband and our highway system to child care and job training, we will continue working hard to make Minnesota the best state to own a business.”

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Flanagan echoed Walz’s remarks saying, “Nearly half of Minnesota’s workforce is employed by a small business, and this ranking speaks to our strong support of workers and business owners.” 

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Flanagan also said, “Minnesotans work best when we work together to provide solutions and support for entrepreneurs and workers alike. Just as small business owners and employees work hard every day to better our state, we will continue to make Minnesota work better for them.” 

Minnesota’s ranking is based on 86 key indicators in 10 categories of competitiveness, including workforce, infrastructure, economy, health, and business friendliness. 

North Carolina came in first place for the 2023 CNBC top business states power rankings, followed by Virginia, Tennessee, and Georgia.