DEED in the News
When some state officials think of Faribault, they think of it as a success story. That’s because despite a population of fewer than 25,000 people, Faribault has four major employers owned by companies outside of the U.S., an abundance of foreign investment that experts say is essentially unheard of for a small city in the Midwest.
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Minnesota's agricultural, mining and manufacturing exports grew 6.5 percent to $5.7 billion between July and the end of September, according to DEED. It's part of an ongoing trend in Minnesota, with exports increasing seven quarters in a row. The state is on track to see an overall increase in exports in 2018, the second year in a row. U.S. exports also grew between July and September by 8 percent. A spokesman for DEED, which released the numbers Thursday, said Minnesota businesses have continued to operate as usual despite escalating trade negotiations between President Donald Trump and China.
Two Minnesota-based medical device industry suppliers – Windings and New Plastics Plus – are expanding and adding jobs, DEED recently announced. New Ulm, Minn.–based Windings makes specialty electrical motors, generators and the sub-assemblies, including for medical products such as surgical power tools, surgical robots, fluid pumps and laboratory centrifuges. The project will create another 20 jobs over the next three years, with DEED providing a $175,000 Minnesota Job Creation Fund award.
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Recent Press Releases
Sales of Minnesota agricultural, mining and manufactured exports grew 6.5 percent to $5.7 billion in the third quarter of 2018, according to figures released by DEED. Minnesota represents the 19th largest gain in exports nationwide for this period. U.S. exports as a whole were up 8.1 percent during the same period.
“Many of the state’s core industries continue to experience strong export growth,” said DEED Commissioner Shawntera Hardy. “Minnesota businesses are also succeeding at making inroads into newer emerging markets.”
Recent Blog Post
The Financial technology sector – FinTech – continues to make strides and grow in Minnesota. Recently, Gener8tor, Allianz Life Ventures and Securian Financial announced a partnership to establish the OnRamp Insurance Accelerator in the Twin Cities. Sezzle, a Minnesota-based FinTech startup, just raised $100 million for its short- term installments-based retail system, designed to help younger adults build credit. Finally, Total Expert raised $20 million in venture capital in October towards their continued growth. Learn more about FinTech on our DEED developments blog.
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