Minneapolis & St. Paul Fantasies and Speculations

[Didier]

Downtown Minneapolis is economically surging with an explosion in development and investment in infrastructure.

I feel like we've been missing some of John's trademark hyperbole around here lately. Glad to have it back!

[John]

Downtown Minneapolis is economically surging with an explosion in development and investment in infrastructure.

I feel like we've been missing some of John's trademark hyperbole around here lately. Glad to have it back!

I've lived downtown for 32 years and have never seen so much diverse development activity occuring at the same time. It's phenomenal. Age gives you perspective.

Kregger, see TWA's remarks above. He says it better than I.

[Avian]

... It's no secret there are many, many local companies looking for new space, not to mention the possibility of foreign businesses having a presence here..

That is very much the case right now. I don't mean to be a tease, but I've agreed to confidentiality about details. I can say that more than 1,000 companies have requested detailed information on the market conditions and opportunities in Minneapolis alone. Even if only a few percent pursue expansion, that's still a lot of projects. MAC is going to see more market pressure for foreign air carriers with international non-stops at MSP. The recent expansion of Air France into this market helps.

[David Greene]

I can say that more than 1,000 companies have requested detailed information on the market conditions and opportunities in Minneapolis alone.

Since I know nothing about what goes into expansion/relocation of a business, how does this 1,000 number compare to the typical level of interest in Minneapolis? When a company expands or relocates it's going to look at a lot of different options. Just because someone asks doesn't mean they're serious.

[MNdible]

Perhaps Target Canada will move their headquarters here?

[Avian]

I can say that more than 1,000 companies have requested detailed information on the market conditions and opportunities in Minneapolis alone.

Since I know nothing about what goes into expansion/relocation of a business, how does this 1,000 number compare to the typical level of interest in Minneapolis? When a company expands or relocates it's going to look at a lot of different options. Just because someone asks doesn't mean they're serious.

That's why I mentioned the percentages. I do know the inquiries are recent.

The Twin Cities are known better overseas than many would think. Companies like 3M, Cargill, General Mills, Best Buy and even the global freight services of C.H. Robinson have high profiles among foreign business communities. For companies looking for a mid-American presence, the Twin Cities are prime targets.

[trkaiser]

Not foreign, but today's MSPBJ story about Johnson & Johnson possibly locating something here fits this narrative:

http://www.bizjournals.com/twincities/b ... 1371068993

[kregger22]

I would completely agree with Avian that the Twin Cities are better known overseas than many realize. The companies he mentioned have a tremendous percentage of their revenues generated overseas, but enormous profit margins for ECL, HON (who now only has 1 division here), DCI, HRL and on and on and on come from overseas and when there are so many Fortune 1000 companies domociled here doing business over there - foreign companies do take a strong look here. TATA Consulting as an example has 2 floors as of a year or so again in the 8300 Tower in Bloomington.

[Didier]

What specifically does the Twin Cities have that these foreign companies are interested in? I'm just kind of curious because it is kind of vague.

[Nathan]

Imagine if you were looking at a menu of cities for future development, and you know nothing about US cities (for the most part)

Minneapolis/St Paul Top 5 in
Literacy
People with a High school Degree, assoc or bachelor degree
Fortune 1000 per capita
Quality of Life

etc
etc
etc

[Andrew_F]

I would guess that our air access to the rest of the US, our prevalence in banking, and our, as fotoapparatic pointed out, high number of fortune 500/1000 companies (who certainly have international suppliers) are big pluses.

[min-chi-cbus]

Imagine if you were looking at a menu of cities for future development, and you know nothing about US cities (for the most part)

Minneapolis/St Paul Top 5 in
Literacy
People with a High school Degree, assoc or bachelor degree
Fortune 1000 per capita
Quality of Life

etc
etc
etc

Fitness/Health
Parks
etc.
etc.

[Didier]

I guess more what I meant was what kinds of companies are these?

With all due respect to our park system and our literacy rate, I have to imagine most companies looking to move here have some specific interest, whether it's because they are a major client for one of our Fortune 500 companies or if they need a presence in a major Midwest city.

Is that the implication, or are we suggesting that a major international company is looking to put down a big presence here just because they like what we have to offer?

[Nathan]

Human Capital is one of the most important things to a big company, it's easier to locate somewhere that has it, then locate where it isn't and recruit... I'd Imagine.

I don't know anything specific, but If I was looking at the US market (based on stats) I'd sure see Mpls/stp and think 'what's going on there' and at least consider it.

[Didier]

In theory, yes, but we're not the first place somebody is going to come to build a car factory or a tech start up. We'd be a pretty good location for a European agriculture company that works a lot with farmers etc., though. Or perhaps a medical device company. I'm just curious what types of foreign companies are interested in Minnesota.

[Nathan]

I'd imagine our Ad market is pretty appealing too. Creative Industry. Like I said, I'm just speculating.

[RailBaronYarr]

All of this makes me really question why we have to throw money at companies. It frustrates me to no end that my own employer squeezed $6M+ out of the state, Shakopee, and Burnsville to build the expansion in the ADC site (obviously not Mpls, but this stuff happens all the time). I appreciate what GreaterMSP does (lots of marketing and steering companies toward development sites, available DEED $, etc, but it seems like we rely way too much on 'grant' money, abatements, etc at big companies to lure them when in reality our human capital, parks, schools, entertainment options, etc do that already. Yes, our tax rate is a little higher, but we clearly use it well (see: rankings). So, my fantasy for the Twin Cities is to stop handouts to lure companies and focus more on an economic gardening approach and help build the next 5 "Fortune 5,000" companies instead of luring a Fortune 500 one.

[Didier]

I forget about advertising. You don't hear about it as much as the big local companies, but I know Minneapolis is very highly regarded within the industry. Kind of cool.

[David Greene]

There's a lot of tech here, too. Remember, we are the original Silicon Valley.

[Didier]

I have to imagine a lot of companies are interested in Minnesota due to Prince, as well.