From furs, wheat, pine lumber, and high-grade iron industries to emphasizing on food-related industries as meat-packing, canning, and the processing of dairy products, Minnesota has had a diverse economy.
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Agriculture, manufacturing, mining, fishing and service industries are some of the major industries. Grain, hogs, soybeans, wheat, barley, dairy products, and cattle and calves are the major agricultural products. The state leads in the production of milk, most of which is converted into butter and cheese.
Manufacturing adds to the state's income. The primary manufactured products of Minnesota include computer and electronic products. agricultural machinery, weapons and ammunition, automobiles, newspapers, aircraft parts and paper products.
| GDP | $262 billion in 2008 |
| Per Capita Income | $42,772 in 2008 |
| Unemployment Rate | 6.7% in 2011 |
| Major Sectors | Agriculture, trade, livestock, mining, forestry, services |
| Major Industries | Tourism, fishing, information technology, hunting, manufacturing |
Finance, insurance and real estate industries are the major areas in the services sector. Personal services including private health care, legal services and automobile repair are also important. Mining is a significant part of the economy. Iron ore is the chief mineral. The state also produces high quality granite, limestone, peat, sand and gravel.
The state sales tax in Minnesota is 6.875%, but it does not levy sales tax on clothing, prescribed drug medications, some services, or food items for home consumption. Minnesota levies excise taxes on alcohol, tobacco, and motor fuel. People who own real property are required to pay property tax to their county, municipality, school district, and special taxing districts.
| Minnesota State Profile |
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