In 1867, Minneapolis was both incorporated as a city and connected to Chicago by a rail line. Early in its history, the city's economy was largely driven by its booming lumber industry. In the many years since, it has diversified and expanded its economy greatly, growing to become the major center for business between Chicago and Seattle.
The city has a very distinctive and active culture. It has the second most live theaters per capita (after only New York), with many different troupes, groups, and venues. Music thrives in Minneapolis; the city's musical legacy includes such diverse artists as Prince, The Replacements, and Atmosphere, and it is also home to the renowned Minnesota Orchestra. Additionally, Minneapolis has various vibrant visual art and literature scenes, as evidenced in it being home to such institutions as the Walker Arts Center (one of the "big five" modern art museums in the US) and Open Book (the largest literary book and arts centre in the US).
- Number 1 on NerdWallet's 2013 list of "Best Cities for Recreational Activities".
- Number 5 on vocativ.com's 2013 list of "The 35 Best U.S. Cities For People 35 and Under".
- Number 8 on NerdWallet's 2014 list of "Best Cities for Job Seekers".
- Number 8 in a 2014 study of "Intergenerational Mobility in the 50 Largest Community Zones".
- Number 12 on Businessweek.com's 2012 list of "America's 50 Best Cities".
- Number 15 on Movoto's list of "America's Smartest Cities".
- Number 19 for "Education" on Forbes' 2013 "Best Places For Business and Careers" list.
- Number 21 on newgeography's 2013 list of "Best Cities for Job Growth".
Major Industries and Employers
Minneapolis's major industries are commerce and finance, rail and trucking, health care, and industry. Other significant industries in the city include high technology, education, insurance, publishing, milling, and food processing.
The city is home to the head offices of nine Fortune 500 companies. Among these are the retail chain Target; the utility holding company Xcel Energy Inc.; and the financial service companies U.S. Bancorp, Ameriprise Financial, and Thrivent Financial for Lutherans. Other major employers of Minneapolitans include Wells Fargo, the University of Minnesota, department store chain Macy's, and Minnesota' largest newspaper, the Star Tribune.
In 2012, the city's population was estimated by the US Census Bureau to be 392,880, with the median age being 31.7. 56,287 members of the population are from overseas, and 17,239 are veterans.
Of the members of the city's population that are 25 years old or more, 88% have attained at least high school graduation or equivalency, and 44.8% have attained a bachelor's degree or a higher qualification. The equivalent national rate of bachelor's degree attainment is only 25.4%, so Minneapolis shines in this regard.
The median household income is $48,881, and the home ownership rate is 50%. Minneapolis's unemployment rate is substantially lower than the national rate, at 4.6% rather than 6.7%. At 22.5%, the proportion of the city's population living below the poverty level is significantly higher than the national rate (15%).
Minneapolis's homeownership rate and poverty rate are both somewhat lower than the national averageg, but its unemployment rate is well below the national average, and it has a strong, established, and diversified economy. Thus, the city is a good choice for job seekers to be, even based purely on its employment prospects.
However, where the city really shines is in other characteristics; its population is outstandingly well educated (reflected particular in its literacy rate and bachelor's degree attainment rate), it's highly regarded for recreation, and it has a rich, thriving culture. As such, it seems that Minneapolis would be a great choice for those job seekers who are also interested in the other benefits that this city has to offer.