The Headquarters Economy - Revisited

Happy Annual Meeting week! Looking forward to seeing you all there.

Last week at the annual MN Chamber of Commerce Executives Conference I had the opportunity to hear from Dr. J. Myles Shaver, University of Minnesota professor and author of Headquarters Economy: Managers, Mobility, and Migration. He shared a 2026 update—approximately ten years after his original research explained why Minnesota is one of only 19 metro areas in the world with such a high concentration of corporate headquarters.

The reasons for our unique position have little to do with the typical explanations. It’s not about industry clustering—we’re one of the most diverse economies in the nation. It’s not about geography—most of our companies could locate anywhere. We’re not “riding a wave,” either; while the Midwest and Northeast lost headquarters over the last decade, Minnesota held steady. Nor is it about tax incentives. We don’t lure companies here—we grow them.

According to Dr. Shaver’s latest findings, the real explanation lies in two forces:

1. Human capital. Minnesota continues to offer an exceptionally well‑educated workforce, especially in professional and managerial roles. We remain a top destination for dual‑career couples/professionals, a major competitive advantage in a knowledge economy.

2. Cross‑sector mobility. Because our economy is so diverse, leaders move between industries, creating powerful cross‑pollination that strengthens both people and companies.

This dynamic is rare. As Shaver put it, “It’s hard to recruit people to Minnesota—and almost impossible to recruit them away once they’re here.” Still, we are losing more young BIPOC professionals, entrepreneurs, and those commercializing emerging technologies—an area demanding attention.

So, what’s changed in 10 years? Remote work, generational shifts, and new expectations—but the core pattern remains: people come for opportunity and stay for quality of life. In fact, fewer people want to live elsewhere, and more of our leaders are transplants who choose to remain.

Shaver’s final takeaway was unmistakable:

Minnesota is the best region in the country for dual‑career professionals.

Our challenge now is addressing headwinds—economic concerns, cost of living, and slower attraction—while leaning into our enduring strengths.

Because our headquarters economy isn’t an accident. It’s a triumph of people, talent, and place.

See you in the trenches,

B

Across Minnesota, especially here in the Twin Cities - individuals, communities, and businesses continue to feel the effects of the ongoing Operation Metro Surge. With no clear end in sight, we know the human and economic impacts will be long‑lasting. Now more than ever, it’s important that we show up for one another.



We’ve compiled a list of resources to help those affected. Please support where and how it makes sense for you and your organization. Check back often as we continue adding resources.

Unshakable: Strength in Every Season

Wednesday, March 11 | 11:30 AM - 2:00 PM

Announcing Our Panelists:

• Larissa Loden, Entrepreneur and CEO, Larissa Loden Jewelry 
• Ieesha McKinzie Collins, Enterprise Director, GREATER MSP Partnership
• Karin Nelsen, Executive Vice President & Chief Legal Officer, MN Vikings

And Our Moderator:

• Lea B. Olson, NBA & WNBA Sports Broadcaster and, Speaker

Chamber Connect: Morning Edition

Thursday, March 19 | 8:30 - 10:00 AM

Join us for a morning of coffee and connection at our upcoming Chamber Connect. These events are low-key networking events aimed at building and strengthening connections, and supporting our member organizations, businesses and venues.

At Any Lab Test Now – St. Paul and ARCpoint Labs, we provide fast, affordable, and convenient lab testing solutions for individuals, families, and businesses—no insurance or doctor’s order needed. Our walk-in services make it easy to access routine wellness labs, allergy and TB testing, student health screenings, and discreet STD testing without the hassle. Employers trust us for professional drug testing services, including pre-employment, random, post-accident, and DOT-compliant testing to keep workplaces safe and compliant. We deliver accurate, confidential results quickly so you can make informed decisions with confidence. With hospital-quality testing, transparent pricing, and a friendly local team, we’re proud to be your trusted partner for personal and employee testing needs.

CLICK HERE to visit our website for more information.

Minneapolis/St. Paul Business Journal’s 2026 Minnesota Manufacturing Awards nominations are now open. Find out more and make your nomination(s) today!

Frauenshuh is proud to announce the appointment of Matt Frauenshuh as Chief Executive Officer. David Frauenshuh, the company’s founder, will move from CEO to Chairman, ensuring a seamless transition while maintaining the firm’s core values. 

Incoming CEO Matt Frauenshuh brings a lifetime of experience within the family-run organization. In addition to his new role, Matt will continue to serve as CEO and Owner of Fourteen Foods, currently the largest operator of Dairy Queen franchises in the United States. His deep knowledge of the organization and strong commitment to Frauenshuh’s clients make him uniquely qualified to lead Frauenshuh into the future.  Find out more about Frauenshuh at www.frauenshuh.com

Metro Area Economic & Workforce Development Summit

Join us for the Metro Region “2026 Economic and Workforce Development Summit”. With FIVE generations active in today’s workforce, teams have unique challenges and opportunities in managing, motivating, and recruiting those with such diverse perspectives. Come network with other leaders, hear insights, and talk with organizations doing the work to make your team more successful!  

WHEN:  March 11, 2026 8:30am - 1pm

COST: FREE

REGISTER HERE: https://5-gens-workforce-anoka-county-summit.eventbrite.com/

HUGO, Minn. – Royal Credit Union (Royal) announces Anthony Cole as Branch Manager of its Hugo office. In this role, Cole will oversee all aspects of branch operations including coaching and development of his team, delivering exceptional service to Members, and maintaining operational excellence. Click here to read the full press release on our website 

The American Cancer Society - Taste of Hope Twin Cities is an elevated culinary experience benefiting is being held on March 12, 2026 at Orchestra Hall. Designed as an evening of exceptional cuisine and meaningful connection, the event brings together acclaimed chefs, distinguished partners, and a purpose-driven community for a thoughtfully curated experience that celebrates resilience, honors those impacted by cancer, and inspires hope. Together, guests transform a night of refined tasting into lasting impact—fueling lifesaving research, patient support, and prevention efforts, and supporting the American Cancer Society’s mission to end cancer as we know it, for everyone.

Taste with purpose. Leave with hope. Click here to purchase tickets.

Funding Available to Support Healthier Workplaces in Minneapolis 

The Minneapolis Health Department is now accepting applications for a funding opportunity designed to help small businesses and nonprofit organizations create healthier, more supportive workplaces. 

Through the Healthy Worksites Microgrants Program, eligible organizations can receive up to $3,000, along with hands-on technical assistance, to start or strengthen workplace wellness initiatives that support employees’ physical and mental health.

Applying is simple:

• Visit the City of Minneapolis RFP webpage

• Select Current Opportunities

• Search for HLTH_2026 Healthy Worksites Program Follow the instructions to submit your application

Applications must be submitted by 2:00 p.m. Central Time on Tuesday, March 3, 2026. Take the next step toward a healthier workplace—apply today.

Union Depot welcomes 2026 with a year-long Centennial celebration. Visitors will be able to learn more about the rich history of this iconic Saint Paul landmark, celebrate the anniversary during Train Days and other events, purchase special edition Centennial merchandise, and more throughout the year.

Xfinity Introduces a New Membership Experience with Exclusive Perks

Comcast’s Xfinity has launched Xfinity Membership, a new free loyalty experience that gives customers more value, perks, and savings all year long. It is automatically available to Xfinity customers to start enjoying benefits right away.   

Xfinity Membership offers three categories of benefits that refresh throughout the year:

• Perks: Weekly entertainment treats including movie giveaways, $1 rentals, exclusive merchandise, and rotating surprises refreshed every Thursday.
• Discounts: Savings on mobile, streaming, and accessories, including Peacock Premium “on us” for eligible members.
• Exclusives: Premium, unforgettable experiences such as VIP event access and behind-the-scenes opportunities.

All offers and experiences are easily accessible through the Xfinity app. Learn more at xfinity.com/membership.

Applications are now open for Neighborhood Development Center’s (NDC) Plan It! and ¡Planéalo! (Spanish Language Version) Spring Entrepreneur Training Cohorts.

This comprehensive four-month program equips entrepreneurs with the essential skills, strategies, and expert guidance needed to turn ideas into an actionable, solid business plan that sets their ventures up for long-term success.

Don’t miss this opportunity! Applications close February 9th. Learn more and apply today at: 

https://www.ndc-mn.org/entrepreneur-training/

Saint Paul's Department of Planning and Economic Development launched a newly revamped Business Resource webpage. The new page is meant to be a "one stop" site to learn about resources across City departments and partners.

Discover how the Department of Employment and Economic Development (DEED) Employer Reasonable Accommodation Fund (ERAF) can help your business thrive while fostering a more inclusive workplace. Small to mid-sized businesses in Minnesota can receive reimbursements of up to $30,000 for providing reasonable accommodations for job applicants and employees with disabilities. 

The Women’s Professional Committee is taking time to reimagine how we support and uplift women in our business community. Your voice and experiences matter, and we want to ensure our work truly reflects what you need and value. By responding to this short survey, you’ll help shape our 2026 programs, events, and connection opportunities—so they feel meaningful, relevant, and supportive to women at every stage of their career.

Thank you for taking a moment to share your perspective. It genuinely makes a difference.

DEED’s business financing programs help companies and communities retain existing jobs and create new high-quality jobs. Not all businesses are eligible. Qualifying companies must meet specific job creation and wage goals.

Trying to grow your business? Minnesota’s tax credits programs can help. Businesses must meet certain criteria to be eligible for tax credits. Requirements are set by each program.

The State Small Business Credit Initiative (SSBCI) is part of the American Rescue Plan Act (ARPA) of 2021 and includes $10 billion for state, territory and tribal business finance programs. Minnesota has been approved by the U.S. Department of the Treasury for up to $97 million for small business financing support. This is the second SSBCI initiative – Minnesota received $15 million through the Small Business Jobs Act of 2010. Minnesota will receive funds in three disbursements over several years. DEED has received the initial disbursement of approximately $29.5 million. Watch the webinar recording providing information on the State Small Business Credit Initiative 2.0 Program Overview.