Economic Profile
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From its very beginning as a “railroad town,” Minot has served as the hub of
commerce for northwestern North Dakota. The successful partnership that exists
in Minot with businesses can be seen in the steady growth of the community’s
dynamic economy. The Minot Area Chamber of Commerce and the Minot Area
Development Corporation, along with the financial resources of the MAGIC Fund,
serve as the main components that bring all the other attributes of the community
and state together to fulfill the goal of creating quality employment opportunities.
It’s clear to see that Minot means business. Just look around the community, or
ask a longtime resident; they will tell you how things have changed. Growth is
important, but so are the people, whose great work ethic is what makes economic
development efforts so successful. Minot has become a hub for business not only
in northwestern North Dakota, but also beyond our boundaries. What makes our
area so appealing? It is the people; Minot boasts some of the lowest turnover rates
in the country.
 Minot’s trade area has a population of more than a half million people. That
includes parts of North Dakota, Montana, and the Canadian border provinces of
Manitoba and Saskatchewan. A company looking to locate their business in Minot
has numerous incentives. The cost of doing business–services, utilities, or real
estate are much less than in other parts of the country. Transportation is also a key
to business and Minot has it all: rail, air, and highway infrastructure and a central
location. Business parks and industrial sites are available, and there’s plenty of
room available for your business to grow.
Local and state government provide incentives to help promote economic growth
in Minot and the state. The Minot Area Development Corporation, 701-852-1075,
is the primary force in the promotion of economic and industrial growth. Through
the MAGIC Fund, this organization helps new, expanding, and relocating
businesses with financial packaging services, site location and general business
development. The MAGIC Fund is a funding source dedicated to the growth of
primary sector business in the greater Minot area. The fund was created by a 1%
city sales tax of which 40% is used for economic development. The MAGIC Fund
has been instrumental in the success of many projects including the recruitment of
national and international companies such as ING, MLT Inc., Choice Hotels
International, and Minot Milling, also the expansion of many local businesses such
as Albertson Consulting, Terhorst Manufacturing, Central Machining and Pump
Repair, to name just a few.
There are additional financial incentives, as well, including programs from the
Bank of North Dakota, our local regional council, and the ND Development Fund.
Federal programs, such as SBA, and USDA Rural Development, are available
as well.
Other incentives such as employee training programs, low workers compensation
rates, a low tax burden and a state-of-the art communications network are all
available to assist businesses in lowering their cost of doing business.
The “Magic City” has what it takes to make businesses grow and prosper. So if
your company is looking to expand, just remember, “Why Not Minot?”
Minot Air Force Base
 Minot welcomes our friends to the north at Minot Air Force Base! While the Base is located 13 miles north of the City of Minot, the city shares a close relationship with those who make up TEAM MINOT, a phrase coined for the relationship between the two communities. Minot has long been committed to MAFB. Looking back to 1954 the City of Minot sold the Air Force on becoming a site for a new base. That following year, Minot Businessmen and citizens donated money to buy the first portions of the Base and ground was broken July 12, 1955.
That was then, this is now. Today, the Bases’ host unit, the 5th Bomb Wing, is one of two B-52H Stratofortress bomber bases in the Air Force. The other major weapons system is the Minuteman III Intercontinental Ballistic Missile, assigned to the 91st Missile Wing. There are just over 10,000 personnel and their dependents stationed at Minot Air Force Base. The City of Minot invites each and everyone to discover the magic of Minot.
Agriculture
Agriculture is more than fields of wheat or cows in the pasture; it’s a business that has been the backbone of North Dakota’s economy for many years. The impact is nearly five billion dollars on the state’s economy, making it the number one industry in the state. Traveling past hay fields, acres of various crops and livestock, many people may be unaware the impact our state has on the food supply. Did you know that North Dakota farmers and ranchers annually produce enough wheat for 17 billion 1 pound loaves of bread, beef for 121 million hamburgers, pork for 49 million pork chops and corn to sweeten 32 billion cans of pop?
North Dakota farmers contribute substantially to the industry. The state leads the nation in the production of the following commodities:
- Flaxseed
- Canola
- Durum wheat
- Navy beans
- Pinto beans
- Spring wheat
- Dry edible beans
- Barley
- Dry Edible Peas
- Lentils
- All Sunflowers
- Oil Sunflower
- Non-oil Sunflower
- Honey
(Statistics from the North Dakota Department of Agriculture)
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