Manufacturing: Looking to the Future
Wednesday, October 25, 2023
Minnesota is home to manufacturers across a range of products from food to vehicles to medical devices – and just about everything in between. Manufacturing accounts for 13% of Minnesota Gross Domestic Product and employs more than 325,000 people who earn an average annual wage of $76,950, which is 10% higher than the state’s overall average private sector wage. Continuing to attract new manufacturers and encouraging cutting edge production are key ways to ensure the future vitality of Minnesota’s dynamic manufacturing sector. Earlier this week, the White House designated 31 Regional Innovation and Technology Hubs (Tech Hubs) in communities across the country to help spur innovation and create jobs in the industries that are concentrated in these areas. One of these hubs is in Minnesota.
The Minnesota MedTech Hub 3.0 is among the newly designated innovation and technology hubs. It aims to position Minnesota as a global center for ‘Smart MedTech’ by integrating artificial intelligence, machine learning, and data science into medical technology development and production, according to the White House announcement. Minnesota and other designated Tech Hubs are now eligible to apply for the next phase of the Tech Hubs Program that will invest between $50-$75 million in each of 5-10 designated hubs.