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

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