NAICS 23

Construction in Minnesota: 2026 Market Risk Report

Entry risk 37.3 (Moderate), ranked #14 of 51 states. 18,401 establishments, 138,042 jobs.

Entry Risk Assessment

Entry Risk Score 37.3
Low 0-30
Moderate 30-42
Elevated 42-55
High 55+
Moderate

ⓘ Lower is better. Relative to national construction average.

🛡️Stable Market💎Hidden Gem

Minnesota exhibits structural stability in construction, with volatility at 16.5 and firm retention ranking in the top 15. These metrics suggest lower cyclical risk compared to the national baseline.

5-Year Firm Retention
74.5%
Percentile within industry
Rank #14 of 51 states
Growth Momentum
20.5
Scale of 0-100
Rank #34 of 51 states
Establishment Density
23.0
vs. national average
Rank #33 of 51 states
Market Volatility
16.5
Lower is more stable
Wage Pressure Index
56.3
Labor cost pressure

18,401 Establishments in Minnesota

18,401
Establishments
+1.2% YoY
138,042
Total Employment
+1.4% YoY
$88,597
Average Annual Wage
+5.5% YoY

Minnesota vs National Construction Average

How Minnesota's construction market compares to the national average across all 51 states.

Metric MN National Difference
Entry Risk Score 37.3 44.2 -7.0
5-Year Retention 74.5% 51.0% +23.5
Growth Momentum 20.5 30.9 -10.4
Market Volatility 16.5 20.9 -4.4
Establishment Density 23.0 24.6 -1.6
Wage Pressure 56.3 57.1 -0.9

Green = favorable vs national average. Red = less favorable. Metrics are relative within construction only.

Minnesota Ranks #14 of 51 for Construction

Minnesota ranks #14 out of 51 states for construction market entry conditions.

Construction Entry Risk by State

Rank State Risk Score Classification
#1 Wisconsin 25.1 low
#2 Michigan 28.0 low
#3 Pennsylvania 28.4 low
#4 Alabama 30.3 moderate
#5 Nebraska 32.5 moderate
#14 Minnesota You 37.3 moderate
Entry Risk by State Alaska — 60.9 · #50 Alabama — 30.3 · #4 Arkansas — 34.3 · #8 Arizona — 38.6 · #16 California — 47.8 · #32 Colorado — 53.2 · #40 Connecticut — 43.2 · #27 District of Columbia — 56.9 · #45 Delaware — 43.0 · #26 Florida — 54.5 · #42 Georgia — 42.1 · #25 Hawaii — 61.1 · #51 Iowa — 34.3 · #7 Idaho — 58.4 · #48 Illinois — 49.1 · #34 Indiana — 35.0 · #11 Kansas — 51.5 · #38 Kentucky — 39.8 · #19 Louisiana — 53.6 · #41 Massachusetts — 41.5 · #23 Maryland — 35.0 · #12 Maine — 35.5 · #13 Michigan — 28.0 · #2 Minnesota — 37.3 · #14 Missouri — 54.6 · #43 Mississippi — 50.8 · #36 Montana — 45.0 · #28 North Carolina — 38.2 · #15 North Dakota — 58.3 · #47 Nebraska — 32.5 · #5 New Hampshire — 32.6 · #6 New Jersey — 48.3 · #33 New Mexico — 47.4 · #31 Nevada — 39.8 · #20 New York — 51.1 · #37 Ohio — 41.7 · #24 Oklahoma — 52.2 · #39 Oregon — 54.8 · #44 Pennsylvania — 28.4 · #3 Rhode Island — 38.8 · #17 South Carolina — 47.0 · #30 South Dakota — 34.7 · #9 Tennessee — 34.8 · #10 Texas — 46.3 · #29 Utah — 40.1 · #22 Virginia — 39.0 · #18 Vermont — 40.0 · #21 Washington — 58.1 · #46 Wisconsin — 25.1 · #1 West Virginia — 49.5 · #35 Wyoming — 59.3 · #49
Low Moderate Elevated High

Tap a state to view details

About Entry Risk Score: A weighted composite of firm retention, growth momentum, market volatility, establishment density, and wage pressure. Lower scores indicate more favorable conditions. Read full methodology →

Data Sources

Data period: 2024. Last updated: February 2026. Next refresh expected: Q2 2026 (BLS QCEW update).

Compare to Another State

How does Minnesota stack up against other states for construction?

Select a state above to see the comparison

Construction in Neighboring States

How Minnesota's construction market compares to bordering states.

Wisconsin 25.1 #1/51 Iowa 34.3 #7/51 South Dakota 34.7 #9/51 North Dakota 58.3 #47/51

Other Industries in Minnesota

Healthcare and Social Assistance → Retail Trade → Accommodation and Food Services → Professional, Scientific, and Technical Services → Finance and Insurance → Real Estate and Rental and Leasing → Administrative and Support Services → Information → Other Services →