NAICS 52

Finance and Insurance in Duluth, MN

Metro Market Score 50.5 (Challenging), ranked #178 of 331 metros. 364 establishments, 3,149 jobs.

Metro Market Score 50.5

Favorable 0-35

Moderate 35-48

Challenging 48-60

Difficult 60+

Challenging

ⓘ Lower is better. Relative to national finance and insurance average.

Finance and Insurance wages in Duluth run well below the metro average (competitiveness index: 22.1), and year-over-year wage pressure is low at 37.8. For labor-intensive operations, this cost advantage could improve unit economics significantly.

Industry Concentration

51.7

LQ: 0.62

Rank #171 of 331 metros

Wage Competitiveness

22.1

$76,536 avg wage

Growth Trend

↓ 18.1

Employment growth index

Rank #272 of 331 metros

Wage Pressure

37.8

YoY wage change index

364 Finance and Insurance Firms in Duluth

364

Establishments

+1.4% YoY

3,149

Total Employment

-4.3% YoY

$76,536

Average Annual Wage

+3.0% YoY

0.62

Location Quotient

Below national avg

Within Minnesota

#2 of 4

finance and insurance metros in state

Minnesota state rank

#11 of 51

for finance and insurance entry risk

vs State Median

-8.4

better than median (58.9)

Duluth vs Minnesota Statewide

How this metro's finance and insurance market compares to Minnesota overall. The state ranks #11/51 for entry risk.

Measure	Duluth	MN Statewide
Overall Score	50.5 Challenging	46.6 Elevated
Score Type	Metro Market Score	Entry Risk Score
Rank	#178 of 331 metros	#11 of 51 states

Metro and state scores use different methodologies (metro has 4 QCEW-based metrics; state adds BDS survival and momentum data). Direct score comparisons are approximate.

Other Industries in Duluth

Real Estate and Rental and Leasing 30.6 Information 30.9 Accommodation and Food Services 42.0 Professional, Scientific, and Technical Services 44.5 Retail Trade 48.9 Other Services 57.5 Construction 65.2

Finance and Insurance in Other Minnesota Metros

Mankato 41.0 #110/331 St. Cloud 58.9 #239/331 Minneapolis-St. Paul-Bloomington 80.5 #329/331

Finance and Insurance Metros With Similar Conditions

Metros within 5 points of Duluth's 50.5 score. Useful when comparing markets with comparable entry profiles.

Tulsa, OK 50.5 #177/331 Lansing-East Lansing, MI 50.5 #176/331 Rapid City, SD 50.7 #179/331 Port St. Lucie, FL 50.7 #180/331 Hanford-Corcoran, CA 50.3 #175/331 Greenville-Anderson-Greer, SC 51.0 #181/331 Medford, OR 50.1 #174/331 Sebastian-Vero Beach-West Vero Corridor, FL 51.1 #182/331 Canton-Massillon, OH 51.2 #183/331 Great Falls, MT 49.9 #173/331

Finance and Insurance in States Bordering Minnesota

State-level entry risk for finance and insurance in adjacent states. Use this to weigh cross-border options.

Wisconsin 45.3 #8/51 South Dakota 50.1 #24/51 North Dakota 52.1 #28/51 Iowa 54.3 #35/51

Browse Finance and Insurance in Other States

State-level entry risk reports for finance and insurance across all 51 markets, sorted by rank.

About Metro Market Score: A weighted composite of industry concentration (25%), wage competitiveness (25%), wage pressure (20%), and employment growth trend (30%). Lower scores indicate more favorable conditions. For Duluth's finance and insurance sector, the employment growth component (81.9) has the strongest pull on the composite. Metro scores use QCEW data only (no BDS survival data at metro level). Read full methodology →

Data Sources

Quarterly Census of Employment and Wages (QCEW), Bureau of Labor Statistics. MSA-level establishment counts, employment, wages, and location quotients for the Duluth, MN-WI MSA area.

Data period: 2024. Last updated: April 2026.

Metro Market Assessment