Minot Area Chamber of Commerce
home Contact members community FacebookRSS
business communityinfo membership about news events

Community Info
Economic Profile
 Minotseconomicgrowthisdueinparttotheareasrailaccesswhichplaysahugepartinthecommerceoftheregion..jpg
 

Economic Development
 

The Minot Area Development Corporation (MADC) is a nonprofit organization, formed to diversify and stabilize Minot’s economy. Founded in 1955, MADC is the lead economic development group for the City of Minot. MADC is committed to building and supporting a resilient, sustainable, and diversified economy to ensure Minot is the right location for businesses and families.
 
The mission of the MADC is to facilitate business attraction, expansion, retention, and advocacy to diversify and strengthen the Minot area. Due to Minot’s strategic advantages, MADC targets 3 specific industries: value-added agriculture, energy, and distribution. MADC is responsible for new business attraction, business expansion and retention, as well as serving as an advocate for the Minot business community to ensure Minot remains their location of choice.
 
MADC is proud to have a role in Minot’s thriving economy by supporting existing businesses in our Magic City. In the past, MADC has helped numerous businesses including MLT Vacations, AGT Foods, Minot Milling, Minot Sash and Door, Cognizant (formally ING), Kalix, and many others.
 
Major projects such as the Great Plains Energy Park™ and the Port of North Dakota are developments that MADC strategically put in place. “A national excellence award for Minot’s Great Plains Energy Park™ is no surprise. Here is a community that understands teamwork and holds economic development to a high standard of success. I am happy to have been part of the Energy Park project.” —U.S. Senator John Hoeven.
 
With the support of MADC’s investors, the City of Minot, Ward County, and the state of North Dakota, MADC continues to strengthen and diversify the economy of the Minot area. For more information visit www.minotusa.com or call (701)852-1075.



 


 

Oil rig
 

 

COST OF LIVING INDEX

Minot's cost of living measured 3.1% higher than the national average for the third quarter of 2015.

The ACCRA Cost of Living Index measures differences between areas in the cost of consumer goods and services, excluding taxes and non -consumer expenditures.  It is based on 100,000 data points, for which prices are collected quarterly by the Minot area Chamber of Commerce and other urban areas across the nation.

2015 Annual Average Data

Category

Minot, ND

Bismarck,
ND

Fargo/
Moorhead
Metro

Denver, CO

Minneapolis, MN

Pierre, SD

COMPOSITE INDEX

103.1

101.4

99.1

109.6

108.2

102.5

GROCERY ITEMS

110.4

106.4

109.7

99.2

108.0

104.2

HOUSING

108.0

105.5

92.4

130.2

111.8

117.0

UTILITIES

87.0

85.1

98.3

94.5

93.0

89.5

TRANSPORTATION

90.5

107.1

98.5

98.4

112.1

99.7

HEALTH CARE

109.1

109.7

114.9

107.7

105.5

96.5

MISC. GOODS

104.5

98.0

99.0

105.0

108.9

95.4

 

 



Minot Air Force Base

B52atMinotAirForceBase.jpgIt may be separated by 13 miles, but Minot Air Force Base (MAFB) is a part of the community. The base and the community combine to make TEAM MINOT – a term used to show the strong relationship between the two. Activated in 1957, MAFB has gone through changes since its start as an Air Defense Command Base. Today, MAFB consists of two units: the 5th Bomb Wing and the 91st Missile Wing, both part of the Global Strike Command. The Base related population includes 5,416 active duty personnel, with 5,620 dependents on base.

The 5th Bomb Wing has two squadrons that manage a fleet of 27 B-52 bombers capable of flying anywhere around the world and delivering a wide range of precision-guided bombs and munitions. The 5th Bomb Wing is one of two B-52 Bomb Wings in the Air Force.

The 91st Missile Wing has three squadrons that maintain the control over 150 MM III Intercontinental Ballistic Missiles. The 91st Missile Wing is one of three operational intercontinental ballistic missile Bases in the Air Force

The strength of the Air Force is evident, not only by its readiness and manpower, but by the ties with the City of Minot. When it comes to volunteering, many organizations say they wouldn't be able to hold their events without the good men and women of Minot Air Force Base, proving once again, only the Best Come North!


Agriculture

North Dakota ranks #1 in the following commodities
   2014 statistics - US Department of Agriculture

Crop

Crop Percent of US Total

Beans, Dry Edible, All

30%

Beans, Dry Edible, Pinto

58%

Canola

85%

Flaxseed

91%

Honey

23%

Sunflower, Oil

41%

Wheat, Durum

53%

Wheat, Spring

49%

 

701.852.6000 1020 20th Ave Sw, Minot, ND 58701
United States Chamber of Commerce Accredited