Minot Area Chamber of Commerce
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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.

MADC strategically targets the primary sector. A primary sector business brings new dollars into a community through the sale of its products and services outside of the trade area. The primary sector is the principle driver of economic development and is the foundation of an economy.

Based on Minot’s competitive advantages, MADC focuses on the following primary sector industries: agriculture, energy, unmanned aerial systems (UAS), and distribution. Within those key industries, 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.

For more information visit www.minotusa.com or call 701.852.1075.
 

 



 


 

Oil rig
 

 

COST OF LIVING INDEX

Minot’s cost of living is 2.2% higher than the national average for the 2018 annual average.  (U.S. Average Composite Index = 100%) The cost of living index is published by the American Chamber of Commerce Researchers Association (ACCRA).  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 288 other urban areas across the nation.
 
 

Cost of Living - 2018 Annual Average

Category

Minot, ND

Bismarck,
ND

Fargo/
Moorhead
Metro

Grand Forks, ND

Minneapolis, MN

Pierre, SD

COMPOSITE INDEX

102.2

97.2

99.2

96.0

106.3

99.9

GROCERIES

108.8

103.9

110.5

97.6

105.3

100.9

HOUSING

98.3

91.1

88.9

97.9

103.7

115.0

UTILITIES

89.0

93.7

89.8

95.1

97.5

91.4

TRANSPORTATION

115.3

105.2

100.1

97.0

108.2

89.4

HEALTH CARE

113.2

113.7

115.7

105.3

105.9

98.2

MISC. GOODS

101.4

96.5

103.7

92.7

110.8

92.0

 

 


 

Minot Air Force Base

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The Minot community spans beyond its borders to include Minot Air Force Base.  The City of Minot and Minot Air Force Base are known as TEAM MINOT, because the two really are one big community.

This community is so proud of the men and women at Minot Air force Base!  MAFB has two wings, the 5th Bomb Wing and the 91st Missile Wing, both part of the Air Force Global Strike Command.  This puts Minot at an advantage around the world.  The economic impact locally is substantial with a $580 million grand total. 

But there is also the impact the Base brings with its people, who continue to make a difference in our community. There are 5,537 active duty personnel, with 5,584 dependents on base.  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!

Thank you for serving and welcome to Minot!
 


Agriculture


Agriculture - The State's Number One Industry!
It's not difficult to figure out what the state's top industry is, as agriculture is all around us. This business has been the backbone of North Dakota's economy for many years. The impact is nearly five billion dollars on the state's economy and is felt around the globe as the state of North Dakota feeds the world.


North Dakota ranks #1 in the following commodities
   2018 statistics - US Department of Agriculture

Crop

Crop Percent of US Total

Beans, Dry Edible, All

34.6%

Beans, Dry Edible, Navy

39.6%


Beans, Dry Edible, Pinto
 
61.8%

Canola

81.5%

Flaxseed

89.4%

Honey

22.8%

Peas, Dry Edible

52.1%

Wheat, Durum

52.7%

Wheat, Spring

49.9%

 

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