Will Minnesota become a climate refuge for business?

A survey conducted by MIT Technology Review Insights, in conjunction with the Michigan Economic Development Corporation, asked 300 senior level executives in 14 industries how climate change is impacting their company’s bottom line.

The overwhelming answer was that many companies have been harmed, to some degree, by climate change. And nearly half said Minnesota and the Midwest are the best places to relocate their business to minimize climate impacts.

“Texas, California, New York — these are three states that actively experience the consequences of climate change,” said Kristoffer Tigue, a reporter for the Minnesota Star Tribune.

Tigue said insurance premiums have also skyrocketed nationwide, and some states impacted by extreme weather events, like California, home insurance is no longer available. The Midwest offers a refuge from those issues.

“It's milder thanks to our location in the middle of the country. We don’t get major wildfires, and we definitely don’t experience hurricanes and we tend to have an abundance of natural resources, including water.”

Tigue explained that climate change is just one factor that would determine whether a business decides to relocate, and that just 6 percent of executives who took part in the survey said they’re considering a move in the next five years.

To hear the full conversation, click play on the audio player above or subscribe to the Climate Cast podcast.