If it wasn't for North Dakota, Minnesota would be the best-run state in the country, according to a survey by 24/7 Wall St. North Dakota claimed the number one spot, with Minnesota coming in at second best.
The financial news company says it's been reviewing each state's governance for seven years. Then it ranks the states based on finances as well as social and economic indicators.
24/7 Wall St. notes that the states at the top of their list strike a balance between tax collection and state expenditures. They also tend to have growing populations with new residents attracted to opportunities there.
This is the fifth year in a row North Dakota came in at the top. It's also the second consecutive year New Mexico was ranked as the worst-run.
Top 5 best and worst
The top five best-run states are North Dakota, Minnesota, Nebraska, Wyoming, and Utah.
The ranking points out that North Dakota had the lowest unemployment rate in 2015 at 2.7 percent. It also has a low poverty rate and low debt. However, Moody's Investor Service released information earlier this year that may suggest North Dakota won't be doing so well much longer.
Moody's says the state has a "negative outlook" due to factors like budget gaps.
As for Minnesota, our poverty rate of 10.2 percent is tied for the third lowest in the U.S. We also have the seventh lowest unemployment rate and 19th lowest debt-per-capita.
Minnesota has a pretty solid median household income of $63,488 annually, too. That's 12th highest of all states. Along with that, Minnesota’s tax revenue in 2014 was higher than all but five other states.
While we're at it, here are some other awesome things Minnesota has been recognized for this year:
Way to go, Minnesota.