Minnesota's economy took a big step forward in 2014, with the unemployment rate dropping to its lowest level in nearly 14 years and employers creating more than 33,000 jobs. Employment reached an all-time high in the state and showed every indication of continuing to grow in 2015.

DEED programs were instrumental in driving that expansion, encouraging companies to invest more than $847 million in the state and create or retain 3,540 jobs.

Leading the way was the Minnesota Job Creation Fund, a new DEED initiative that was launched in January. The Job Creation Fund is a pay-for-performance program. Companies are awarded state funding to help them pay for expansion projects, but only after they can document that they have created jobs and invested their own money.

The 2014 rollout of the program was a huge success. In its first 12 months, the fund awarded $13.3 million to 26 companies in Minnesota. Those companies committed to creating 1,356 new full-time jobs and investing more than $251 million. That represents a return on investment of state dollars of nearly 19-to-1.

Highlights include the following:

1. Andersen Corp., a 100-year-old Minnesota company that is the largest manufacturer of doors and windows in North America, announced plans to invest $18 million and create 100 high-paying jobs in an expansion of its manufacturing operations in Bayport.

2. Capital Safety, a manufacturer of fall protection equipment for workers in construction, oil and gas, utilities and other industries, announced a 60,000-square-foot expansion project that will create 100 jobs at its operations in Red Wing.

3. Medical device maker Cardiovascular Systems said it will build a $30 million headquarters and add 200 workers in New Brighton.

4. Axis Clinicals, an India-based clinical trial company, invested $12 million and said it will create 100 jobs at a new research and analysis facility in Dilworth.

5. Emerson Process Management announced a $26 million expansion in Shakopee that will create 200 jobs.

DEED added other programs to its lineup as well in 2014, including theGreater Minnesota Job Expansion Program, which gives state sales tax refunds on purchases made byparticipating businesses outside the seven-county Twin Cities region. The agency's new Innovation Voucher Pilot Program was launched to help small businesses pay for technical assistance and services. The new Angel Loan Fund awarded $3.4 million to 20 startup businesses in Minnesota and was mentioned by the U.S. Department of Treasury in its annual report on small business initiatives.

Other DEED programs, including theAngel Tax Credit Program,Minnesota Investment Fund,Urban Initiative Loan ProgramandData Center Sales Tax Exemption Program, also had a role in driving economic growth last year.

For the Minnesota economy, it was a busy and successful year. All signs point to more of the same in 2015.