I'm sure the weather has deterred many people from moving here. (It hasn't seemed to affect amount of recent immigrants from East Africa though!) To its credit the MSP area is home to more Fortune 500 corporations and their "parasitical" companies than any metro area other than New York, Chicago, San Francisco and Houston so there are a great number of white collar jobs here. That, and the diversification of the economy generally means that good-paying jobs are plentiful. On the downside, perhaps, is that a lack of manufacturing jobs means that those who do not pursue a higher education might be at a disadvantage. But with 34 colleges and universities in the Twin Cities alone there are plenty of opportunities to get a degree.
The Twin Cities are doing very well and, despite being the 3rd-largest metro in the Midwest, they surpassed Detroit in economic output in 2010.
The quality of life is quite high compared to many other cities as well. A lot of money goes into public education, park
systems and public services. Those factors can offset weather-related issues for a lot of people. Families tend to find the Twin Cities a very desirable place. So weather can be a plus or minus, depending upon someone's priorities. It may surprise some, but a lot of people have no issue with cold temps although the recent "polar vortex" was extreme - even for the Twin Cities - and for me a bit too much! It's a terrific place to live for about 8 or 9 months out of the year. In January there's no place like Hawaii...
If you can stomach a fluff piece
, this video shows the general quality of the business climate:
Minneapolis-St. Paul: The US Economic Icon