This commentary is part of an occasional series focused on practical, proven strategies that can drive new economic growth in Minnesota

Earlier this month, economic development group Greater MSP hosted an event, COMPETE 26, in conjunction with the Minneapolis Regional Chamber and St. Paul Area Chamber. The program was focused on the regional economy, and posed a provocative metric—that slowing growth in the Twin Cities over the past few years has cost the median family $9,000.

It’s a helpful way to think about the real impact of growth, going beyond abstract GDP numbers, and a reminder of the real-world effects of a growing or struggling local economy. The group’s ambitions are to add $200 billion to the state’s economy and to put Minnesota into the top 10 of statewide economies.

The group maintains a regional indicators dashboard that tracks economic and livability metrics across a number of fields compared to the top 50 metros in the country, and it released the latest numbers at the event. There were a lot of positives; this region still ranks highly as a place to live and work.

The Twin Cities are in the top five in livability, access to parks, volunteering, employment rate, poverty rate, workers earning a living wage, poverty rate, female employment, high education graduation rate, and employment rate. There’s a strong story to be told about a state—and a region—that has all of that going for it, and it’s important not to forget that amid the push to improve our standing.

But there are three areas that stuck out, indicating where Minnesota falls behind, that are worth focusing on.

First, we have the highest top-tier corporate tax rate in the country. That’s a decision that’s going to keep us from getting opportunities for investment, and keep people from building things here. This isn’t a call to abolish corporate taxes—but it’s important that people grasp what being all the way at the bottom of the pile is likely costing us, and a portion of the $9,000 cited by Greater MSP is in part due to that.

Second, we are 43rd of 50 in new business formations. This is likely due in part to our strong corporate sector, which for many years has been a talent magnet for workers across a variety of industries. That strong corporate profile may help explain why a new Fortune 500 company hasn’t formed here in many years, downstream from other issues, such as policies that aren’t friendly to starting new businesses and a risk-avoidant business culture in the state. New businesses drive a large share of new tax revenue and jobs, and if you want the region to keep growing, increasing the number of businesses launching here will be essential.

Finally, the state ranks poorly in childcare costs. The Twin Cities metro doesn’t rank poorly on most affordability metrics, but childcare is a major outlier, with the median cost this year rising to $20,592, cracking $20,000 for the second straight year. The causes of that are myriad, from rising wages in the sector to low staff-to-student ratios, and a report from the legislative auditor went deeper on some of them last year. But for a state that hangs its hat on being a great place to raise a kid (which the livability metrics clearly bear out), that’s a bit of a problem. Since the DFL trifecta did a victory lap after pouring an additional $1 billion into the sector, costs have risen and our standing compared to other states has gotten worse. Bringing down the cost of childcare for all families in the state, rather than just spending more on the sector, needs to be a major focus of policymakers in the months to come.

The Twin Cities region isn’t in bad shape—but as a place that loves to be No. 1 on as many lists as possible, these are three crucial areas for our new state government to focus on to keep us competitive once this election season wraps up.