Contact: Madeline Koch, 651-259-7236
ST. PAUL – Minnesota manufacturers are optimistic about the industry in the coming year, with 91 percent saying they expect production and employment levels to increase or stay the same, according to a survey by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis.
In the random survey of Minnesota manufacturers conducted in November, 50 percent of those that responded expect orders to grow in 2014 and one-third expect to hire more workers.
“Based on the results of the annual Manufacturing Business Conditions Survey, manufacturers have a positive outlook for 2014,” said DEED Commissioner Katie Clark Sieben. "Manufacturing is an integral part of the state’s economy and it’s reassuring to hear industry leaders expect stability and growth for the coming year.”
Among other findings in the survey:
· 94 percent expect exports to increase or stay the same.
· 93 percent expect productivity to increase or stay the same.
· 80 percent expect profits to increase or stay the same.
· 83 percent expect investments in plants or equipment to increase or stay the same.
· 87 percent expect orders to increase or stay the same.
In addition, manufacturers were also optimistic about the outlook for the overall state economy in 2014. The survey showed that manufacturers were more optimistic than a year ago about overall corporate profits, economic growth, consumer spending, business investments and employment. Seventy-seven percent of respondents expect business investment to increase or remain steady in 2014, an increase of 11 percent from 2013.
The full report is available at: http://www.mn.gov/deed/data/research/manufacturing-conditions-survey.jsp
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at http://mn.gov/deed/ . Follow us on Twitter at twitter.com/mndeed .
The survey, prepared by the DEED Office of Analysis and Evaluation in conjunction with the Federal Reserve Bank of Minneapolis elicited 251 responses from 1,000 randomly selected Minnesota manufacturers. The sampling error is +/- 6.12 percent. As one of 12 regional Reserve Banks that serve as the nation’s central bank, the Federal Reserve Bank of Minneapolis is responsible for making and carrying out monetary policy, supervising and regulating banks and bank holding companies, and providing financial services to depository institutions and the U.S. Treasury.