Minnesota manufacturers are optimistic about the industry in the coming year, state officials say, citing a recent manufacturing survey.
The state’s Department of Employment and Economic Development (DEED) say 91 percent of state-based manufacturers say they expect production and employment levels to increase or stay the same.
Furthermore, 50 percent of respondents said they expect orders to grow in 2014. One-third expects to hire more workers.
The thumbs-up news comes courtesy of a survey administered last November by DEED and the Federal Reserve Bank of Minneapolis. It elicited 251 responses from 1,000 randomly selected manufacturers in the state, officials say.
As one of 12 regional Reserve Banks that serve as the United States’ 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.
The results of the annual Manufacturing Business Conditions Survey show that Minnesota manufacturers have a positive outlook for 2014, DEED Commissioner Katie Clark Sieben says.
“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,” she says.
Other findings stemming from the survey, according to DEED, include:
- 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.
About 77 percent of respondents expect business investment to increase or remain steady in 2014, the survey shows. That an increase of 11 percent from 2013.
About the Minnesota Department of Employment and Economic Development (DEED)
The Minnesota Department of Employment and Economic Development (DEED) is the state’s principal economic development agency. DEED programs promote business recruitment, expansion, and retention; international trade; workforce development; and community development.