Survey: Minnesota Ranked Second For Business Conditions
Minnesota’s growing economy is inspiring confidence in supply managers across the state, according to a new survey.
The state marked its 25th straight month of predicted economic growth and scored second best in a nine-state region surveyed by the Creighton University Mid-America Business Conditions Index in December.
Minnesota is expected to see expansion in new orders, production and sales, delivery lead time, inventories and employment. Overall, Minnesota scored 61.4 out of a possible 100, up from 58.0 in November and 58.9 during the same period last year. Scores above 50 indicate expansion, while those below indicate contraction.
“Based on the survey results, I expect Minnesota to add jobs at a solid pace for the first half of the year,” Ernie Gross, director of Creighton University’s economic forecasting group, said in a statement. But, he warned, a pullback in exports could restrain growth.
Minnesota is entering 2015 in an enviable position among states: the unemployment rate continues to fall, the Twin Cities metro leads the nation for jobs and the state reported a healthy surplus that should staunch sharp budget cuts.
December’s report indicated that the state’s leading manufacturing industry in growth was fabricated metal production, while telecommunications is lagging. Minnesota lost about 31,000, or 14 percent, of its manufacturing jobs during the recession. The state is expected to recover all of those lost jobs by mid 2015, the report said.
Kansas scored highest amongst states surveyed, edging Minnesota out with a score of 62.6. Other states in the survey include Arkansas, Iowa, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota. Together, the entire region’s surveyed score moved up slightly to 54.4 for December from 51.3 in November.
The entire report can be found here.