State Manufacturers Optimistic About 2018 Economy
January 27, 2018
Most expect business conditions to improve or stay the same in coming year
ST. PAUL – Minnesota manufacturers are upbeat about the economy, with 95 percent expecting production levels to increase or stay the same in 2018, according to an annual joint survey by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis.
The 2017 Minnesota Manufacturing Business Conditions Survey also found that 94 percent of respondents expect orders to increase or stay the same in 2018 and 90 percent expect exports to increase or stay the same.
The random survey of 269 Minnesota manufacturing operations was conducted in November.
“Manufacturing is the state’s largest industry by gross domestic project, supporting 318,000 Minnesota jobs and contributing $48.2 billion to the state’s economy,” said DEED Commissioner Shawntera Hardy. “We must continue to support the manufacturing industry to ensure they have the tools, resources and workforce necessary to compete.”
Among other findings of the survey:
- 94 percent expect employment levels to increase or stay the same.
- 87 percent expect profits to increase or stay the same.
- 96 percent expect productivity to improve or stay the same.
- 85 percent expect investments in facilities and equipment to increase or stay the same.
- 95 percent expect prices to increase or stay the same.