State manufacturers optimistic about 2013, DEED says
State manufacturers optimistic about 2013
Minnesota manufacturers are optimistic about the industry in the coming year, with 85 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, 44 percent of those that responded expect orders to grow in 2013 and one-fourth expect to hire more workers.
“The annual Manufacturing Business Conditions Survey offers a snapshot of what manufacturers are thinking and where they believe the economy is headed,” said DEED Commissioner Katie Clark Sieben, in a news release. “Based on the survey, manufacturers have positive expectations for the industry in 2013.”
Among other findings in the survey:
■ 87 percent expect exports to increase or stay the same.
■ 92 percent expect productivity to increase or stay the same.
■ 70 percent expect profits to increase or stay the same.
■ 76 percent expect investments in plants or equipment to increase or stay the same.
■ 80 percent expect orders to increase or stay the same.
While manufacturers are relatively optimistic about their own industry, they were less upbeat about the outlook for the overall state economy in the coming year. The survey showed that manufacturers were slightly less optimistic than a year ago about overall corporate profits, economic growth, consumer spending, business investments and employment.
The full report is available at www.tinyurl.com/ManufacturingSurvey.
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, go to at www.PositivelyMinnesota.com.