Minnesota Manufacturing Economic Information
As a way for our firm to thoroughly understand the challenges and issues that manufacturers face daily, it is imperative that we understand the current economic manufacturing climate in Minnesota and around the world.
There are resources that we consistently and thoroughly review, which are listed below:
- The Beige Book published by the Federal Reserve – updated as of November 2019.
- “District manufacturing activity decline modestly from the last report.”
- “Contacts continued to point to decreases in orders, production, and capital spending.”
- “…initially blamed on heavy rainfall this year…’ this masks a much deeper contraction in capital equipment spending.’ “
- “Custom manufacturers reported a decrease in order backlogs.”
- Minnesota’s Economic Trends published by the Minnesota Department Employment and Economic Development (DEED) – updated as of September 2019.
- Hiring Difficulting in Manufacturing – “According to results from the 2019 Minnesota Hiring Difficulties Survey, 62 percent of job vacancies in skilled production occupations posted by manufacturing firms in 2018 were difficult to fill. The study identifies which skills are in need, other barriers besides lack of skills contributing to hiring difficulties, and which actions were taken by employers were most effective at addressing the problems.” Click here for PDF of the article.
- The State of Manufacturing Survey® published by Enterprise Minnesota – May 2019
- “Minnesota manufacturers continue to thrive in a strong economy, but a severe worker shortage overshadows their growth and profitability. According to the 11th annual State of Manufacturing®, a comprehensive survey project sponsored by Enterprise Minnesota and its partners, manufacturers have retained their near-record levels of optimism since 2018 while also taking steps to alleviate the negative impacts of the ongoing worker shortage. More than half (54 percent) are focused on maximizing productivity, with efforts such as automation and continuous improvement, to combat the worker shortage.”