New Survey Highlights Optimism for Minnesota Businesses

Minnesota business services firms expect improved profits, productivity and job growth over the next 12 months, according to a survey conducted by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis.

More than half of respondents expect sales revenue, profits, productivity and employment to increase or stay the same in Minnesota over the next year, according to the survey. Two-thirds of firms expect labor availability to stay about the same, while nearly 65% anticipate raising wages by at least 3% to attract workers during Minnesota's labor shortage.

On inflation, 56% of respondents expect it to rise over the next year, but that figure is down from 65% in last year's survey, reflecting cautious optimism about slowing price increases.

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