Minnesota Manufacturers Optimistic in 2024

ST. PAUL (WJON News) - A new report shows Minnesota manufacturers are cautiously optimistic about 2024.

The Minnesota Manufacturing Business Conditions Survey was conducted between November and December of 2023 by the Minnesota Department of Employment and Economic Development and the Federal Reserve Bank of Minneapolis.

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The survey asked random business owners to rate the outlook of their business in terms of:

Number of orders,
Product/service production level,
Employment level,
Labor availability,
Investment in plant/equipment,
Selling prices,
Profits,
Productivity,
Exports.

The report found:

Manufacturing businesses across the state expect a modest expansion of profits, number of orders, productivity, and production levels.
Labor availability remains a concern, but businesses expect improvement in 2024.
The outlook for selling prices, while still strong, fell from 2023 levels.
Manufacturing in Minnesota accounts for more than 323,000 jobs statewide and almost $25 billion in annual wages in 2022.

The complete survey is available on DEED’s Manufacturing Business Conditions Survey page.