Report: Minnesota Economic Activity Picking Up
St Paul, MN (KROC AM News) - A new report shows economic activity in Minnesota picked up during the second quarter in most parts of the state.
Secretary of State Steve Simon released the 2015 second quarter Minnesota Regional Economic and Business Conditions Reports, which show the vast majority of the state experienced quarter-over-quarter economic growth. Simon says across the state there was growth in payrolls and a decline in the unemployment rate from one year ago; and after showing signs of weakness in the first part of the year, five of six planning areas are expected to see positive economic growth in the coming months.
The report was compiled by the St. Cloud State University School of Public Affairs Research Institute, in partnership with the Secretary of State.
The Secretary of State’s Office reviews and approves all Minnesota business filings, and commissioned the reports to provide a perspective on business conditions and deliver a tool for entrepreneurs to better understand their region. There is one quarterly report for each of six statewide economic regions. The economic reviews and forecasts are based on a comprehensive examination of several datasets, including business filings.
The report for southeast Minnesota indicates business conditions are expected to improve over the next several months. The region’s leading economic indicators increased by 9.88 points after recording a negative reading in the first quarter. Year over year employment as of the end of June increased by 1.2 percent or just over 3200 jobs.
“ After some weakness in most planning areas in the previous two quarters, five of six areas swung to expansion in the second quarter," said King Banaian, report co-author and dean of the School of Public Affairs at St. Cloud State University. "Weakness in agricultural commodity prices may have influenced some readings in Greater Minnesota, but employment is still rising consistent with a mature expansion."