Minnesota small businesses reached high employment numbers not seen since March 2014, according to the latest Mid-America Business Conditions Index from Creighton University, reports Finance & Commerce. The survey looks at a number of factors including employment and price, with anything scoring above a 50 indicating growth. Minnesota scored a 63.2 for employment in April, the highest score since receiving a 74.8 in March 2014.
That surge could be attributed to the growth in Minnesota’s manufacturing industry, which has lagged behind other industries but continues to grow at a steady pace.
“You see that especially in non-durable goods, things like food processing and alternative energy,” said Creighton economist Ernie Goss in an interview with Finance & Commerce. “And we’re seeing really good numbers in high-tech manufacturing, things like navigational equipment, medical devices, computers and electrical goods.”
The same issues found in NFIB’s own monthly optimism index continue to plague small businesses. Specifically, locating qualified workers for the jobs that are available and uncertainty surrounding upcoming policy from Washington.
“I’m a little concerned that the numbers are getting ahead of themselves. Profits have been good for businesses, but the confidence index depends a lot on health care and tax reform actually happening,” Goss told Finance & Commerce.
Healthcare reform is now in the hands of the Senate, and the White House has indicated it plans on moving forward with tax reform soon.
