Despite hiccups on the road to success, Minnesota businesses are thriving

By KBJR News 1

Credit: MGN Online

Despite hiccups on the road to success, Minnesota businesses are thriving

June 23, 2014 Updated Jun 25, 2014 at 10:38 PM CDT

Duluth, MN (NNCNOW.com) --- Businesses are difficult to keep afloat, and even harder to start. Regardless of the hiccups in the road to success, Minnesota businesses are expected to grow.

The Department of Employment and Economic Development (DEED) and Federal Reserve Bank of Minneapolis have released a yearly report finding that 82% of business respondents expect either steady or increased profits in 2015 (up from 75% in 2013).

"Minnesota's service firms directly benefit from a growing economy and as a result are strong indicators of business conditions and trends... We know business confidence is on the rise," DEED Commissioner, Katie Clark Sieben, said.

About 50% of businesses that responded expect an increase in employment and consumer spending. About 20% of businesses surveyed have increased sales due to the oil boom in North Dakota.

The survey received 241 responses from randomly selected Minnesota business services firms (including legal, public relations, engineering and accounting businesses); the survey, which was conducted in April/May 2014, had a sampling error of +/–6.3 percent at a 95% confidence level.

Ramona Marozas

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