Northeast Minnesota business conditions expected to improve

By KBJR News 1

May 22, 2014 Updated May 22, 2014 at 7:27 PM CDT

Duluth, MN (NNCNOW.com) --- Business is expected to improve over the next six months in northeast Minnesota according to a new report analyzing the state's development by region.

Minnesota's Secretary of State commissioned the report which presents economic reviews and forecasts. It was released Thursday.

Authors of the study say it's the first to map where new businesses have started up over the past 14 years.

The goal of the report is to give entrepreneurs a look at a region's business climate so they can better plan for the future.

Among the highlights, the report breaks down new business filings by region in the first quarter of 2014.

The Twin Cities region leads with more than 10,000 new businesses, followed by the central Minnesota region with nearly 1,500 new business starts.

In the northeastern Minnesota region there were 539 new businesses filed, representing an 8.5 percent improvement from 2013.

Employment grew at point 0.8 percent over the first quarter of this year.

The report indicates for every five people without a job, there are about two job openings available.

Business conditions are expected to improve over the next four to six months, based on the main five index factors listed in the report.

The study was developed by the St. Cloud State University School of Public Affairs Research Institute, in partnership with the Office of the Minnesota Secretary of State.

Read the newEconomic and Business Conditions Report