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St. Cloud Area Quarterly Business Report Vol. 20, No. 4, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

After strong regional economic performance throughout 2018, area business leaders are preparing for slower growth and rising prices by the spring of next year. While growth is expected to slow, the area economy still remains on solid foundations as 2019 approaches. The continuing uncertainty over national trade policy, rising inflationary pressures (and associated increased interest rates), ongoing health insurance cost concerns and the looming future closure of Electrolux all create headwinds, however, that will likely cause the area economy to grow less rapidly in 2019. Current economic conditions over the past three months are strong as local employment grew at …

St. Cloud Area Quarterly Business Report Vol. 20 No. 3, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

Area firms reported strong economic conditions over the past three months as local employment grew at a 1.9 per­cent rate over the year ending July 2018. Results of the St. Cloud Area Business Outlook Survey indicate strong current business activity by area firms despite historic difficulty finding qualified workers. The six-month ahead future business activity outlook was weaker for surveyed firms as 30 percent offirms expect decreased business activity by February 2019. As the future closure of Electrolux approaches and the impact of national tariffs begins to be felt, the area economy is entering a period of heightened uncertainty that …

St. Cloud Area Quarterly Business Report Vol. 20 No. 2, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

Despite heightened uncertainty from recent retail store closings, looming na­tional tariff policies and the future clo­sure of Electrolux, area firms continue to report strong optimism about future business activity. Area firms reported continuing difficulty attracting qualified workers, which appears to be restraining local employment growth. Local employ­ment grew at a tepid 0.4 percent rate over the year ending April 2018 as worker shortages limit firms' growth poten­tial. The manufacturing, education/health, wholesale trade, and transportation/warehousing/utilities sectors led local job growth, while the retail trade, mining/logging/construction, and leisure/hospitality sectors' employ­ment contracted.

A new St. Cloud Index of Leading Economic Indicators is unveiled …

St. Cloud Area Quarterly Business Report Vol. 20, No. 1, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

The St. Cloud area economic outlook has been clouded by the announced future mass layoff of workers at the St. Cloud Electrolux plant. The planned closing of this manufacturing facility is estimated to cause a job loss of 860 workers by the end of 2019.

While respondents to the St. Cloud Area Business Outlook Survey express concern about the economic impact of the upcoming plant closing, the future outlook of surveyed businesses is strong as we enter a time of the year in which the area economy typically enjoys seasonal strength.

Revised employment data suggest the area labor market was …