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St. Cloud Area Quarterly Business Report Vol. 21 No. 4, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

St. Cloud-area employment rose 0.7% over the year ending October 2019. This job growth represents an increase in 780 area jobs over the past 12 months. The recent increase in employment is coincidentally of similar size as the loss of jobs that occurred when Electrolux closed its St. Cloud production facility at the beginning of November. This means recent local employment growth could be reversed when the November jobs numbers are released by the Minnesota Department of Employment and Economic Development in mid-December.

St. Cloud once again outperformed both the state and Twin Cities in job growth over the past …

St. Cloud Metro Area Visitor Profile & Economic Impact Report Fall Season 2019, Alvin Hungchih Yu, Brigid Tuck, Pengyu Qian, Kristy Modrow, Andrea Haataja

St. Cloud Metro Area Visitor Profile Study

This report is a compilation of results from the fall 2019 St. Cloud Metro Area Visitor Profile Survey.

In 2019, the St. Cloud City Hall, St. Cloud Area Convention and Visitor Bureau, and Retired and Senior Volunteer Program (RSVP) contracted with St. Cloud State University School of Public Affairs, Geography & Planning Department, and the Hospitality and Tourism Program to conduct a visitor profile survey from summer 2019 to spring 2020.

The purpose of this project was to better understand visitor's travel experience in the St. Cloud Metro area and to profile visitors based on their characteristics. The findings of …

St. Cloud Area Quarterly Business Report Vol. 21 No. 3, King Banaian, Richard Macdonald

St. Cloud Area Quarterly Business Report

Employment continued to rise in the St. Cloud area in recent months, but survey responses from area business leaders and other data measures point to slower future local economic growth. The slower growth will be further aggravated by the November closure of Electrolux, which in January 2018 employed 860 workers (representing about 0.8% of total area employment).

With year over year job growth of 1.5%, St. Cloud once again outperformed both the state and Twin Cities in job creation in July. The construction, manufacturing, transportation/warehousing/utilities, educational/health and financial activities sectors of the local economy led the way in employment gains, …

St. Cloud Metro Area Visitor Profile & Economic Impact Report Summer Season 2019, Hungchih Yu, Brigid Tuck, Pengyu Qian, Kristy Modrow, Andrea Haataja

St. Cloud Metro Area Visitor Profile Study

This report is a compilation of results from the summer 2019 St. Cloud Metro Area Visitor Profile Survey.

In 2019, the St. Cloud City Hall, St. Cloud Area Convention and Visitor Bureau, and Retired and Senior Volunteer Program (RSVP) contracted with St. Cloud State University School of Public Affairs, Geography & Planning Department, and the Hospitality and Tourism Program to conduct a visitor profile survey from summer 2019 to spring 2020.

The purpose of this project was to better understand visitor's travel experience in the St. Cloud Metro area and to profile visitors based on their characteristics. The findings of …

Central Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald

Central Minnesota Economic and Business Conditions Report

Continued steady economic growth is expected in the Central Minnesota planning area over the next several months according to predictions of the Central Minnesota Index of Leading Economic Indicators (LEI). The leading index rose by 0.72 points in the most recent period, with three components producing positive readings. Increased St. Cloud area residential building permits and higher national durable goods orders had the greatest favorable impact on the leading index in the third quarter. A downturn in the Minnesota Business Conditions Index had the largest negative effect on the LEI.

There were 1,432 new business filings with the Office of …

Northeast Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Northeast Minnesota Economic and Business Conditions Report

A considerable slowing of economic growth in Northeast Minnesota is expected over the next several months according to the predictions of the Northeast Minnesota Index of Leading Economic Indicators (LEI). All five components of the LEI decreased as the overall index plummeted by 15.28 points in the fourth quarter. A smaller number of Duluth metropolitan area residential building permits, a decline in a general measure of statewide business conditions, a weaker purchasing managers’ manufacturing index, and rising regional initial jobless claims all weighed on this quarter’s leading index. The Northeast Minnesota LEI is now 10.3 percent lower than it was …

Northeast Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald

Northeast Minnesota Economic and Business Conditions Report

Stronger economic growth in Northeast Minnesota is expected over the next several months according to the predictions of the Northeast Minnesota Index of Leading Economic Indicators (LEI). Three of the five components of the LEI increased as the overall index rose by 6.12 points in the third quarter. A higher number of Duluth metropolitan area residential building permits favorably impacted the leading index as did increased new filings of incorporation and lower initial jobless claims in the region. A decline in a general measure of statewide business conditions and a weaker purchasing managers’ manufacturing index weighed on this quarter’s leading …

Northwest Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Northwest Minnesota Economic and Business Conditions Report

Slower economic growth is expected in the Northwest Minnesota planning area over the next several months according to the predictions of the St. Cloud State University Northwest Minnesota Index of Leading Economic Indicators (LEI). Only one of the five index components increased in the most recent quarter as the LEI fell by 3.65 points. The decline in the leading index was largely caused by a reduction in the number of residential building permits in Fargo/Moorhead and Grand Forks/East Grand Forks. Higher regional initial jobless claims and weakening in a national consumer sentiment index also weighed on the future Northwest Minnesota …

Northwest Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald

Northwest Minnesota Economic and Business Conditions Report

Continued steady economic growth is expected in the Northwest Minnesota planning area over the next several months according to the predictions of the St. Cloud State University Northwest Minnesota Index of Leading Economic Indicators (LEI). Three of five index components increased in the most recent quarter as the LEI fell by a modest 0.97 points. The decline in the leading index was largely caused by a fall in the Rural Mainstreet Index (which signals a less robust macroeconomic environment for rural America). A small decline in the number of residential building permits in Fargo/Moorhead and Grand Forks/East Grand Forks also …

Southwest Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard A. Macdonald

Southwest Minnesota Economic and Business Conditions Report

The St. Cloud State University Southwest Minnesota Index of Leading Economic Indicators (LEI) continued to bounce around as the fourth quarter LEI registered an 8.26 point loss after recording a strong positive value in the third quarter of the year. This quarter’s negative reading is largely attributed to higher initial jobless claims in the region as well as weaker new filings of incorporation and LLC in the Southwest Minnesota planning area. An increase in the number of residential building permits in the Mankato/North Mankato metropolitan statistical area and an improvement in the Rural Mainstreet Index, a statistic that is used …

Southwest Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard A. Macdonald

Southwest Minnesota Economic and Business Conditions Report

The St. Cloud State University Southwest Minnesota Index of Leading Economic Indicators (LEI) continued to bounce around as the third quarter LEI registered a 10.73 point gain after recording a negative value in the second quarter of the year. This quarter’s positive reading is largely attributed to lower initial jobless claims in the region. Also favorably impacting the leading index were higher new filings of incorporation and LLC in the Southwest Minnesota planning area as well as an increase in the number of residential building permits in the Mankato/North Mankato metropolitan statistical area. A decline in the Rural Mainstreet Index, …

Twin Cities Area Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Twin Cities Minnesota Economic and Business Conditions Report

A slowing of economic growth is expected in the Twin Cities planning area according to the predictions of the Twin Cities Index of Leading Economic Indicators (LEI). The Twin Cities LEI decreased 7.97 points in the fourth quarter of 2018 as all five index components registered negative values. A decrease in the Minnesota Business Conditions Index (a general measure of statewide business conditions), higher initial jobless claims in the region, and a decline in the Federal Reserve Bank of Philadelphia Minnesota Leading Economic Indicators Index series helped drive the Twin Cities LEI lower. Fewer residential building permits in the Twin …

Southeast Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Southeast Minnesota Economic and Business Conditions Report

A slowing of economic growth over the next several months is expected in the Southeast Minnesota planning area according to the prediction of the Southeast Minnesota Index of Leading Economic Indicators (LEI). The leading index fell by 9.81 points in the fourth quarter as all five index components recorded negative values. A decrease in the number of Rochester area residential building permits, a weakening in consumer sentiment, lower new filings of incorporation and LLC, and a decline in the Minnesota Business Conditions Index all helped drive the LEI lower in the fourth quarter. The LEI is now essentially unchanged from …

Southeast Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald

Southeast Minnesota Economic and Business Conditions Report

Solid economic growth over the next several months is expected in the Southeast Minnesota planning area according to the prediction of the Southeast Minnesota Index of Leading Economic Indicators (LEI). The leading index rose by 3.33 points in the third quarter as four index components recorded positive values. An increase in the number of Rochester area residential building permits and fewer initial jobless claims helped drive the LEI higher in the third quarter. In addition, an improvement in consumer sentiment and an increase in new filings of incorporation and LLC also made a favorable impact on the leading index. The …

Central Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Central Minnesota Economic and Business Conditions Report

Economic growth is expected to slow in the Central Minnesota planning area over the next several months according to predictions of the Central Minnesota Index of Leading Economic Indicators (LEI). The leading index fell by 6.62 points in the most recent period, with only one component producing a positive reading. Increased national durable goods orders was the only LEI component to produce a favorable outlook in the fourth quarter. The remaining index components--St. Cloud area residential building permits, the Minnesota Business Conditions Index, new regional filings of incorporation, and initial claims for unemployment insurance all helped drag down the local …

St. Cloud Area Quarterly Business Report Vol. 21 No. 2, King Banaian, Richard Macdonald

St. Cloud Area Quarterly Business Report

With year over year job growth of 2.1 %, St. Cloud outperformed both the state and Twin Cities in job creation. The construction, manufacturing, educational/health, financial activities and other services sectors of the local economy led the way in employment gains, while the retail trade, professional and business services and information sectors shed jobs. The future outlook of surveyed firms and the St. Cloud Index of Leading Economic Indicators point to continued growth over the next several months. The Nov. 1 closure of Electrolux is the biggest challenge facing the local economy. A summary of the estimated contribution of Electrolux …

St. Cloud Area Quarterly Business Report Vol. 21 No. 1, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

The St. Cloud area economy continued to create employment over the year ending January 2019 and surveyed firms express little concern that the area economy will enter recession this year.

With year over year job growth of 1.4 percent, St. Cloud was the state’s second best performing metropolitan area in creating jobs over the past year, lagging only Rochester. The construction, manufacturing, educational/health, and wholesale trade sectors of the local economy led the way in employment gains, while the retail trade, professional & business services, and leisure/hospitality sectors shed jobs.

The future outlook of surveyed firms is solid, and the …

Central Minnesota Economic And Business Conditions Report Second Quarter 2018, King Banaian, Richard Macdonald

Central Minnesota Economic and Business Conditions Report

Continued steady economic growth is expected in the Central Minnesota planning area over the next several months according to predictions of the Central Minnesota Index of Leading Economic Indicators (LEI). The leading index rose by 1.30 points in the most recent period, with three components producing positive readings and one index value that was largely unchanged. A downturn in the Minnesota Business Conditions Index is the only LEI component to have a measurable negative reading in the second quarter. Increased St. Cloud area residential building permits contributed to this quarter’s higher LEI as did higher national durable goods orders and …

Northeast Minnesota Economic And Business Conditions Report Second Quarter 2018, King Banaian, Richard Macdonald

Northeast Minnesota Economic and Business Conditions Report

A slowing of economic growth in Northeast Minnesota is expected over the next several months according to the predictions of the Northeast Minnesota Index of Leading Economic Indicators (LEI). Three of the five components of the LEI decreased as the overall index fell by 2.65 points in the second quarter. A decline in Duluth metropolitan area residential building permits weighed heavily on the leading index and a fall in a general measure of statewide business conditions also contributed to the negative reading. Lower new filings of incorporation in the Northeast Minnesota planning area had a small unfavorable impact on the …

Northwest Minnesota Economic And Business Conditions Report Second Quarter 2018, King Banaian, Richard Macdonald

Northwest Minnesota Economic and Business Conditions Report

Continued steady economic growth is expected in the Northwest Minnesota planning area over the next several months according to the predictions of the St. Cloud State University Northwest Minnesota Index of Leading Economic Indicators (LEI). Four of five index components increased in the most recent quarter as the LEI rose 2.26 points. An increase in the Rural Mainstreet Index (which signals a more robust macroeconomic environment for rural America) and a larger number of residential building permits in Fargo/ Moorhead and Grand Forks/East Grand Forks were among the positive components in this quarter’s leading index. A rise in the number …

Southeast Minnesota Economic And Business Conditions Report Second Quarter 2018, King Banaian, Richard Macdonald

Southeast Minnesota Economic and Business Conditions Report

Steady economic growth over the next several months is expected in the Southeast Minnesota planning area according to the prediction of the Southeast Minnesota Index of Leading Economic Indicators (LEI). After a quarter in which the LEI rose 1.87 points, the leading index rose by 0.77 points in the second quarter as two index components recorded positive values. An increase in the number of Rochester area residential building permits and fewer initial jobless claims helped drive the LEI higher in the second quarter. A decrease in the Minnesota Business Conditions Index and a weakening in consumer sentiment were two components …

Southwest Minnesota Economic And Business Conditions Report Second Quarter 2018, King Banaian, Richard Macdonald

Southwest Minnesota Economic and Business Conditions Report

The St. Cloud State University Southwest Minnesota Index of Leading Economic Indicators (LEI) continued to bounce around as the second quarter LEI turned negative after recording a strong positive value in the first quarter of the year. Despite the negative reading in the second quarter, economic fundamentals in this part of the state appear to point to continued steady growth over the next several months. Two of four LEI components were positive in the second quarter as a stronger outlook for rural Minnesota and higher Mankato area residential building permits led the way. The most significant negative component of this …

Twin Cities Area Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald

Twin Cities Minnesota Economic and Business Conditions Report

Steady economic growth is expected to continue in the Twin Cities planning area according to the predictions of the Twin Cities Index of Leading Economic Indicators (LEI). The Twin Cities LEI decreased 1.80 points in the third quarter of 2018 as three of five index components registered negative values. A decrease in the Minnesota Business Conditions Index—a general measure of statewide business conditions—was the primary factor causing the negative reading of this quarter’s LEI. Some weakness in the initial jobless claims and Federal Reserve Bank of Philadelphia Minnesota Leading Economic Indicators Index series also weighed on the Twin Cities LEI. …

Twin Cities Area Economic And Business Conditions Report Second Quarter 2018, King Banaian, Richard Macdonald

Twin Cities Minnesota Economic and Business Conditions Report

Economic growth is expected to continue in the Twin Cities planning area according to the predictions of the Twin Cities Index of Leading Economic Indicators (LEI). The Twin Cities LEI increased 1.13 points in the second quarter of 2018 as two of five index components showed strength. Lower initial jobless claims and an improvement in the Federal Reserve Bank of Philadelphia Minnesota Leading Economic Indicators Index each contributed favorably to this quarter’s LEI. A decrease in the Minnesota Business Conditions Index—a general measure of statewide business conditions—and fewer residential building permits in the Twin Cities metropolitan area each had a …