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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 …

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 …

The Slave Trade Route: A Regional And Local Development Catalyst, Chukwunyere Ugochukwu

Geography and Planning Faculty Publications

The conservation of and focus on slave export points turned tourist monuments in Cape Coast and Elmina, Ghana, are incomplete without linkages to other complicit places in the interior that together completes the chain of darkness, the trade in humans along the Atlantic coast of Ghana, as well as in the interior. Completed, it will highlight the infrastructure of the slave business, the domestic, as well as the Trans-Atlantic slave trade. When the chain (route) of the different complicit communities in the interior to these export monuments along the Atlantic coast is conserved, it shall herald a completeness to the …

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 …

Central Minnesota Economic And Business Conditions Report Fourth Quarter 2017, King Banaian, Richard A. Macdonald

Central Minnesota Economic and Business Conditions Report

The Central Minnesota planning area is expected to experience continued economic growth over the next several months according to predictions of the Central Minnesota Index of Leading Economic Indicators (LEI). The leading index rose by 3.32 points in the most recent period, with three components producing positive readings. Increased St. Cloud area residential building permits contributed to this quarter’s rising LEI. In addition, an uptick in national durable goods orders and lower regional initial jobless claims also helped drive the index higher.

There were 1,331 new business filings with the Office of the Minnesota Secretary of State in Central Minnesota …

Southwest Minnesota Economic And Business Conditions Report Fourth Quarter 2017, King Banaian, Richard A. Macdonald

Southwest Minnesota Economic and Business Conditions Report

Despite a negative reading of the fourth quarter St. Cloud State University Southwest Minnesota Index of Leading Economic Indicators (LEI), economic fundamentals in Southwest Minnesota appear to be sufficiently strong to see a continuation of steady regional economic growth over the next several months. Two of four LEI components were positive in the fourth quarter. An increase in residential building permits in the Mankato MSA and higher new business filings of incorporation and LLC in Southwest Minnesota contributed favorably to the LEI. A weaker rural Minnesota economic outlook and higher initial jobless claims in recent months helped drag down this …

Twin Cities Area Economic And Business Conditions Report Fourth Quarter 2017, King Banaian, Richard A. Macdonald

Twin Cities Minnesota Economic and Business Conditions Report

Despite a fourth quarter decline in the Twin Cities Index of Leading Economic Indicators (LEI), economic growth is expected to remain steady in the Twin Cities over the next several months as overall economic fundamentals remain strong in this part of the state. The Twin Cities LEI registered a -3.07 reading in the fourth quarter. Three of five index components turned down in the fourth quarter, with recent weakness in the Minnesota Business Conditions Index-a general measure of statewide business conditions—and a reduction in the number of residential building permits in the Twin Cities metropolitan area having the largest negative …

Southeast Minnesota Economic And Business Conditions Report Fourth Quarter 2017, King Banaian, King Banaian, Richard A. 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 two consecutive quarterly declines in the LEI, the fourth quarter leading index rose by 1.18 points as two index components recorded positive values. Increased new filings of incorporation and LLC in the Southeast Minnesota planning area and an improvement in consumer sentiment helped lift this quarter’s LEI. A lower number of residential building permits in the Rochester area and a decline in the Minnesota Business Conditions Index (which serves …

Northeast Minnesota Economic And Business Conditions Report Fourth Quarter 2017, King Banaian, Richard A. Macdonald

Northeast Minnesota Economic and Business Conditions Report

A steady pace 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). Two of the five components of the LEI increased as the overall index was basically flat in the fourth quarter. A surge in Duluth metropolitan area residential building permits and lower initial jobless claims in the region contributed favorably to this quarter’s outlook, while weakness in a general measure of statewide business conditions, a lower reading on a supply manager’s index, and declining new business incorporations weighed on the leading …

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 …

Northeast Minnesota Economic And Business Conditions Report First Quarter 2018, King Banaian, Richard A. Macdonald

Northeast Minnesota Economic and Business Conditions Report

A steady pace 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). Two of the five components of the LEI decreased as the overall index was basically flat for the second consecutive quarter. A decline in Duluth metropolitan area residential building permits and recently higher initial jobless claims in the region weighed on this quarter’s outlook, while recent strength in a general measure of statewide business conditions and improved new business filings contributed favorably to the leading index.

There were 643 new …

Southeast Minnesota Economic And Business Conditions Report First Quarter 2018, King Banaian, Richard A. 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 was largely unchanged, the first quarter leading index rose by 0.77 points as three index components recorded positive values. Increased new filings of incorporation and LLC in the Southeast Minnesota planning area, a rise in the Minnesota Business Conditions Index, and an improvement in consumer sentiment helped lift this quarter’s LEI. A lower number of residential building permits in the Rochester area and …

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

Southwest Minnesota Economic and Business Conditions Report

After experiencing a negative reading in the fourth quarter of 2017, the St. Cloud State University Southwest Minnesota Index of Leading Economic Indicators (LEI) turned positive in this year’s first quarter, indicating continued economic growth in Southwest Minnesota over the next several months. Three of four LEI components were positive in the first quarter. A larger number of new business filings of incorporation and LLC in Southwest Minnesota and a stronger outlook for rural Minnesota helped drive the leading index higher in the current quarter. A decline in initial jobless claims also helped lift the index. A decrease in the …

Twin Cities Area Economic And Business Conditions Report First Quarter 2018, King Banaian, Richard A. Macdonald

Twin Cities Minnesota Economic and Business Conditions Report

Strong 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 registered a 4.94 reading in the first quarter of 2018 as four of five index components showed strength. An increase in the Minnesota Business Conditions Index—a general measure of statewide business conditions—and improvement in the Federal Reserve Bank of Philadelphia Minnesota Leading Economic Indicators Index each contributed favorably to this quarter’s LEI. In addition, an increase in the number of residential building permits in the Twin Cities metropolitan area …