Minneapolis Federal Reserve Bank releases economic outlook
Growth on the employment and economic fronts are forecast for Minnesota.
This month, the Federal Reserve Bank of Minneapolis reported the 2013 economic outlook calls for continued growth of the state’s economy.
“Based on the Minneapolis Fed’s statistical model, employment in Minnesota is expected to grow by a solid 2.2 percent, while the unemployment rate is predicted to drop to 4.7 percent in the fourth quarter of 2013. Growth in personal income is expected to exceed 5 percent.”
Toby Madden, regional economist at the Minneapolis Fed, said the state’s economy continued an upward trend last year. And Madden stated it looks like growth could accelerate in the new year.
“Businesses are upbeat for their own operations and are mixed about the state economy. Metro area companies expect more growth than those in greater Minnesota,” said Madden in a news release about the economic outlook.
The forecast includes information from a business outlook poll from the district, including Minnesota, Montana, North and South Dakota, northwestern Wisconsin and the Upper Peninsula of Michigan.
The fed stated: “The surveys of business leaders and manufacturers indicate that businesses expect more sales and production in 2013 and will accomplish this through increased employment and capital investment. They also expect to raise prices.
“In regard to the state economy, both the surveys and the statistical model see increases in housing construction. Respondents from the metro area are optimistic and expect employment and consumer spending to rise. However, manufacturers and firms in greater Minnesota are more pessimistic. Manufacturing survey respondents expect most state indicators to be down, while business leaders from greater Minnesota expect flat employment and decreased investment and consumer spending.”
Viking Land Harley-Davidson owner Dan Walton, who has the store on Edgewood Drive in Baxter as well as one in Sauk Rapids, confirmed Viking Land’s purchase of the Dondelinger’s auto dealership land along Highway 210 and said more details are expected in the coming weeks.