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Minnesota Businesses Looking to the Future

Posted on June 27, 2013 at 3:19 PM
Categories: Economy, Jobs, Commerce

During the past year, Minnesota’s economy has largely outperformed most of the United States. A recent survey finds Minnesota firms that provide business services are even more optimistic about next year.

The survey is just another indication that Minnesota employers believe our economy is headed in the right direction. Increased business confidence means new hiring and more investments – fueling further economic growth. In the future, Minnesotans can expect new and better job opportunities.

Here are some key findings from the Minneapolis Federal Reserve and Minnesota Department of Employment and Economic Development survey:
  • 77 percent of Minnesota firms anticipate their sales revenue to grow or remain stable in the coming year.
  • 75 percent of business services firms expect their profits to increase or remain stable in the next four quarters, compared with 62 percent last year.
  • 53 percent of firms plan to increase the wages of employees during the next four quarters.
  • 50 percent said their costs remained steady during the past year.
  • 44 percent of firms expect employment to increase during the next year compared with only 36 percent last year. 

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The Minnesota Investment Fund Supports Job Growth, Leverages Private Investment

Posted on June 21, 2013 at 8:00 AM
Categories: Commerce, Economy, Jobs


Polaris Industries' new R&D facility, supported in part by the Minnesota Investment Fund, will be completed this summer.
A new Polaris R&D facility, supported in part by the Minnesota Investment Fund, is set to open this summer. Photo courtesy of Polaris Industries. 

Last fall, Polaris Industries began a 144,000 sq. ft. expansion of their research and development facility in Wyoming, MN. The addition relieves overcrowding at the facility and keeps the company growing right here in Minnesota.

Currently, the research facility provides 375 good jobs for Minnesotans. After construction is completed later this summer, the Polaris facility will be twice as large and capable of employing an additional 350 people.
 
The Minnesota Investment Fund, which supports companies creating good jobs, is helping Polaris with the expansion. The state of Minnesota is providing them with a $400,000 loan. In return, Polaris has agreed to create at least 115 permanent jobs during the next two years. 

The fund has helped other companies create new jobs for Minnesotans too. During 2012 alone, the Minnesota Investment Fund helped Gerdau Long Steel in St. Paul, Stream Global Services in Eagan, and AAR Aircraft Services in Duluth expand: creating hundreds of good-paying jobs across the state.
 

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A Fair Tax System for Minnesota’s Middle Class

Posted on June 20, 2013 at 8:00 AM
Categories: Reform, Economy, Budget


Gov. Dayton and the DFL legislature invested $400 million in middle class property tax relief in the recently passed budget to help Minnesotans and restore tax fairness.
Governor Dayton and the DFL legislature invested $400 million in middle class property tax relief in the recently passed budget to help Minnesotans and restore tax fairness.

Middle class Minnesotans have endured a decade of property tax increases. Governor Dayton and the DFL legislature invested $400 million in middle class property tax relief in the recently passed budget to help Minnesotans and restore tax fairness. The investment provides new resources for the following:

  • Homestead Credit Refund
  • Renter’s Property Tax Refund Credit
  • Local Government Aid
  • City and County Sales Tax Exemption

Homestead Credit Refund

A new $120 million investment in the Homestead Credit Refund will provide significant direct property tax relief to middle-class homeowners. Under the new budget, more than 150,000 additional homeowners will be eligible for the refund. Current refund recipients will benefit as well, the new law is expected to increase the refund for 300,000 homeowners who already receive it. 

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New Minnesota Trade Office Helps Business, Creates Jobs, and Improves Our Economic Competitiveness

Posted on June 19, 2013 at 1:43 PM
Categories: Commerce, Economy, Trade Mission

Increasing exports and attracting new foreign investment are critical to creating jobs and growing Minnesota’s economy. One proven strategy for improving Minnesota’s economic competitiveness is opening international trade offices. In 2005, when Minnesota opened its first office in Shanghai office, our exports to China increased 71 percent during the first year!

Today, Gov. Mark Dayton announced that Minnesota will be opening a trade office in the Dusseldorf-Cologne region of Germany. Like the trade office in Shanghai, the European office will promote Minnesota exports and encourage foreign investment into our state. 

Germany’s central location in Europe and its strong economy make it an excellent location for the new office. Last year, Germany was Minnesota’s fifth-largest trade partner with $728 million in sales, while the European Union accounted for 20 percent of state exports in 2012 ($4 billion). 


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Minnesota Economy Among Country's Fastest-Growing

Posted on June 17, 2013 at 3:34 PM
Categories: Economy

Minnesota had the fifth fastest growing economy in 2012. Currently, Minnesota is experiencing healthy growth – creating new jobs for Minnesotans and new opportunities for businesses. In 2012, Minnesota’s gross domestic product grew by 3.5 percent – 1 percent higher than the national average.

As a state, Minnesota has one of the country's lowest unemployment rates too. And the Twin Cities, the state's major economic engine, had the second-lowest unemployment rate among major U.S. metropolitan areas during April.

While these improvements are indicators Minnesota’s economy is moving in the right direction. Gov. Mark Dayton has continued to push new initiatives designed to help create good jobs for Minnesotans.

To help create jobs for Minnesotans, Gov. Dayton and the legislature provided new funding for the Minnesota Investment Fund and the Job Creation Fund, which provide loans and grants to businesses that create new jobs for Minnesotans.

Gov. Dayton also successfully advocated for tax law changes that will help businesses expand and create new jobs. Right now, when businesses invest in new capital equipment, they pay sales tax and get reimbursed later. Beginning 2016 under the simplified law, businesses simply will receive an upfront tax exemption on these purchases.

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Governor Dayton's Fishing Opener Photo Contest

Posted on May 08, 2013 at 8:00 AM
Categories: Outdoors, Economy, Greater Minnesota

Celebrate the fishing season in Minnesota by submitting your fishing opener photo

The 66th annual Governor’s Fishing Opener will kick off this weekend in the Park Rapids Lakes Area, a popular destination for outdoor recreation. This extended weekend in northwest Minnesota will be full of fun activities for the whole family, leading up to opening day across Minnesota on Saturday, May 11, 2013. 

To celebrate the kick off of the fishing season across Minnesota, Governor Dayton has launched a “Best Minnesota Fishing Opener Photo” contest for his new Facebook Cover photo. To participate, all you need to do is submit a photo you have taken during fishing opener weekend in Minnesota. Please submit your entries to Dayton.media@state.mn.us by Friday, May 17, 2013 (See details at the bottom of the blog).

The Governor’s Fishing Opener has been a tradition in Minnesota since 1948. The event was designed to promote the development of Minnesota’s recreation industry, and in recent years, it has served as a kick-off celebration for the summer tourism season. Travel and tourism generate $11.3 billion in leisure and hospitality gross sales in Minnesota annually.

Fishing in Minnesota is more than a pastime; it’s vital to the economy and offers so much more beyond its face-value. Help support a Minnesota tradition and get your fishing license today, either online or at any DNR supported location.  See you at the lake!

Photo contest submissions:

Please include your name, a description of the photo, the location where the photo was taken, and the date that the photo was taken with your email submission to Dayton.media@state.mn.us.

The Governor will choose a photo that will be displayed on his Facebook cover on Friday, May 17, 2013.

Learn More


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DEED Debuts New Blog for Minnesota Small Businesses

Posted on May 02, 2013 at 10:30 AM
Categories: Jobs, Economy

blog_deed_sm_biz_blog

Continuing its mission to promote Minnesota small business, the Minnesota Department of Employment and Economic Development (DEED) launched a new blog today aimed at providing practical guidance for aspiring entrepreneurs and new business owners in Minnesota. 

Dubbed Minnesota Business 101, the weekly blog touches on topics ranging from how to organize and register a business to licensing, regulations and financing. It will focus primarily on helping new business owners navigate through DEED’s Guide to Starting a New Business in Minnesota.

“Small businesses re the driving force of the economy and account for half of our private sector jobs in Minnesota,” said DEED Commissioner Katie Clark Sieben. “This new blog is just one tool we are using to connect those hoping to start a small business with the expertise and resources we offer at DEED.”

Minnesota Business 101 will also include videos offering expert guidance from DEED consultants, advice from real Minnesota small-business owners, and profiles of small businesses. The blog launches today and will appear on Mondays in the future. Check it out at: http://mnbusiness101.wordpress.com/.

DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit DEED at www.PositivelyMinnesota.com. You can also follow DEED on Twitter at www.twitter.com/PositivelyMN.


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Building a Better Minnesota: Regional Civic Centers and Downtown Improvements

Posted on April 17, 2013 at 10:35 AM
Categories: Bonding, Economy, Jobs, Greater Minnesota

Convention_Center_2013
Governor Dayton's bonding proposal invests $98.5 million in Minnesota's downtowns

Governor Dayton’s commitment to building a better Minnesota starts with jobs that help build communities. The governor’s bonding proposal invests $98.5 million in the downtowns of regional centers; projects that will create jobs, attract additional private investment, and support economic development in communities across Minnesota. Those investments include: 
  • $35 million for the Rochester Civic Center expansion
  • $20 million for reconstruction of Nicollet Avenue in downtown Minneapolis
  • $14.5 million for a new addition to the Mankato Civic Center
  • $14 million to double the size of the Children’s Museum in downtown St. Paul
  • $10.1 million for an expansion of the St. Cloud Civic Center

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Mayor Tabke's Story: Why Transit Matters

Posted on March 04, 2013 at 11:17 AM
Categories: Budget, Transportation, Economy

Shakopee Mayor TabkeGovernor Dayton understands that in order to achieve a world-class economy, we must prioritize investments in our metro area transit system.

That is why the governor’s budget includes a commitment to a multi-modal transit system that will give Minnesota a competitive edge for growing business and jobs, drawing new talent, and serving the transit needs of a growing and aging population. In support of Governor Dayton’s increased transit funding is Shakopee Mayor Brad Tabke.

Governor Dayton:

I write to express the support of the Shakopee City Council for your proposal to increase the sales tax for transit purposes by 1/4 cent in the seven-county Metropolitan Area. On Tuesday, February 19, the City Council and I voted to support this proposal. We share your belief that the development of a complete and competitive transit system in the Region is key to its long-term economic competitiveness and vitality. The development of a complete and multi-modal transit system in the Twin Cities Region will also be of great benefit to the Region’s workers and residents. The $200 million per year your proposal is expected to generate is essential to completing important rail, LRT, and BRT projects in the Region, as well as assuring that areas like Scott County can continue to expand local and express bus service that will help to best utilize the investments in regional roadways. In Shakopee, we have been committed to the beneficial expansion of transit options that serve our residents and businesses. Most recently, this has been expressed in the partnership between the cities of Shakopee and Prior Lake, and Scott County. This partnership led to the creation of the BlueXpress in July of 2007, a commuter service which has continued to experience among the greatest rates of growth of any regional bus service provider (9% increase in 2012). We look forward to working with you, your office, and the Legislature on the implementation of this important proposal.

Brad Tabke Mayor, City of Shakopee


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Infographic: Minnesota Investment Fund

Posted on March 01, 2013 at 12:28 PM
Categories: Budget, Jobs, Economy

Governor Dayton's budget calls for $30 million in ongoing funding for MIF to provide crucial incentives to companies expanding in or relocating operations to Minnesota. In the past 8 years MIF has used $7 million in public funds to stimulate $587 million in private development. Funded at Governor Dayton's proposed level, MIF would attract an estimated $990 million in private investment.

How MIF works


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