Minnesota Chamber Grow Minnesota! 2013 Annual Report
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Minnesota Chamber Grow Minnesota! 2013 Annual Report

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Grow Minnesota! A program dedicated to retaining, assisting, and growing Minnesota businesses.

Grow Minnesota! A program dedicated to retaining, assisting, and growing Minnesota businesses.

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Minnesota Chamber Grow Minnesota! 2013 Annual Report Presentation Transcript

  • 1. GROW MINNESOTA! 2013 RESULTS Annual Report
  • 2. GROW MINNESOTA! 2013 RESULTS • 902 one‐on‐one business retention visits – 234 in Metro Area, 668 in Greater MN • 27% are revisits – 19% in Metro Area, 29% in Greater MN • 195 firms assisted, affecting 3,865 jobs – 51 in Metro Area, 144 in Greater MN
  • 3. TOP BUSINESS SECTORS VISITED • • • • • Manufacturing – 31% Retail Trade – 11% Professional/Scientific/Technical Services – 8% Finance/Insurance – 6% Construction – 6% Other visited sectors: Accommodation/Food Services, Health Care, Wholesale Trade, Agriculture/Forestry, Arts/Entertainment/Recreation, Real Estate/Rental and Leasing.
  • 4. SALES & PROFITABILITY IN THE LAST YEAR Sales 80% 70% 60% 50% 40% 30% 20% 10% 0% Profitability 80% 70% 60% 50% 40% 30% 20% 10% 0% Metro Area (N=187) Metro Area (N=157) Greater MN (N=538) Greater MN (N=403)
  • 5. BUSINESSES REPORTING INCREASING SALES 80% 70% 60% 50% 40% 30% 20% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Metro Area Greater MN
  • 6. BUSINESSES REPORTING INCREASING PROFITABILITY 80% 70% 60% 50% 40% 30% 20% 2004 2005 2006 2007 2008 Metro Area 2009 2010 Greater MN 2011 2012 2013
  • 7. CREATING NEW PRODUCTS/SERVICES IN THE LAST 2 YEARS 85% 80% 75% 70% 65% 60% 55% 50% 2005 2006 2007 2008 Metro Area 2009 2010 Greater MN 2011 2012 2013
  • 8. PRIMARY MARKETS 40% 35% 30% 25% 20% 15% 10% 5% 0% Local United States Minnesota Metro Area (N=222) Midwest Greater MN (N=470) International
  • 9. FASTEST GROWING MARKETS 40% 35% 30% 25% 20% 15% 10% 5% 0% Local United States Minnesota Metro Area (N=163) Midwest International Greater MN (N=470) None are growing
  • 10. EXPORTING 27% of businesses said they are exporting. – An additional 10% are interested in exporting. 25% 20% 15% 10% 5% 0% Canada Europe & Russia Latin America Japan, Korea, & Caribbean Southeast Asia Mexico Africa & Middle East Greater China India, Pakistan, Australia, New Central/South Zealand, Asia Oceania
  • 11. WHAT ARE YOUR NEW INVESTMENT PLANS? 60% 50% 40% 30% 20% 10% 0% Invest in new facilities Make major equipment Renovate/Expand current purchases facilities Metro Area (N=97) Greater MN (N=277) Data from businesses that told Grow Minnesota! their investment plans. Percentages are greater  than 100% since some businesses have plans for more than one of these investments.
  • 12. BUSINESSES REPORTING EXPANSION PLANS 45% 40% 35% 30% 25% 20% 15% 2005 2006 2007 2008 Metro Area 2009 2010 Greater MN 2011 2012 2013
  • 13. EXPANSION PLANS: % GROWING IN MINNESOTA 95% 90% 85% 80% 75% 70% 65% 60% 2005 2006 2007 2008 Metro Area 2009 2010 2011 Greater MN 2012 2013
  • 14. WHY ARE BUSINESSES INVESTING OUTSIDE MN? • • • • • Access to markets (39) No room at current location (22) High state and/or local taxes (16) Access to labor (15) Transportation/Infrastructure (10)
  • 15. JOBS IN THE NEXT YEAR 60% 50% 40% 30% 20% 10% 0% Increase Stable Metro Area (N=199) Decrease Unsure Greater MN (N=537)
  • 16. ADDED JOBS IN THE LAST YEAR 70% 60% 50% 40% 30% 20% 10% 0% 2005 2006 2007 2008 Metro Area ‐ Added Jobs 2009 2010 2011 2012 Greater MN ‐ Added Jobs 2013
  • 17. DIFFICULTY RECRUITING EMPLOYEES? Metro Area (N=158) Greater MN (N=381) 1% 46% 53% Yes No Unsure 45% 54%
  • 18. TROUBLE RECRUITING IN THE LAST YEAR 60% 50% 40% 30% 20% 10% 0% 2008 2009 2010 Metro Area ‐ Trouble Recruiting 2011 2012 2013 Greater MN ‐ Trouble Recruiting
  • 19. TROUBLE RECRUITING Production and Assembly Construction, Trades Workers Sales Agents, Real Estate Agents Architects,Engineers, Cartographers Executives, Managers IT and Web, Actuaries, Statisticians 0% Metro Area 3% 6% Greater MN 9% 12% 15% 18%
  • 20. HIGHEST RATED ATTRIBUTES Metro Area Greater MN 1. Recreational  opportunities 2. Social organizations/ networks 3. Cultural opportunities 4. Overall workforce  quality 5. Higher education 1. Recreational  opportunities 2. Electric reliability 3. K‐12 education 4. Social organizations/ networks 5. Lending by local  financial institutions
  • 21. LOWEST RATED ATTRIBUTES Metro Area 1. State taxes 2. Health care costs 3. Workers’  compensation  rates 4. Unemployment  insurance 5. Laws affecting  civil litigation Greater MN 1. State taxes 2. Health insurance  requirements 3. Health care costs 4. Worker’s  compensation  rates 5. Unemployment   insurance
  • 22. IMPROVING MN’S BUSINESS CLIMATE – PROGRESS? ATTRIBUTE ON MN  RECOMMENDATION CHAMBER  AGENDA? PROGRESS? Health care costs Pay for outcomes, not  procedures 2008 legislation has  reduced     ‘s State taxes Repeal the B2B sales taxes;  #1 priority for 2014 federal conformity Health insurance  requirements Eliminate mandates; more  defined contribution plans Losing ground.  Mandate added in 2013 Workers’ comp  rates Reduce health care  expenses (over 1/3) DOLI report to  legislature, 2014 Unemployment  insurance Retain current benefits and  Rate reduction adopted  in 2013 financing.
  • 23. GROW MINNESOTA! PARTNERS Albert Lea-Freeborn County w/ Albert Lea Economic Development Agency Alexandria Lakes Area Area Partnership for Economic Expansion (APEX) w/ Duluth Area Apple Valley Austin Area Bemidji Area Bloomington Blooming Prairie Chamber Brainerd Lakes Chamber w/ Brainerd Lakes Area Econ. Development Corp Burnsville Cambridge Area Dakota County Regional Detroit Lakes Regional Eden Prairie Edina Elk River Area Fairmont Area w/ Fairmont Economic Development, IGNITE - Martin County Faribault Area & Tourism Fergus Falls Area Forest Lake Area Greater Mankato Growth Inc. Hastings Area & Tourism Bureau Hibbing Area Hutchinson Area I94 West International Falls Area Isanti Area Itasca Economic Development Corp. (IEDC) w/ Grand Rapids Area Chamber Lake City w/ Lake City Economic Development Litchfield Long Prairie Area Marshall Area MetroNorth Minneapolis Regional New Ulm Area North Hennepin Area Owatonna Area and Tourism Park Rapids Area Princeton Area w/ City of Princeton Econ. Development Redwood Area Chamber & Tourism w/ Redwood Area Development Corp. Richfield River Heights w/ Progress Plus Rochester Area w/ Rochester Area Economic Development Inc. Saint Cloud Area Saint Paul Area Shakopee Area SouthWest Metro Thief River Falls Area Twin Cities North TwinWest Two Harbors Area Waconia Waseca Area White Bear Area Chamber w/ White Bear Lake Economic Development Corp. Willmar Lakes Area Winona Area Worthington Area