Skip to main content

Survey finds Minn. businesses more likely to retrench in first quarter

  • Author:
  • Updated:
    Original:

A new survey suggests a trend toward optimism among Minnesota business owners has stalled, perhaps because of the November election results.

Twin Cities Business surveyed more than 15,000 Minnesota companies and found they were slightly more likely to shrink than grow. Some of the survey respondents indicated they were discouraged by Democratic gains in November and are bracing for higher taxes and more regulations. One-fourth of the business leaders expect the state's business climate to worsen during the first quarter. That's more than double the percentage of a year ago.

A Minnesota Chamber of Commerce executive told a Worthington audience last week that Gov. Mark Dayton's plan to add a new income tax tier for high earners would hurt the state's ability to compete with South Dakota and Iowa. The governor unveiled that plan, together with a host of other proposed tax changes, in Tuesday's budget address.

New skittishness among businesses runs contrary to some recent trends. Business creation in Minnesota has been on the upswing and the Federal Reserve Bank of Minneapolis recently issued an optimistic forecast for 2013 job growth in the state.

Next Up

Screen Shot 2022-08-14 at 10.24.22 AM

Teen driver crashes into parked payloader; 16-year-old passenger dies

The crash happened early Saturday morning in Waconia.

Screen Shot 2022-08-14 at 10.10.50 AM

Barrage of gunfire injures boy in Brooklyn Park; vehicles, apartments damaged

Police say they recovered evidence that more than 40 rounds were fired in the shooting.

Screen Shot 2022-08-14 at 9.15.07 AM

Minnesota Wild back away from thin blue line T-shirt giveaway

The giveaway backfired when word of it reached social media.

Screen Shot 2022-08-13 at 1.26.13 PM

Workers at Minneapolis Trader Joe's become 2nd in nation to unionize

The vote was certified by the National Labor Relations Board Friday.

ATV, all-terrain vehicle

Driver killed in ATV crash in Brooklyn Park

The crash occurred in Monroe Park Friday night.

ambulance

Woman killed by suspected drunk-driver in St. Louis County

The crash occurred on Highway 21 in Embarrass Township Friday night.

Jaelyn Campbell

11-year-old girl missing from Mille Lacs County

Jaelyn Campbell was last seen in Onamia.

Screen Shot 2022-08-12 at 1.58.08 PM

2 ejected, 1 killed in crash that closed southbound I-35

The State Patrol says neither were wearing seat belts.

best buy

Best Buy makes job cuts weeks after warning of soft sales

The Richfield retailer has been dealing with a shift in consumer trends.

Screen Shot 2022-08-12 at 10.26.20 PM

Man makes 'vague comments' about Jewish people, smashes own car with club

It happened at a course that was founded as a Jewish country club 100 years ago.

Screen Shot 2022-08-12 at 9.59.07 PM

4 abandoned puppies found in a bucket in Willmar

The puppies were in good health when they were discovered.

Minneapolis police

Suspect of home invasion, murder in Minneapolis arrested in Wisconsin

There have been 57 deaths reported as homicides in Minneapolis this year.

Related

Survey finds some optimism for Minn. economy

A statewide survey finds that professional business service firms such as engineers, accountants and consultants have a somewhat bright outlook: nearly half of the respondents expect to see increases in revenue; 40 percent expect an increase in profits; about a third expect revenue and profits to stay the same.