Minnesota manufacturers confident in their financial future
Minnesota manufacturers are optimistic about their prospects this year.
An Enterprise Minnesota survey of 400 manufacturing executives throughout the state found 90 percent are bullish about the financial future of their firms.
That's highest degree of confidence the nonprofit consulting firm has found in eight years of surveys, Enterprise Minnesota said.
"Things that manufacturers feel they're in control of: their organization, their business planets, et cetera, they feel very confident," said Enterprise CEO Bob Kill.
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Kill says more customers value the delivery speed, inventory control and other benefits that go with relying on domestic manufacturers.
"Re-shoring or home sourcing or finding your suppliers close to home continues to be more relevant," he said.
But the survey also found growing concerns about the economy.
About two-thirds of the manufacturing executives expect the economy will remain flat or fall into recession. The top concerns of manufacturers were the cost of health care coverage, government policies and regulations and attracting and retaining qualified workers.
The survey has a margin of error of 4.9 percentage points.