Annual Business Survey Shows Improvement in Key Areas
July 10, 2023
Minnesota business services firms are cautiously optimistic about the workforce shortage and inflation easing in the coming year, according to a survey of Minnesota businesses service firms conducted by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis.
Results from the random survey of 229 Minnesota business services firms show 68% of respondents believe over the next year labor availability will stay the same, 7% think it will go up and 25% think it will go down, a slight improvement over last year's responses (62%, 5% and 33%, respectively). However, to attract workers, 53% of respondents anticipate increasing wages by at least 3%.