Most business service firms in Minnesota expect higher profits this year, according to a new survey.
The survey included 241 responses from legal, public relations, engineering and accounting businesses.
The firms were questioned during April and May in the survey conducted by DEED and the Federal Reserve Bank of Minneapolis.
The major findings:
- 82 percent of surveyed businesses expect profits to either increase or remain the same (up from 75 percent in 2013).
- 52 percent of business services respondents expect increases in revenue (up from 46 percent in 2013).
- 61 percent of business services respondents expect inflation to increase.
- 17 percent of business services firms surveyed said they have experienced an increase in sales as a result of the oil boom in North Dakota.
- 49 percent of survey respondents expect an increase in both employment and consumer spending.
DEED Commissioner Katie Clark Sieben says the results show business confidence is rising.
“Minnesota’s service firms directly benefit from a growing economy and as a result are strong indicators of business conditions and trends,” she said.