Fifty percent of Minnesota businesses believe the state's economy will improve in the second quarter, which is an increase from 39 percent in the previous quarter and twice the percentage from only six months ago, according to Twin Cities Business's quarterly economic indicator survey.
Among the 888 respondents that were surveyed throughout Minnesota, 49 percent also say they expect national and international economic conditions to improve this quarter, a jump from 32 percent from the first quarter.
This higher level of optimism is hitting at a time when Minnesota businesses are putting more of an investment in their operations, the survey finds. Planned investments in capital outlays as well as research and development have grown in all of the last three quarterly surveys. In today's second quarter, 38 percent of respondents expect to put more into their capital outlays, and another 28 percent of respondents say they plan to spend more on research and development.
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The survey also reveals that optimism in the economy is continuing to stimulate hiring. In fact, 40 percent of respondents say the anticipate adding to their full-time employment levels this quarter, which is an increase from 37 percent that had planned to hire more employees during the first quarter and 29 percent during the last quarter of 2011.
According to the survey, the only worrisome sign is that 29 percent of respondents say they believe they will have more trouble this quarter finding qualified talent, representing the third consecutive quarterly increase in the percentage of respondents naming specific concerns regarding this issue.
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