Is Your Company Prepared for Projected Strong Midwestern Business Growth?
Compared to a decade ago, the economy is not only recovering, but going strong. However, a recent study of business supply managers in January suggests that despite a small decline in business confidence, there's strong Midwestern business growth ahead. Is your company prepared for growth? Here's a look at the study and what you can do to take advantage of the Midwestern business landscape.
The study was overseen by Creighton University economist Ernie Goss, who noted that the Mid-America Business Conditions Index had risen from 54.1 in November to 55.2 in December and ended up at 56.0 in January, showing strong growth. He recently stated, “The regional economy continues to expand at a positive pace. However, as in recent months, shortages of skilled workers and international trade tension (and) tariffs remain an impediment.”
Compared to December's steady 50.0, January's employment index rocketed to 58.5. To take advantage of upcoming growth, start hiring now or find alternatives to increasing labor at your business. This could come in the form of automation in business processes, advanced equipment to reduce labor, hiring or using outside agencies for labor.
The Index uses survey results that are added into an index ranging from 0-100, with any score above 50 suggesting growth and scores below 50 suggesting declining business condition. It covers the states of North and South Dakota, Minnesota, Nebraska, Iowa, Kansas, Oklahoma, Missouri and Arkansas.
January saw the lowest economic optimism numbers in three years, dropping to 53.7 compared to December's 54.1, with a strong relationship to trade talks with China. Goss continues, “Approximately one in five supply manager reported that access to international markets was essential to their firm’s success.” He also stated that another third indicated access to those markets was either important or very important. Export orders crept up from December's 49.1 to 48.3, but imports saw strong growth from 41.1 in December to 54.4.
Are you prepared for growth? If you're concerned about finding the right professionals for your business, AccountRely can help. We have a wide range of business and accounting professionals waiting to help you take your business to the next level. Please feel free to reach out today to get connected to the right professionals for your company's needs.