Manufacturing Initiatives
Minnesota Manufacturers reported a relatively strong 2007 and have felt confident that 2008 will prove to be a growth year as well. Despite energy prices, variable exchange rates and overseas competition, increases in orders, production, productivity and prices have all been seen as favorable indicators for continued solid growth according to a survey completed by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis. Although there is no denying that the state economy will affect the industry, exports are still considered stable and will help ease any local economic ripple. MPMA will continue to watch industry trends and markers and relate to you important information about Minnesota's manufacturing industry.
Powerful facts:
- Thirteen percent of all the jobs in Minnesota are in manufacturing.
- Minnesota's 8,000 manufacturing companies employ approximately 346,000 people.
- Almost two supporting jobs are created for every manufacturing job.
- Manufacturing pays an average annual wage of $50,000.
- Manufacturing employees in Minnesota earn an average of 27 percent more than Minnesota private sector employees.
- Minnesota's manufacturing companies produce about $34.1 billion in goods annually.
- Manufacturing alone accounts for the largest share of gross state product at 16 percent.
- Taken together, manufacturing and spin off jobs contribute $81 billion to Minnesota's economy.
