HomeMy WebLinkAbout02-24-12City of Lakeville
Community and Economic Development
Memorandum
To: Economic Development Commission
From: David L. Olson, Community and Economic Development Director
Copy: Steve Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: February 24, 2012
Subject: February Director's Report
Reminder: The February 28 meeting of the EDC has been cancelled. The next
regular scheduled meeting of EDC is schedule for March 27 th .
The following is the Director's Report for February, 2012.
Business Marketing Strategy Update
The work by Arnett Muldrow on the Business Marketing Strategy is nearly complete. The
current plan is to publicly launch the Marketing Strategy at the State of the City Address on
Wednesday, March 21S which is being held at the Holiday Inn & Suites. Prior to that date,
we are scheduled to present information on the Marketing Strategy to the School Board and
Downtown Lakeville Business Association, and the City Council. I want to recognize both
EDC Members Sheila Longie and Bob Brantly for their contributions on this project through
their participation on the Steering Committee.
EDC members are encouraged to attend and unless you plan to register through your
business, please contact Penny and we will see that you get registered and take care of the
fee.
Development Forum Update
The City Council approved a number of zoning ordinance amendments at their Council
Meeting this past Tuesday. A number of the amendments where drafted based on feedback
received during the Development Forum process as well as specific businesses proposing
projects that did not conform to the previous ordinance provisions. This was the second
round of ordinance amendments approved since the first of the year. There is a third round
of possible ordinance amendments that will be reviewed by the Planning Commission and
City Council in the coming months.
Page 2
Building Permit Report
The City issued building permits with a total valuation of $6,567,757 in January. This
compares to a total valuation of $2,018,973 in January of 2011. The City issued commercial
and industrial permits with a total valuation of $1,555,000 in January compared to a total
valuation of $53,000 in January of 2011.
The City has also issued permits for 13 single family homes in January with a total valuation
of $4,049,000. This compares to 5 single family home permits in January of 2011 with a
total valuation of $1,558,000.
Development Update
ConAgra: All of the pre -cast wall panels and roof panels have been constructed for a
27,000 square foot warehouse addition on the west end of their plant. ConAgra was
required to relocate City utilities to facilitate the warehouse expansion.
Genpak LLC: Work in the building primarily is consisting of doing electrical to
accommodate the machines and equipment that Genpak will be re- locating in the building.
Genpak plans to phase in the relocation to this facility with the first phase occurring in April
and the second phase in June. Genpak closed on the purchase of the former Berry Plastics
Plant located at 8235 220 Street last fall. The company will be consolidating their existing
operations from the small Lakeville plant that currently has 10 employees along with their
Bloomington plant that currently has 120 employees at this new location in Lakeville.
Hosanna / Ebenezer Senior Housing Project: Framing work continues for the 93 unit
senior housing project. Krause - Anderson is the general contractor. This project obtained
housing revenue bond financing from both the Dakota County and Scott County CDA's.
Walmart Project: Building walls have been going up for the Walmart store for the past
several weeks. Immel, the general contractor on the project plans to turn the building over
to Walmart by Labor Day and Walmart would open the store sometime in October.
Foreclosure Update
Attached is a copy of the December Foreclosure Update from the Dakota County CDA.
There were 22 Sheriff Sales in Lakeville during the month of December. There were a total
of 284 of Sheriff Sales in 2011 which is an average of just under 24 per month. The total of
284 is down from the 317 Sheriff Sales that occurred in 2010 which is a reduction of
approximately 10 %.
Articles
"Unemployment applications drop to a 4 -year low," TwinCities.com, February 16, 2012.
"Chronic Shortage of Qualified Workers Looms for State's Manufacturers," Press Release
from Enterprise Minnesota, February 21, 2012
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From: Lisa Henning
Date: February 1, 2012
Re: Foreclosure Update
2011 Year End Review
The following charts show a quarterly comparison from 2010 to 2011 of Sheriff Sale and Notice
of Pendency numbers in Dakota County.
Sheriff Sales
Quarter
# of Sales 2010
# of Sales 2011
Percent Change
January-March
545
513
-6%
April June
519
554
+7%
July- September
621
451
-27%
October - December
462
467
+ I
Total
2,147
1,985
-8%
Notices of Pendency
Quarter
# of NOPs 2010
# of NOPs 2011
Percent Change
January-March
942
840
- I I
April June
991
627
-37%
July- September
1,016
718
-29%
October - December
665
774
1 + 16
Total
3,614
2,959
- 18 fo
Overall, Sheriff Sales decreased by 8 percent from 2010 to 2011. Similarly, notice of pendency
filings decreased by 18 percent from 2010 to 2011. This past year was the third highest year on
record for sheriff sales since the CDA started tracking foreclosures in 2007.
Year
2007
2008
2009
2010
2011
Total #
1,581
2,063
1,860
2,147
1,985
Sheriff Sales
Changes Coming to CDA Foreclosure Report
CDA staff will continue to provide foreclosure and notice of pendency numbers and stats on a
monthly basis in 2012. The monthly narrative and "In the News" sections will be included only
when significant changes, updates or events are available.
Dakota County Stats — December 2011
• # of Sheriff Sales in December — 164 (compared to 144 in December 20 10)
• Total Sheriff Sales for 2011 — 1,985 (compared to 2,147 Jan.- December 20 10)
• # of Notices of Pendency Filed in December— 210
• Total Notices of Pendency Filed in 2011 — 2,959
A Notice of Pendency is filed by a mortgage company's attorney as official notification that the
foreclosure process has begun. Not all of these result in Sheriff Sales.
Mapping Using Dakota County GIS
http://gis.co.dakota.mn.us/website/dakotanetgis/
The Dakota County Office of GIS is updating the 2011 Foreclosures and Notice of Pendency
layers on a monthly basis. If you need assistance using this Web page, please call Randy Knippel
or Mary Hagerman with the Office of GIS at (952) 891 -7081.
In The News
Provided in this PDF file are a few notable foreclosure articles that were published in the last
month. Among the points of interest:
• TransUnion, one of the three credit reporting bureaus, predicted that mortgage
delinquencies will likely increase for the first quarter of 2012, but then will decrease
significantly as banks work through a backlog of foreclosures.
• The Securities and Trade Commission have charged top Fannie Mae and Freddie Mac
executives with civil fraud. The SEC said the executives mislead the government and tax
payers about risky subprime loans that the mortgage giants held.
• A feature story on how local housing counseling agencies are helping homeowners in
the Twin Cities.
If you have any concerns, please call me at (651) 675 -4467 or send me an email at
Ihenning(&-dakotacda.state.mn.us
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StarTribune
TransUnion predicts
sharp drop in late
payments on
mortgages in 2012 as
foreclosures clear
Article by: EILEEN AJ CONNELLY , Associated Press
Updated: December 7, 2011 - 8:20 AM
NEW YORK - If the U.S. economy does not
suffer more setbacks, the rate of mortgage
holders behind on their payments should
decline significantly by the end of next year,
according to credit reporting agency
TransUnion.
Mortgage delinquency rates — the ratio of
borrowers 60 or more days behind on their
payments — will likely tick up to about 6
percent through the first three months of
2012, TransUnion said in its annual
delinquency forecast issued Wednesday.
Chicago -based TransUnion's forecast takes
into consideration several factors, including
expectations that consumer confidence and
the economy will improve next year.
Also, banks are expected to get a good
portion of pending foreclosures off their
books next year, said Charlie Wise,
TransUnion director of research and
consulting.
Banks are still working through a backlog of
foreclosures created by issues including the
robo- signing scandal, in which bank officials
signed mortgage documents without
verifying the information they contained.
The issue surfaced last year in areas with
large numbers of foreclosures, and banks
had to backtrack and review foreclosures
across the country to make sure their
paperwork was in order.
That slowed down the process, Wise said,
and left mortgages listed as delinquent for
longer than they otherwise might have been,
temporarily boosting delinquency rates.
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Economic uncertainty has also contributed.
But by the end of next year, it could drop to
In the third quarter of 2011, mortgage
5 percent, TransUnion said. That's well off
delinquencies saw their first uptick in six
the peak of 6.89 percent seen in the fourth
quarters, largely fueled by concerns over the
quarter of 2009.
economy as lawmakers were debating the U.
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w
S. debt ceiling and Europe's debt crisis was
unfolding.
Helping to cut the mortgage delinquency
rate are a slowly improving job market and a
stabilizing housing market.
While the drop will be significant, the rate will
remain well above the pre- recession average
of 1.5 to 2 percent.
"We have a long way to go to get back," said
Steven Chaouki, a TransUnion vice
president.
The situation with credit cards is much
stronger. Card delinquencies — payments
late by 90 days or more — dropped to their
lowest levels in 17 years during the spring,
then saw a slight increase in the third
quarter, but still remained near historic lows.
TransUnion expects further edging up in the
current quarter and the first three months of
2012, but then late payments on bank -
issued cards should fall again.
One reason card delinquencies are expected
to remain so low is that credit is much
tighter than it was before the recession.
TransUnion data showed that nearly a
quarter million new card accounts were o
pened by people with less- than - stellar credit
scores during the third quarter, which
contributed to the slight increase in late
payments during the summer months. But
banks are mainly still going after consumers
with top -tier credit histories.
"Lenders are willing to lend, but are still
pursuing the best customers," said Chaouki.
TransUnion predicts by the end of 2012, just
0.69 percent of cards will be considered
delinquent, down from a predicted 0.74
percent in the current quarter. The rate has w
obbled in the last few years, peaking at
1.36 percent in the fourth quarter of 2007,
then dropping and bouncing back up to 1.32
percent in the first quarter of 2009.
The figures reflect a shift in which debt
payments consumers consider most
important, largely because home prices fell
so far.
Chaouki said the conventional wisdom
before the Great Recession was that
homeowners would put their mortgages first
because of concern about their reputation
and the emotional attachment involved in
owning a home. But what has become clear
as housing prices have continued to fall, he
said, is that bill payment is far more
..
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�ftoi F-I T 7! 11
practical.
"People were protecting their home equity,"
he said. Credit cards were relatively easy to
come by in years past, he said, so when
money got tight, it was an easy decision to
default on cards and maintain house
payments. Now it's common to owe more on
a mortgage than a house is actually worth,
but credit cards are harder to get. So
consumers are being practical and
protecting what is more valuable to them.
He said he expects the equation will shift
again if housing prices rebound and people
go back to building home equity.
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Page 1 of 2
TwinCitiesecom
SEC charges ex- Fannie,
Freddie CEOs with fraud
By Derek Kravitz
Associated Press
"These material misstatements occurred during a
time of acute investor interest in financial
institutions' exposure to subprime loans and misled
the market about the amount of risk."
In a statement released through his attorney, Mudd
said the lawsuit "should never have been brought"
and said the government reviewed and approved all
of the company's financial disclosures.
Updated: 12/16/2011 10:08:09 PM CST
The Securities and Exchange Commission on Friday
brought civil fraud charges against six former top
executives at Fannie Mae and Freddie Mac, saying
they misled the government and taxpayers about
risky subprime loans the mortgage giants held when
the housing bubble burst.
Those charged include the agencies' two former
CEOs, Fannie's Daniel Mudd and Freddie's Richard
Syron. They are the highest - profile people to be
charged in connection with the 2008 financial
crisis.
The federal government has faced criticism for not
bringing charges against top executives who may
have contributed to the worst financial meltdown
since the Great Depression.
The Justice Department has opened probes into
Fannie and Freddie but has not charged anyone with
a crime.
Fannie and Freddie also entered into agreements
with the government Friday, accepting responsibility
for their conduct without admitting or denying the
charges. The companies were not charged.
The government - controlled companies also agreed
to cooperate with the SEC on the cases against the
former executives.
Mudd, 53, and Syron, 68, led the mortgage giants in
2007, when home prices began to collapse. The
four other top executives also worked for the
companies during that time.
The case was filed in federal court in New York City.
"Fannie Mae and Freddie Mac executives told the
world that their subprime exposure was
substantially smaller than it really was," said Robert
Khuzami, SEC's enforcement director.
"Every piece of material data about loans held by
Fannie Mae was known to the United States g
overnment and to the investing public," Mudd said.
"The SEC is wrong, and I look forward to a court
where fairness and reason - not politics - is the
standard for justice."
Syron's lawyers said the case was "without merit"
and that the term "'subprime' had no uniform
definition in the market" at that time.
"There was no shortage of meaningful disclosures,
all of which permitted the reader to assess the
degree of risk in Freddie Mac's" portfolio, the
lawyers said in a statement. "The SEC's theory and
approach are fatally flawed."
According to the lawsuit, Fannie told investors in
2007 that it had roughly $4.8 billion worth of
subprime loans on its books, or just 0.2 percent of
its portfolio. The SEC says Fannie actually had about
$43 billion worth of products targeted to borrowers
with weak credit, or 11 percent of its holdings.
Freddie told investors in 2006 that it held between
$2 billion and $6 billion of subprime mortgag
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http: / /www.twincities.com/fdcp ?unique = 1324316296236 12/19/2011
Page 2 of 2
its books. The SEC says its holdings actually were
closer to $141 billion, or 10 percent of its portfolio
in 2006, and $244 billion, or 14 percent, by 2008.
In a May 2007 speech in New York, Syron said
Freddie had "basically no subprime exposure,"
according to the suit.
Fannie and Freddie buy home loans from banks and
other lenders, package them into bonds with a
guarantee against default and then sell them to
investors around the world. The two own or
guarantee about half of U.S. mortgages, or nearly 31
million loans.
The other executives charged were Fannie's Enrico
Dallavecchia, 50, a former chief risk officer, and T
homas Lund, 53, a former executive vice president.
Also charged were Freddie's Patricia Cook, 58, a
former executive vice president and chief business
officer, and Donald Bisenius, 53, a former senior
vice president.
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Page 1 of 4
TwinCitiesecom
More Twin Cities
homeowners with
troubled mortgages find
they can get help
The Welles were able to save their home because of
the federal government's Home Affordable
Modification Program, known as HAMP, designed to h
elp homeowners restructure troubled mortgages.
But without the guidance of an HRA counselor, who
helped the Welles navigate the program and manage
the paperwork, they might not be celebrating now.
Experts say similar programs in other counties
might help explain why foreclosure numbers have
dipped across the Twin Cities metropolitan area.
By Elizabeth Mohr and Sarah Horner
Pioneer Press
Updated: 12/19/2011 11:29:53 PM CST
Just a few weeks ago, Sara and Bryan Welle were
trying to figure out how to tell their kids they were
losing their home and didn't know where they would
be for Christmas.
But thanks to the work of the Washington County
Housing and Redevelopment Authority, the Oakdale
family has something to be grateful for this holiday
season.
"We were two weeks away from losing it and got a
letter in the mail saying we were eligible for the
(mortgage) modification," Sara Welle said. "Not only
are we not going to lose our house, the payment is
going down and we don't have to tell our kids we're
moving out .... We couldn't have asked for a better
Christmas Dresent at all."
In Washington County, foreclosures are down 23
percent compared with the same period last year.
Neighboring counties are showing similar trends:
Ramsey County foreclosures are down 25 percent;
Anoka County's, 15 percent; Dakota County's, 11
percent.
The numbers seem to mirror what's happening
statewide.
A HELPING HAND
Industry
experts say that among the myriad reasons for the
drop in foreclosures, mortgage- restructuring
programs and the guidance from local housing
resource organizations are helping.
Though these programs aren't new - HAMP was
signed into law more than two years ago, and the
Washington County HRA has been around since
1974 - people seem to be noticing them more, said
Melissa Taphorn, deputy executive director of the
HRA.
http: / /www.twincities.com/fdcp ?unique= 1324392214529 12/20/2011
Sara and Bryan Welle of Oakdale and their family
Tycen, 5 (foreground from left); Caine, 3; and Gianna,
9 avoided foreclosure with the help of the Washington
County Housing and Redevelopment Authority and a
federal mortgage modification program. (Pioneer Press:
Richard Marshall)
Page 2 of 4
TwinCitiesecom
"Before, (struggling homeowners) didn't want to seek
Anoka County Community Action has seen about a
help because they didn't
50 percent success rate helping families avoid or
delay foreclosure, estimated Jan Backlin, director of
Home Ownership Programs for the organization.
Foreclosure trends in east metre
Foreclosure numbers are dipping in
The programs lay out options, she explained.
Washington, Dakota, Anoka and Ramsey
ANOKA
Sometimes, a lender may agree to postpone a
counties this year, after Increasing
DAKOTA
foreclosure or restructure a mortgage to make it
last year. Some hope this Is the
RAMSEY
more affordable. Counselors can get lenders and
beginning of the end of the crisis.
homeowners together on conference calls to walk
3,000
. WASHINGTON
through the often confusing and hard
conversations.
Z5O0
Other times, homeowners may discover they are out
2,000
of options, but even that harsh truth can be
softened by the advice of a counselor, Backlin said.
1500
"It can be a saving grace to have someone say, 'I
1,000
; ;
know this is something you've been fighting
1�
+ ¢
against, but now you're here and you have six
500
months to save and come up with a new plan and
you can do this,'" Backlin said. "When you tell a
0 2003 2010
2081« "
homeowner there can still be a plan, it gives them
* Through October, 20D
hope."
Smnmsi Sheriff safes in awh munty
PIONM PRESS
IT'S NOT OVER YET
want to acknowledge the situation they were in,"
Taphorn said. "But now, people are more willing to
acknowledge it because there are more people
going through the same thing."
The HRA holds monthly foreclosure - prevention
workshops and offers free counseling to anyone
who needs it. Each county has a similar program,
and several nonprofits across the state also offer
free services.
The programs typically contact homeowners after
being notified that foreclosure is imminent, giving
them ample time to explore options with foreclosure
prevention counselors before their home ends up in
a sheriffs sale.
Counseling for homeowners isn't the only factor
causing foreclosures to decrease.
Experts say several other factors are likely also
behind the year -to -year decline. Lenders, they say,
are postponing some foreclosures for a variety of
reasons, making arrangements with homeowners to
reclaim homes without sheriffs sales, accepting
more short sales and working directly
Taphorn said the counselors can be a critical
lifeline.
"It's your home, it's so essential to your life, and
you're in such an emotional state when faced with
the possibility of losing that," Taphorn said. "Any
red tape can be a potential roadblock. So anyone
who knows the process and can help you with that
process is a potential life saver."
http: / /www.twincities.com/fdcp ?unique= 1324392214529 12/20/2011
Page 3 of 4
TwinCitiesecom
struggling homeowners more often.
Housing market experts caution that the decreased
foreclosure numbers - whatever the reasons - are
still at all -time highs.
doesn't involve giving up their home.
'WE GET TO STAY HERE'
The call to the Washington County HRA made the
difference for the Welles, the family said.
"Even with the reductions, year -to -date, that number
is still 400 percent over where the number was in
2005," said Ed Nelson, spokesman for the
Minnesota Home Ownership Center. "We are seeing
some improvements ... but I also don't want to
diminish the fact that these are still dramatic,
drastically high foreclosure numbers by historic
standards."
While the foreclosure crisis was brought on by
bank's lending practices, the continued crisis in
Minnesota is linked directly to unemployment,
Nelson said.
Counselors have seen that in Anoka County, Backlin
said.
"More than ever, we're hearing from families that
used to make $50,000 a year that now make
$30,000 and they can no longer afford their house
payment ... or they've been out of work for over a year
and... now it's at a point of, 'Do I pay my house
payment or do I pay for food?'" Backlin said.
Until the job market shifts, foreclosures will
continue in big numbers, experts said.
Nelson, however, is cautiously optimistic.
"More than likely, what we're seeing is the beginning
of the end of the prominence of the foreclosure
crisis," Nelson said.
John Patterson, research director of Minnesota
Housing, said his organization is seeing a decrease
in delinquent mortgage payments that might
indicate a downward trend in foreclosures. But, he
said, lenders have a backlog of homes awaiting
foreclosure.
"We have a long process to go through before we're
out of the woods." Patterson said.
The Minnesota Home Ownership Center's Nelson
stressed homeowners should reach out for help as
soon as their mortgage payments feel out of reach.
The more time and help families have on their side,
the more likely they'll be able to find a solution that
After taking on a mortgage, Bryan Welle lost one of
his two jobs; then he found himself needing surgery
for an injury. Rehabilitation put him out of work for
longer than expected, medical bills mounted and
the disability payments the couple anticipated
weren't approved. Bills and groceries became a
priority, to keep things as normal as possible for
their three kids.
"it was scary. It was tough to think of the children....
It was tough at times to see my husband, who
obviously wants to do the best for his family, you
could see he was upset and embarrassed. He
couldn't do anything. You know it's the manly thing
to take care of your family," said Sara Welle, a stay -
at -home mom.
Sara Welle said the county's HRA was a tremendous
guide through the application process, which
involved heaps of paperwork and was at times
confusing and daunting.
"With (counselor) Nick (Boettcher) being there and
understanding what we were going through and
knowing what we should do and what to send them,
it was so helpful," Welle said. "It just made me feel
like we had someone on our side, finally."
The experience has brought new meaning to being
http: / /www.twincities.com/fdcp ?unique= 1324392214529 12/20/2011
Page 4 of 4
TwinCitiesecom
"home for the holidays" this year, Sara Welle said.
"We're very, very grateful... Last year was a really
rough ride," Welle said. "The kids actually
understand now that we get to stay here. They may
not get a lot, but we get to stay in our house, which
is the most important thing."
Elizabeth Mohr can be reached at 651- 228 -5162;
Sarah Horner can be reached at 651 - 228 -5539.
FALLING FORECLOSURES
Seized: Lenders foreclosed on 30 percent fewer
homes nationwide in the first half of 2011 compared
with the same period last year.
The numbers: Banks seized 421,212 homes from
January to June, down from 529,633 during the
same period in 2010.
Why? Among other factors, lenders are taking
longer to move against homeowners who fall behind
on mortgage payments.
Source: RealtyTrac Inc.
RAMP: WHO'S ELIGIBLE?
Eligibility requirements for the federal Home
Affordable Modification Program:
-- The homeowner is experiencing a financial
hardship because of reduced income, job loss or
added expenses.
-- The home is a primary residence.
-- The loan is for less than $729,750 and was taken
out before Jan. 1, 2009.
HOW TO GET HELP
Interested in talking to a foreclosure counselor?
Contact the Minnesota Home Ownership Center,
which can connect you to a service organization in
your county: 651 - 659 -9336 or hocmn.org
http: / /www.twincities.com/fdcp ?unique= 1324392214529 12/20/2011
Page 1 of 2
TwinCitiesecom
Unemployment
applications drop to a
4 -year low
243,000 jobs, the most in nine months.
And the unemployment rate dropped for
the fifth straight month, to 8.3 percent.
The economy has added an average of
201,000 jobs per month for the past three
months.
By Christopher S. Rugaber
Associated Press
Posted: 02/16/2012 12:01:00 AM CST
Updated: 02/16/2012 07:48:11 AM CST
WASHINGTON - The number of people
seeking unemployment benefits fell to
the lowest point in almost four years last
week, the latest signal that the job
market is steadily improving.
The Labor Department says weekly
applications for unemployment benefits
dropped 13,000 to a seasonally adjusted
348,000. It was the fourth drop in five
weeks and the fewest number of claims
since March 2008.
The four -week average, which smooths
out fluctuations in the weekly data, fell
for the fifth straight week to 365,250. The
average has fallen nearly 13 percent in
the past year.
The consistent decline indicates that
companies are laying off fewer workers,
and hiring is likely picking up further.
When applications drop consistently
below 375,000, it usually signals that
hiring is strong enough to lower the
unemployment rate.
In January, the economy added a net
Faster economic growth is spurring the
additional hiring. The economy expanded
at an annual rate of 2.8 percent in the
final three months of last year - a full
percentage point higher than in the
previous quarter.
Most economists expect growth to slow in
the current quarter, because companies
won't need to rebuild their stockpiles of
goods as much as they did last winter.
But there are signs that the economy
is still expanding at a healthy rate.
Factory output got off to a robust start
this year, and it ended 2011 with the
fastest growth in five years, the Federal
Reserve said Wednesday.
.• -r i ow = C "Im vi
http: / /www.twincities.com /fdcp ?unique= 1329402356189 02/16/2012
Page 2-of 2
1
Factories are adding jobs to keep up with
higher demand. Manufacturers added 5
0,000 jobs last month, the most in a
year.
In addition, retail sales rebounded last
month after a sluggish holiday season.
The gain suggests that the recent job
growth is supporting more consumer
spending.
Still, the job market has a long way to go
before it fully recovers from the damage
of the Great Recession. Nearly 13 million
people remain unemployed. And 8.3
percent unemployment is still painfully
high.
One reason the unemployment rate has
fallen for five straight months is that
many people have stopped looking for
work. The government counts people as
unemployed only if they are actively
looking for a job.
ent
http: / /www.twincities.com /fdcp ?unique= 1329402356189 02/16/2012
Contact: Lynn Shelton
Enterprise Minnesota
Director, Marketing & Communications
612- 455 -4215
Lyn n. shelton (cDenterpriseminnesota.org
Chronic Shortage of Qualified Workers Looms for State's Manufacturers
Though executives reveal solid industry projections for the second consecutive year, worry over
finding qualified workers has doubled since 2011.
Minneapolis (February 21, 2012) — Minnesota's manufacturers remain confident in their firms'
futures, as solid revenue, profitability and capital expenditure projections hold steady for the
second year in a row, according to The State of Manufacturing®, a major survey research
project sponsored by Enterprise Minnesota and partners.
From a financial perspective, 82 percent of executives say they are confident about the future of
their firms. This high confidence level is remarkably consistent with data from 2011's survey,
and spreads across companies of all sizes, locations and revenues.
However, there are some signs that last year's optimism has subsided a bit. When asked
whether they anticipate an economic expansion, a flat economy or a recession, 32 percent of
executives say they expect an economic expansion, down from 40 percent in 2011. Meanwhile,
the percentage of executives who anticipate a flat economy has increased from 49 percent in
2011 to 55 percent in 2012.
On key projections for their own firms, executives continue to exhibit much more confidence
than they did three years ago, when 32 percent of executives expected their gross revenues to
decline, 34 percent expected their profitability to decline, and more than one in three (37
percent) expected their capital expenditures to decrease. This year, only 8 percent of executives
anticipate a decline in gross revenues, and only 13 percent expect a decline in profitability. Less
than one in four (24 percent) executives expect their capital expenditures to decrease.
However, projections on these three indices are less rosy now than they were a year ago.
Where 51 percent of executives anticipated an uptick in gross revenues and 32 anticipated an
increase in capital expenditures in 2011, 47 percent anticipate increased gross revenues and 27
percent expect an increase in capital expenditures in 2012. The starkest contrast is seen in
profitability projections. While 39 percent of executives expected their firm's profitability to
increase in 2011, only 31 percent expect it to increase in 2012.
The full results of The State of Manufacturing® will be revealed at a series of briefings with
manufacturers, business leaders, and policymakers throughout Minnesota Feb. 21 -28 in
Minneapolis, Rochester, Faribault, Mankato, Redwood Falls, Alexandria, St. Cloud, and Eveleth.
Pollster Rob Autry from Alexandria, Va. -based Public Opinion Strategies (POS) conducted
phone interviews with 400 manufacturing executives, representing a geographically proportional
cross - section of Minnesota, over two weeks in January. The poll has an error rate of +/- 4
percent. The research was complemented by 20 focus groups of manufacturing executives
conducted throughout Minnesota.
Statewide sponsors for the State of Manufacturing include: Baker Tilly Virchow Krause, LLP;
Granite Equity Partners; Gray Plant Mooty; M &I, a part of BMO Financial Group; RJF, a Marsh
& McLennan Agency LLC Company; Trusight; and Xcel Energy.
"The value of manufacturing to a healthy economy cannot be stated strongly enough," said
Enterprise Minnesota President & CEO Bob Kill. "We saw manufacturing lead the way through
the economic recovery in 2011 and the 2012 State of Manufacturing® poll results validate that.
Through innovation and investment, Minnesota manufacturers are growing, and they are adding
high quality jobs."
Other results:
Health care dominates concerns For the fourth year in a row, health care remains by far the
top concern among a list of 11 different factors. Almost seven out of 10 (68 percent)
manufacturing executives now say the cost of health care coverage is a concern for their firm.
Health care also rises to the top of the list when it comes to important factors for recruitment.
Fully 50 percent of executives report that affordable health care is an important factor in
attracting workers to their firm, up 11 percentage points from our first survey four years ago.
Interestingly, the importance of salary and wage expectations as a recruitment factor has
decreased over time: where 43 percent of executives ranked it as important in 2009, only 22
percent of executives feel the same way in this year's survey.
Qualified worker shortage Though it ranked fourth on manufacturing executives' collective list
of concerns, worry over finding qualified workers has doubled over the past year. Thirty -one
percent of executives say this issue is a concern for their firm, up from 14 percent in 2011.
Firms of larger size and revenue are most likely to rate this as a concern.
Executives' own experiences with recruitment echo their worries on the issue. Nearly six out of
10 (58 percent) executives say it is a challenge to attract qualified labor to their companies. This
is a noticeable increase from 2011, when 45 percent reported difficulty in attracting qualified
labor. The majority of firms across all sizes and locations appear to share this challenge.
However, it is the larger companies in terms of revenue (more than $1 million) and size (more
than 50 employees) that say it will affect their bottom line. These larger firms are also more
likely to have added to their workforce over the past year. It appears that companies going
through the hiring process are the most likely to report difficulty in and concern over recruiting
qualified talent.
Shipping more internationally The state's manufacturing industry has hit a new high in the
percentage of companies who say they ship internationally. Fully 47 percent of manufacturing
executives now say their firm ships outside the U.S. Nearly one in five respondents (18 percent)
says their firm ships more than 11 percent of its product overseas. Just three years ago, only 10
percent of manufacturers reported doing so. Of those who do export, nearly one - quarter (22
percent) report they are exporting more than they did one year ago.
Bob Kill, president of Enterprise Minnesota is
available for media interviews. Interviews can
be arranged through Lynn Shelton of Enterprise
Minnesota at (612)455 -4215.
NOTE: Full top -line results and cross
tabulations are available at
www.stateofmanufacturing.com
Public Opinion Strategies is a survey research
company specializing in corporate, public policy
and litigation research, with offices in
Washington, Denver and Los Angeles. Since its
founding in 1991, it has completed more than
10,000 research projects and interviewed more
than 4 million Americans across the United
States.
The poll briefing schedule:
Minneapolis
Tuesday, February 21, 2012
4:00pm - 6:30pm
Minneapolis Convention Center
2nd Floor, Rooms 20OA -J
1301 2nd Avenue South
Minneapolis, MN 55403
Rochester
Wednesday, February 22, 2012
8:30 AM -9:30 AM
DoubleTree by Hilton Hotel Rochester -Mayo Clinic Area
150 South Broadway
Room TBD
Rochester, MN 55904
Faribault
Wednesday, February 22, 2012
11:00 AM - 12:00 PM
South Central College - Faribault Campus
1225 3rd Street SW
Teleconference Room
Faribault, MN 55021
Mankato
Thursday, February 23, 2012
9:00 AM -10:00 AM
South Central College - North Mankato Campus
1920 Lee Blvd.
Conference Center
North Mankato, MN 56003
Redwood Falls
Thursday, February 23, 2012
1:00 PM - 2:00 PM
Redwood Area Community Center
901 Cook Street
Room 2
Redwood Falls, MN 56283
Alexandria
Monday, February 27, 2012
9:00 AM - 10:00 AM
Alexandria Technical & Community College
1601 Jefferson Street
Rooms 209/211
Alexandria, MN 56308
St. Cloud
Monday, February 27, 2012
1:00 PM - 2:00 PM
Central MN Small Business Development Center
SCSU - Welcome Center
355 5th Avenue South
Room 120
St. Cloud, MN 56301
Eveleth
Tuesday, February 28, 2012
9:00 AM - 10:00 AM
IRRRB
4261 Hwy 53 South
Mesabi Conference Room
Eveleth, MN 55734
Enterprise Minnesota helps Minnesota manufacturing enterprises grow profitably. Chartered by the
Minnesota State Legislature in 1987, Enterprise Minnesota is an affiliate of the Department of Commerce,
National Institute of Standards and Technology (NIST) Manufacturing Extension Partnership (MEP).