Business expansions will generate 5,600 jobs in Minnesota
According to a report from the Minnesota Department of Employment and Economic Development (DEED), 31 businesses announced expansion projects in Minnesota during the third quarter and plan to create an estimated 1,500 new jobs statewide in coming years.
During the first three quarters of 2013, businesses announced 112 expansion projects statewide. Those expansion projects will create an estimated 5,600 new jobs in Minnesota over the next two years.
New investments in job-creation initiatives made during the 2013 legislative session have played an important role in incentivizing business expansions statewide. Several businesses received assistance from the Minnesota Investment Fund (MIF), which Gov. Mark Dayton and the Minnesota Legislature expanded last session.
State Rep. John Ward, DFL-Baxter, said these expansions indicate strong growth in Minnesota’s economy.
“We said from the beginning that growing jobs and boosting our economy was a top priority and that was reflected in our Jobs Bill,” Ward said. “This is great news for Minnesota, and a huge testament to our productive workforce and our excellent Minnesota businesses.”
One of the businesses that announced an expansion is Clow Stamping in Merrifield. The company is adding 25,000 square feet to house finished products and will be completed in January 2014. This is the company’s third expansion in the last three years and it has also hired 200 full-time employees in the last two years with incoming orders more than doubling in the last four years.
Clow Stamping has also invested $16 million in capital investment of equipment/expansion during that period and is expecting another expansion of 60,000 square feet to begin sometime in the spring of 2014.
“We’re fortunate to have a company of the caliber of Clow Stamping in our area,” said Ward. “They’re a well-run company and it’s great to see them doing well. Congratulations to Reggie Clow and his team on their success now and hopefully into the future.”
Manufacturing, a major state industry with about 300,000 jobs, led all sectors with 13 expansion projects in the third quarter. Software companies were second with five projects. Other industries represented on the expansion list include food and beverage processing, retail, warehouse/distribution, apparel, construction, printing/publishing and machinery.
The full business expansion report and a map showing where the expansions will occur can be found at http://mn.gov/deed/data/research/biz-expansions.jsp.