Congressional candidate, Amanda Lynn Hinson attended the opening session of St. Cloud State University's 54th Winter Institute at the Kelly Inn on Wednesday.
Hinson heard from state economist Laura Kalambokidis, who gave a thorough presentation on the outlook for the US and Minnesota economies. Kalambokidis discussed the slowdown of economic growth since November and pointed out the negative impacts this will make globally. As American business investments dampen and imports are lowered, we see a reduced demand for exports as well, she said. "The slowdown of growth has continued longer than expected and means an expanded period of slow growth is projected."
Hinson heard from state economist Laura Kalambokidis, who gave a thorough presentation on the outlook for the US and Minnesota economies. Kalambokidis discussed the slowdown of economic growth since November and pointed out the negative impacts this will make globally. As American business investments dampen and imports are lowered, we see a reduced demand for exports as well, she said. "The slowdown of growth has continued longer than expected and means an expanded period of slow growth is projected."
Neal Young, Director of Economic Analysis at the Minnesota Department of Employment and Economic Development, talked about the impact of North Dakota oil on our local economy. He said his team was surprised to find their projection for oil prices at even lower than $20/barrel. The lowering of corn prices combined with competition and demand for transportation of oil versus agriculture creates difficulties for our local farmers, he said. "At the same time, businesses and investors may find North Dakota needs services our state can offer." He explained that locals who have been able to work at the oil fields out of state come back with skills that gives potential to greater production here in Minnesota.
King Banaian, Dean of St. Cloud State University's School of Public Affairs, gave a local forecast for central Minnesota's economy in 2016. He pointed out the various manufacturers in the state and their employment trends. Central Minnesota has a high and increasing percentage of food manufacturing as well as fabricated metal manufacturing. St. Cloud area also hosts furniture and print manufacturing, with print seeing a decrease in production. There is some concern about the impact of the Canadian dollar to US dollar exchange rate for those dealing with exports for manufacturers. He also discussed the need for laborers in our area.
The Winter Institute is an annual summit hosted by the Department of Economics, School of Public Affairs at St. Cloud State University.
King Banaian, Dean of St. Cloud State University's School of Public Affairs, gave a local forecast for central Minnesota's economy in 2016. He pointed out the various manufacturers in the state and their employment trends. Central Minnesota has a high and increasing percentage of food manufacturing as well as fabricated metal manufacturing. St. Cloud area also hosts furniture and print manufacturing, with print seeing a decrease in production. There is some concern about the impact of the Canadian dollar to US dollar exchange rate for those dealing with exports for manufacturers. He also discussed the need for laborers in our area.
The Winter Institute is an annual summit hosted by the Department of Economics, School of Public Affairs at St. Cloud State University.
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