Business Conditions Survey – Summary Comparison May to March, 2021

 

Hospitality Minnesota, Explore Minnesota Tourism and the Minneapolis Federal Reserve Bank heard from hundreds of operators across the three sectors in the quarterly survey conducted during May, 2021. Here is a topline analysis with links to more detailed breakdowns by sector.

 

Key Finding

Nearly two-thirds of operators (65%) say their financial health is now positive/stable or growing, up 15 points from March. Similarly, over half (52%) of operators are now no longer concerned about solvency, up 10 points from March. The results, however, point to significant concerns about the impact of workforce shortage on the pace of economic recovery with 83% describing labor as “tight” (up 22 points since March). The majority of operators are predicting a multi-year recovery.

SOLVENCY

 
 

RETURN TO PRE-PANDEMIC LEVELS

 

FUTURE OUTLOOK

 

FINANCIAL HEALTH

 

HIRING DEMAND

LABOR AVAILABILITY

 
 

WAGE GROWTH

 

CURRENT WAGES