Statewide Business Pulse

Workforce ▲
Agriculture ▲
Energy ▲
Transportation ▲
Construction ▲
Retail ▲
Technology ▲
Healthcare ▲
Outdoor Economy ▬
Government / Nonprofit ▬

Legend: ▲ new signal · ▬ stable

Today’s Signals

• The U.S. Energy Information Administration reports U.S. crude inventories rose last week, while refinery activity also increased—typically a signal of strong fuel demand heading into spring.
Source: https://www.eia.gov/petroleum/supply/weekly/

• The National Federation of Independent Business indicates small business hiring plans remain elevated, but a growing share of owners say they cannot find qualified applicants.
Source: https://www.nfib.com/surveys/small-business-economic-trends/

• The Federal Reserve Bank of Minneapolis reports that regional business conditions remain stable but cautious, with many firms delaying expansion due to financing costs.
Source: https://www.minneapolisfed.org/region-and-community

• The U.S. Census Bureau shows retail sales holding steady, but with shifts toward essentials and away from discretionary spending.
Source: https://www.census.gov/retail

Pattern Watch

The signal today is “demand is there, but friction is rising.”
Customers are still spending, projects are still being considered—but labor gaps and financing costs are slowing how fast businesses can move.

Industry Briefs

Retail ▲

Consumer spending remains steady but more selective, with stronger activity in essentials than discretionary categories.
Source: https://www.census.gov/retail

Why it matters
Businesses may need to adjust:

• pricing strategy
• inventory mix
• promotional timing

Workforce / Labor ▲

Hiring demand remains strong, but qualified labor shortages continue to limit growth.
Source: https://www.nfib.com/surveys/small-business-economic-trends/

Why it matters
Recruitment and retention remain a competitive advantage.

Energy ▲

Rising refinery activity and inventory shifts signal increasing fuel demand heading into spring.
Source: https://www.eia.gov/petroleum/supply/weekly/

Why it matters
Energy demand often tracks broader economic activity—especially transportation and agriculture.

Finance / Lending ▲

Regional Fed data shows businesses are pausing or slowing expansion due to interest rates and financing costs.
Source: https://www.minneapolisfed.org/region-and-community

Why it matters
Access to capital is becoming a key decision factor for growth.

Construction ▲

Construction demand remains present, but project timing is increasingly influenced by:

• financing conditions
• labor availability

Technology ▲

Continued demand for AI and digital infrastructure is driving interest in large-scale projects across the region.

Healthcare ▲

Workforce shortages continue to affect capacity and service availability, especially in rural areas.

Agriculture ▲

Spring preparation is underway, with producers balancing:

• input costs
• financing
• commodity pricing

Transportation / Logistics ▲

Freight demand is expected to increase alongside seasonal activity, with fuel demand signaling rising movement across sectors.

Outdoor Economy ▬

No new major developments surfaced today.

Government / Nonprofit ▬

No new major statewide program announcements surfaced today impacting business operations.

Two Numbers & a Nudge

Two Numbers

• Rising refinery activity — signaling stronger fuel demand
Source: https://www.eia.gov/petroleum/supply/weekly/

• Hiring demand still elevated — but constrained by labor supply
Source: https://www.nfib.com/surveys/small-business-economic-trends/

Nudge

Growth is still happening—but the businesses that succeed right now are the ones that can navigate labor gaps and capital costs at the same time.

Headwind / Tailwind

Headwind
Labor shortages and financing costs are slowing expansion decisions.

Tailwind
Customer demand and seasonal activity are still supporting business momentum.