Economic forecast is good news for Minnesota businesses 

With the holidays in full swing, many Minnesotans have turned their attention to the New Year. The New Year represents a fresh start and is typically a time to reevaluate and set goals. While some people may set goals for their personal health, others turn to their finances. Some may be looking to start a new business venture or grow an existing operation. For these people, there may be good news on the horizon.

According to a new report, experts believe that the United States’ economy should grow at a much faster rate in 2015. These predictions come after good news was released by the National Association for Business Economics — a panel of 48 economists. The NABE has predicted that the economy will grow by 3.1 percent in 2015. This is an increase over September’s estimate of three percent.

Since the so-called Great Recession has ended, the United States has seen some economic growth. However, it has been minimal — averaging 2.2 percent per year. The NABE has listed a few factors the predicted increase in growth. These included a recent decrease in energy costs in the U.S., the creation of new jobs in November, low levels of inflation and only modest increases to federal interest rates.

With this good economic news, people may see an opportunity to grow their business. However, even in the best economic times, Minnesota residents need to carefully evaluate business formation issues before making important business decisions. Often there are legal issues — like choosing the right entity form — that can affect the long-term health of a business. People who are considering a new business in 2015 should ensure they understand all their legal rights and obligations before opening their doors.

Source: Star Tribune, “Top business economists believe 2015 could bring US strongest growth in a decade,” Martin Crutsinger, Dec. 7, 2014

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