Minnesota Valley Business by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley

Tony Steffensmeier and his dad Pat own Mankato Motorsports. Photo by Pat Christman

Bigger, faster Strong growth for motorsports

July 2022

Also in this issue • FW3 COINS OF MANKATO • ActivePT IN NORTH MANKATO • NATE’S BARBER SHOP IN ST. PETER

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F E A T U R E S June 2022 • Volume 14, Issue 9

Whether it’s a pontoon, fishing boat, side-by-side, snowmobile, or four-wheeler, more Minnesotans are enjoying them for recreation.

Physical therapist Chloe Tuma and her team at ActivePT on Commerce Drive in North Mankato focus on understanding patient needs.

Nate Paschke has operated Nate’s Barber Shop in St. Peter since 2007, in a historic building that’s been a functioning barber shop since 1886.

For Samir Fox-Wahab, owner of FW3 Coins, the hobby of coin collecting began decades ago when he was a boy visiting markets in Saudi Arabia.

CORRECTION

A story in the June issue of MN Valley Business about area construction projects credited the wrong company with building the new Mankato Travel Center on the east side of Mankato. WEB Construction built the truck stop.

MN Valley Business • JULY 2022 • 3

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JULY 2022 • VOLUME 14, ISSUE 10 MAGAZINE EDITOR Tim Krohn DESIGNER Christina Sankey COPY EDITOR Kathy Vos CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Dean Swanson Jane Turpin Moore Dan Greenwood Dana Melius PHOTOGRAPHER Pat Christman COVER PHOTO Pat Christman ADVERTISING Danny Creel Sales Jordan Greer-Friesz Josh Zimmerman Theresa Haefner Tim Keech ADVERTISING Barb Wass ASSISTANT ADVERTISING Christina Sankey DESIGNERS CIRCULATION Justin Niles DIRECTOR PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear For editorial inquiries, call Tim Krohn at 507-344-6383. For advertising, call 344-6364, or e-mail advertising@mankatofreepress.com. MN Valley Business is published by The Free Press Media monthly at 418 South 2nd Street Mankato MN 56001.

■ Local Business memos/ Company news....................................5 ■ MRCI....................................................6 ■ Business Commentary........................7 ■ Business and Industry trends .........22 ■ Retail trends ....................................23 ■ Agriculture Outlook .........................24 ■ Agribusiness trends.........................25 ■ Construction, real estate trends ....26 ■ Gas trends .......................................27 ■ Stocks ..............................................27 ■ Minnesota Business updates...........28 ■ Job trends ........................................28 ■ Schmidt Foundation ........................30 ■ Greater Mankato Growth .................32 ■ Greater Mankato Growth Member Activities ...........................33

From the editor

By Joe Spear

Business did well with Capitol crowd

hile Gov. Tim Walz and the Senate GOP and House DFL leaders were still contemplating a special session as this edition of Minnesota Valley Business went to press, business came out well with the things the bipartisan government did get done. The unemployment tax threat was averted. As the pandemic and surging unemployment depleted the unemployment fund, the state was running a $1.2 billion deficit in the fund mostly funded by unemployment insurance premiums paid by businesses. Those businesses were threatened with skyrocketing unemployment premium insurance bills if the state did not step in and use some of its $9.3 billion surplus to eliminate the deficit and keep taxes at steady levels. Republicans and Democrats argued for over a year trying to tie the so-called front-line worker pay to the unemployment issue. Democrats wanted $1 billion in so-called “hero pay” tied to the unemployment bill. Republicans favored a lower amount. An in-depth Free Press report published in February showed some local employers facing a 130% increase in unemployment insurance rates costing them an additional $21,000. Another would pay an additional $28,000. In the end the compromise put $500 million toward front-line worker pay, giving about 667,000 workers checks up to $750, and replenishing the unemployment fund to the balance before the pandemic. So not only did businesses dodge a tax bullet, consumers got an extra $750 to spend going out to ball games, restaurants or buying other things.

4 • JULY 2022 • MN Valley Business

When it came to health care costs for consumers and business, business got more support as Democrats and Republicans approved continuation of the socalled reinsurance fund, putting $700 million in a state fund that subsidizes health insurance premiums by mitigating some of the highest cost services or procedures. This fund helps keep premiums lower in the individual insurance market, where people do not have employer health plans and have to buy health insurance on the open market. Brewery owners also got a break from restrictions on selling growlers – take out beer – from their breweries. It’s one of the surprising compromises as beer wholesalers and many others long supported legislation that did not allow larger breweries like Schell’s in New Ulm to sell growlers from their tap rooms while smaller brewpubs could. Many can lift their glass to that one. If you’re connected to the rural broadband business, historic amounts of money are coming your way. The state will spend $50 million over next three years, but will also get $60 million from the federal American Rescue Plan and $100 million from the Infrastructure Investment and Jobs Act. Minnesota typically funds about $30 million a year for the border to border broadband package. Companies will have to apply for the funds through a competitive process. If you’re a tech company that markets to students, the Legislature put more restrictions on your access to data and how long you can keep it, and a new law restricts advertising to families of students based on that

data. But many big things did not get done. Republicans and Democrats had a plan for $4 billion in tax relief to businesses and workers that would have eliminated the tax on Social Security income. That would be a big shot in the arm for Minnesota’s summer

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economy if it comes through and certainly would give a boost to some retirees. Parties did not pass a proposed $1.4 billion bonding bill that could have supported many local projects including rebuilding of Minnesota State University’s Armstrong Hall.

But, all in all, it was a good year for business. And the Legislature seems to be embracing bipartisanship too. It’s good to see that again. Joe Spear is executive editor of Minnesota Valley Business. Contact him at jspear@mankatofreepress.com or 344-6382. Follow on Twitter @jfspear.

Local Business People/Company News

Schueler joins Mayo in Le Sueur

Mayo Clinic Health System in Le Sueur recently added Dr. Ar thur Schueler III to the department of family medicine. Schueler Dr. Arthur Schueler III attended medical school at A.T. Still University of Health Sciences in Kirksville, Missouri. He completed his residency in family practice at the Naval Hospital in Jacksonville, Florida, and has 20 years of experience practicing family medicine. Schueler is a fellow of American Academy of Family Physicians and a member of American College of Osteopathic Family Physicians and Obesity Medicine Association. He has a special interest in Bariatrics. ■■■

West Bank building started

West Bank’s permanent bank facility is under construction at 1911 Premiere Drive in Mankato. The site is the vacant lot on Highway 22 between Country Inn & Suites and Compeer. HGA Architects and Engineers designed the building, along with other West Bank facilities.

Courtyard names new manager, chef

The Courtyard by Marriott Mankato named David Anderson the new general manager and Jorden Gerdes as the new executive chef. Anderson currently sits on the board of directors for the Convention and Visitors Bureau and has over 15 years of experience in hospitality management. Gerdes has over 30 years of culinary expertise and previously worked at Olives and Najwa’s Catering in downtown Mankato. ■■■

Madelia Health in Top 20

For the third year in a row, Madelia Health was named one of the Top 20 Critical Access Hospitals in the United States for Patient Perspective. The honor was determined through surveys conducted by the Chartis Center for Rural Health and announced by the National Rural Health Association. Madelia Health was the only southern Minnesota critical access hospital to be recognized in this category. Madelia Health was recognized for achieving success in the Patient Perspective index, a rating of performance ranked across 10 metrics of the Hospital Consumer Assessment of Healthcare Providers and Systems. The surveys are distributed and tabulated by the Chartis Group to produce comparable data that allows objective comparisons.

Gordon graduates banking academy

J a m e s Gordon, of Pioneer Bank, graduated from the Minnesota B a n k e r s Association Leadership Development Academy. James Gordon This year-long program, which graduated a total of 23 bankers in 2022, provides in-depth skillbuilding for bankers preparing for critical leadership roles in their banks. The academy was launched by the MBA to provide additional training for the next generation of Minnesota’s bank leaders. ■■■

West grad honored

C a m i Longstreet Zimmer, 1989 graduate of Mankato West, was selected as a 2022 Women in Business Award winner by Minneapolis/ St. Paul Business Cami Longstreet Journal. They Zimmer are honoring fifty-one women who stand out for their professional achievements, leadership and contributions to the broader region. Longstreet Zimmer is the Chief Business Officer at Glympse, a Seattle-based software company.

MN Valley Business • JULY 2022 • 5

Meet Becca Congrats to Rebecca “Becca” Urban celebrating two years working at Dittrich Specialties, a light assembly and packaging company in New Ulm. Becca started a job tryout at Dittrich’s in June of 2020. It didn’t take long for Becca to impress and she was hired directly by them a month later. She is now approaching her two- year anniversary with them. Becca says she loves the work she does at Dittrich’s. “I love my job because two of my favorite things are making crafts and giving out gifts,” she says. “So no matter what job I do here that’s what I see.” Becca is just one example of people MRCI serves earning competitive jobs in the community. In fact, just in the southern Minnesota region so far in 2022, MRCI has had 77 competitive job placements. In total, we are supporting 332 individuals in competitive jobs, essential employees, many of them working throughout the pandemic. Through our transition programs, so far this year we have supported 100 students transitioning into the workforce. But we still have plenty more people ready to work and waiting to be placed! If you want to help us meet our mission of providing innovative and genuine opportunities for individuals with disabilities at home, at work and in the community, please visit mymrci. org. Opportunities are boundless: be an employment partner, volunteer with us or support us financially. Any questions, please call 507-386-5600.

About MRCI

MRCI provides genuine opportunities for people with disabilities and disadvantages at home, at work and in the community. To become an employment partner, or for more information, please call 507-386-5600.

6 • JULY 2022 • MN Valley Business

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Business Commentary

By Ishuan Li Simonson and Hamidou Ayiki

CRP participation and payments to farmers in Blue Earth County

he Conservation Reserve Program (CRP) is a federal program created to improve the quality of soil, water, fauna, and flora, by converting farmland or rural acreages into conservation areas through monetary incentives (subsidies). In the state of Minnesota, Blue Earth County is ranked the 37th top recipient (out of 86 counties) in CRP payments since 1995 at $31.2 million, or roughly 1.1% of the total payments to farmland owners in Minnesota. In 2021, the Biden Administration authorized additional funding for CRP programs. For the agribusiness stakeholders in Blue Earth County, one question worth asking is whether additional federal funding makes any difference in farmland conversion rate to CRP acreages. Farmland owners’ participation in CRPs depends on whether there is a net benefit in placing acreages into CRP, compared to other uses such as commercial crops, pasture, forest, urban, and range. Once a farmland is converted into CRP, assessment of its success is difficult to ascertain. One such difficulty is the lack of farm or owner-level data on USDA subsidies. Recently, the EWG.org website provided public access to an owner-linked database (obtained via the Freedom Of Information Act). This database shows total amounts paid for federal programs in conservation, disaster, and commodities. In the state of Minnesota, the USDA has paid out $0.5 trillion in subsidies since 1995. Minnesota ranks in the top five of all states tracked in total subsidies received since 1995. In the 25 years where records are available, the top three farm subsidy programs in the state are: corn (101,932 recipients), followed by soybeans (72,949 recipients), and CRPs (81,859 recipients). The CRP payments alone in Minnesota total $2.8 billion, from $59 million in 1998, to $143.6 million in 2018. In the most recent year (2017), data from the Census of Agricultural Practices from the USDA, showed there were 2,522 CRP operations in BEC, with an average of 87 acres. Payment data from EWG for 2019 showed BEC received $28.3 million for land rental, the most since 1995. However, the EWG database also showed that most BEC farmland owners do not receive CRP subsidies (37,019 versus 7,787) for the years tracked (1995 to 2019). Many of the BEC farmland owners also own other farmland in Minnesota, and a smaller proportion also own farmland outside the state. From 1995 to 2019, the average CRP payment among all BEC farmland owners was $487.2 (Conservation); $34.4 (Disaster);

and $3283.1 (Commodity). Interestingly, among recipients who operate farmland in BEC alone, the average payment was significantly higher at $3,851. If we examine the data since 1995, a pattern emerges for CRP participation: BEC farmland recipients and those who also own properties outside the state saw their participation rate rise consistently after 1998 and peaking around 2008. Similarly, for many farmland owners, commodity support is the largest monetary subsidy from the USDA. In Minnesota, the top two commodities under farm support programs are corn and soybean. For farmland owners in BEC and those who own additional properties in Minnesota outside BEC, commodity support for year 2000, 2005, and 2019 are significantly higher than in year 2010. To draw clearer insights, we deep dived into the EWG data. We controlled for the zip code of residence of the farmland owner, and whether they owned farmland in other counties outside BEC and out-of-state. We analyzed farmland owners for their likelihood of: (1) receiving any net positive CRP payments, and (2) receiving above average CRP payments. We found farmland owners in BEC who also own land in other counties in Minnesota and outside the state are five times more likely to receive any CRP subsidy payments compared to those who only own farmland in BEC. Among those who received any subsidies for commodities and disaster, they are also more likely to participate in CRP. Among farmland owners who received any net positive CRP subsidy payments, the odds of receiving above average CRP subsidy payments are significantly lower if the farmland owner also has land outside BEC and out-ofstate. These owners also are less likely to receive above average CRP payments if they received any commodity subsidies (but the effect is marginal). In sum, would increased funding for CRP lead to higher farmland conversion rate in BEC? The answer is “no.” BEC is an important agricultural region in Minnesota, and farmland owners in BEC are more likely to receive above average CRP payments due to its geographical location. Larger BEC farmland owners, who also receive commodities subsidies, are more likely to participate in CRP due to their familiarity with federal rules and regulations. Ishuan Li Simonson is an associate professor of finance at Minnesota State University (Ishuan.li@mnsu.edu.) Hamidou Ayiki graduated from MSU in 2021 with a finance degree and a certificate in business analytics (Hamidou.ayiki@mnsu.edu).

MN Valley Business • JULY 2022 • 7

Lee Gansen, owner of Dranttel Sales and Service in St. Peter, says delays and shortages continue.

Great outdoors Motorsports growing in size and speed By Tim Krohn | Photos by Pat Christman

hether it’s a pontoon, fishing boat, side-byside or four-wheeler, more Minnesotans are enjoying them for recreation. And they continue to get bigger and faster. Tony Steffensmeier, who with his dad Pat owns Mankato Motorsports, said larger and faster versions of side-by-sides are increasingly favored. “They’re like the pickup version of the side-byside. They’re popular here because you can use them for work or farming or hunting.” Lee Gansen, owner of Dranttel Sales and Service

in St. Peter, is seeing the same thing. “The bigger side-by-sides sell fastest. Some of them can go 70 mph or more.” Dif ferent counties have different rules on whether or what kind of side-by-sides can be driven on roads, shoulders or in the ditches. When it comes to heading out on the water, pontoons remain big sellers and more of them are larger, more powerful and more luxuriously equipped.

Cover Story

8 • JULY 2022 • MN Valley Business

Mankato Motorsports says larger side-by-sides are among the most popular machines. For anglers, fishing boats are also decked out and often carry a variety of technology.

Supply headaches

No matter what customers are looking for, they usually have to wait once they’ve settled on what they want to buy. Supply chain issues and manufacturing backlogs continue in the motorsports industry, as it does in most every other sector. “It seems it even got a little worse (than earlier in the (pandemic), Steffensmeier said. “But I think it’s starting to let up some. And I think our industry isn’t as bad as some other industries. There’s a lot of electronics on the newer stuff but not as much as on a car or a refrigerator or something.” Gansen sees the same thing. “It hasn’t improved. With getting parts it’s been slightly better lately, but it’s still pretty

much status quo,” he said. The delay in getting things, he said, is similar for all manufacturers. “The worst part is, no one really has given any inkling of when or if it’s going to get better,” Gansen said. “We have a couple of boats on hand unspoken for,” Gansen said. “Otherwise everything is pre-sold. We have boats we ordered last July or September that are just starting to trickle in or we’re still waiting for them to arrive.” The situation, like at car dealerships, has left showrooms and lots a lot more bare. “We’ve got one side-by-side on the floor and no fourwheelers,”Gansen said. Steffensmeier said they’ve tried to stock up on parts when they can get them so they have them on hand when a boat or side-by-side comes in. “It used to be that your

customer would come in on a Saturday and the sales person worked with them and and got them on the way the same day. Now they want to buy and the machines aren’t coming for maybe six weeks and we need 10 parts for the accessories they want so you have to scramble to find things,” he said. “We used to have 100 machines in stock and a lot of money tied up in them; now we have a lot of money tied up in parts because you need to have what you can when machines come in.” He said the fact a lot of businesses are storing what they can lay their hands on has also made it even more difficult to find warehouse space to rent. Despite the delays, the dealers say demand remains strong, with sales holding steady compared to recent years. “But it’s tough when a customer walks in your door and

MN Valley Business • JULY 2022 • 9

Mankato Motorsports has continued to expand is products, selling everything from four wheelers to pontoons and docks. you’re not able to send them home with something,” Gansen said. “It’s frustrating but that’s just the way it is. You can weather no products for four or five months, but when it’s going on two years it’s tough.” Inflation, coupled with the

delays, also is causing some pain. Sometimes people who ordered something months ago and put down a down payment are seeing the manufacturers hike the prices. “So there are some tough

ALL ON ONE LEVEL TO KEEP YOU HOME

10 • JULY 2022 • MN Valley Business

conversations with customers sometimes,” Steffensmeier said.

Full ser vice

Pat Steffensmeier, Tony’s father, said Mankato Motorsports has expanded its offerings and services. “On the pontoon side we try to be full service. Customers don’t want to come to one place for a boat and another place for a trailer and another place for a dock.” In 2018 Mankato Motorsports bought the former Rasmussen College building along Highway 14 in Mankato, greatly expanding their space. “The building was a great improvement but it’s already full, with doing more and more of the boat and dock business,” Tony Steffensmeier said. They have about 30 employees. “We could always use a few more, but we feel lucky with who we have — we have good people,” he said. MV

Lee Gansen of Dranttel Sales and Service shown in the showroom when inventory was easier to find.

We LIVE, WORK and PLAY where you LIVE, WORK and PLAY.

TH 14 Trail, City of North Mankato

Bolton-Menk.com

MN Valley Business • JULY 2022 • 11

Physical therapist Chloe Tuma of ActivePT has a Doctorate in Physical Therapy. Bottom: ActivePT is atop the Commerce Drive hill in North Mankato.

ActivePT

Prioritizing patients and staff By Jane Turpin Moore Photos by Pat Christman

hysical therapist Chloe Tuma grew enticement for her to return to the greater up on a farm near Montgomery and Mankato area. envisioned leaving small-town life “What I’ve loved about ActivePT is that behind. we really like to make During her our patients and our undergraduate and team members better,” post-graduate studies at said Tuma, clinic St. Paul’s St. Catherine director of ActivePT’s ActivePT University, where she 1681 Commerce Drive 1681 Commerce Drive, earned her Doctorate of location (formerly North Mankato Physical Therapy Optivus) in upper North 507-625-8017 degree in 2021, Tuma Mankato. relished all the Twin “We really care about activeptandsports.com Cities had to offer. our team as well as our Facebook: ActivePT But ActivePT’s patients’ goals, and we collaborative clinicians, commitment to love to learn and grow together.” patient care and support for professional Such enthusiasm is pervasive among the growth won her over, providing sufficient ActivePT staff members, who seem

Spotlight

12 • JULY 2022 • MN Valley Business

genuinely delighted at the prospect of guiding patients through courses of treatment and exercises that will help relieve pain and improve lives. “Helping people achieve goals through treatments we can do with our hands and with exercise is incredibly rewarding,” said Brian McQuilkin, co-owner with fellow therapist Joan Kopacz of ActivePT’s 14 Minnesota clinics in nine cities. “Seeing people have a better quality of life and get to the point of pain-free moving is what gets us out of bed each morning.” One very satisfied patient is Allison Johnson, 65, who has benefited from physical therapy at two of ActivePT’s Rochesterarea clinics. “They’re just so nice,” praised Johnson. “Their staff is kind, they listen to you and they know what they’re doing. “From the first day I stepped into their office, I just knew I was going to like the place.” ActivePT offers a full gamut of physical therapy services. Its qualified therapists are well equipped to assist patients encountering all kinds of pain (knee, back, hip, jaw, shoulder, elbow, hand, wrist, foot, ankle or neck), seeking to recover from sports-related injuries, requiring post-surgical rehabilitation or suffering from headaches or vestibular issues. While the bulk of their locations are in the state’s southeastern region, McQuilkin said establishing a Mankato presence made a lot of sense for ActivePT. “We were looking to grow, not just for growth’s sake but because the brand of therapy we can provide has a lot of impact in the communities we serve,” said McQuilkin, who along with Kopacz purchased Optivus from practitioner Todd Kruse (who remains with ActivePT) in February. And Optivus had a “great reputation,” said Tuma, which made for a smooth ownership transition. “We retained all the previous therapists, who cared for all their patients ver y well,” Tuma credited. “We’re happy to continue suppor ting the

community here.” The Mankato location currently has six physical therapists and four support staff on its team, according to Tuma.

Putting patients first

Making sure they know what patients want and need to get from their physical therapy experience is key to ActivePT staff, Tuma assured. “I ask each patient, ‘What does a successful bout of PT look like for you?’ and ‘What will make this experience a success?’” said Tuma. “We put each patient’s goals at the forefront and address any questions a patient might have about the process right away.” A mix of manual therapy and exercise is invariably in order. “We want to relieve pain so patients can optimally function throughout their day,” Tuma said. “Most patients arrive at their first visit in some kind of pain, so our first goal is to reduce that pain so we can do more activity or strengthening to fix what caused the problem in the first place.” Both Tuma and McQuilkin are mindful that first-time physical therapy patients might be nervous about what’s involved. “Talking with a patient about their goals and making them an active participant is important,” Tuma added, mentioning the value of integrating exercises that will help patients perform necessary functions in their daily lives—whether that’s picking up a baby from a crib or floor, lifting a 40-pound box at work or simply entering and exiting a car. “We have a hands-on, one-onone approach that means we’re not just going to give you printouts with a bunch of exercises on them to do at home and then say, ‘See ya in two weeks,’” she said, noting that she enjoys working with athletes and active adults of all ages and treating patients for headaches, jaw, back neck or hip pain. Johnson, a retired medical professional who first visited ActivePT in 2019 for a frozen shoulder that resulted in a shoulder replacement and is currently undergoing therapy

following an early May knee replacement surgery, attests to that. “When they give you an exercise to do—and the exercises really work—they do them with you and make sure you understand what you’re supposed to be doing,” said Johnson. “I’ve had excellent outcomes.”

Training to be the best

McQuilkin said theirs is a specialty practice. When they first opened years ago, Kopacz focused on patients with shoulder and foot issues while he concentrated on those with neck, back, jaw and headaches. Today, ActivePT has 45 clinicians overall, with many more specialties represented among their ranks. “My mom is a nurse and my dad is a biomedical engineer, and I like that physical therapy mixes together the physics and patient care aspects,” he said. With his undergraduate degree in exercise physiology earned at the University of Iowa and his Doctorate of Physical Therapy credential gained at the Mayo Clinic School of Health Sciences, College of Medicine, McQuilkin is all-in on making sure all ActivePT therapists are as knowledgeable as they can be. “We’ve made it an expectation that our therapists will be boardcertified orthopaedic clinical specialists, and many of our PT’s have already taken the exam— with a 100% success rate,” said McQuilkin. “And we offer a lot of continuing education, training and development because if we have a really healthy and knowledgeable team, we’ll do a better job for our patients.” ActivePT is taking that one step further; in July 2023, they will add a residency program, directed by Sam Fischer. “Not many private outpatient physical therapy practices have residency programs,” McQuilkin said, “but this is an awesome opportunity for us to give back to future PT’s who want to advance their clinical skills.”

MN Valley Business • JULY 2022 • 13

Larry Peterson works with physical therapist Brandon Boeck.

Core values at work

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14 • JULY 2022 • MN Valley Business

McQuilkin says he sharpened his leadership mindset as a young athlete; he played basketball, ran track and was captain of a rugby team, and he continues to enjoy pickup basketball and coaching youth sports for his three kids. “I had different leadership opportunities in sports and that helped me realize that leading teams and developing people is incredibly fun and rewarding,” said McQuilkin. “That laid the groundwork for

me to lead and help people grow as I moved on in life.” Accordingly, McQuilkin and Kopacz have established a set of core values that remains at the heart of how ActivePT employees function. The list includes points like “deliver the wow,” “be a team player,” “be open and honest” and “have a servant’s heart.” “Our core values are livable and breathable,” he confirmed. “We incorporate them on a daily basis—they’re not just a wall mount—and we hire, fire, review, reward and recognize using these values.” One example of “delivering the wow” is ActivePT’s policy of of fering free 15-minute screenings for those who aren’t sure physical therapy is what they need. “If you rolled your ankle over the weekend and are experiencing pain, you can come in and we can offer ideas for how to improve that—maybe icing it, wearing an ankle brace—or maybe you need a full evaluation and treatment plan,” said McQuilkin. “We offer those screens so people can assess if it’s appropriate for them to be seen, and we won’t waste your time jumping over unnecessar y hurdles if physical therapy isn’t right for you.” And ensuring that people in pain or discomfort aren’t kept waiting for appointments for prolonged periods is another important element. “When I was ready for physical therapy, I called and told them my availability and instead of them saying, ‘We’re a month out,’ they got me in when I needed to be there,” said Johnson.

“You don’t have to wait forever.” McQuilkin wants prospective patients to know a doctor’s referral is not a prerequisite for physical therapy. “Minnesota is a direct access state so if you’re having shoulder pain, you can go directly to physical therapy rather than seeing a primary care physician first,” he explained. “We collaborate with MD’s, DO’s and PA’s if consultations are needed to make sure our patients get the best care.” While still early in her career, Tuma says she loves that physical therapists get to know their patients—sessions often last 45 minutes and some patients visit twice weekly—and she is quick to offer suggestions for keeping people healthy. “The statement ‘motion is lotion’ is true,” said Tuma, who personally enjoys running, weightlifting and golf. “For those who haven’t exercised in a long time or are nervous about getting back into it—honestly, just start walking. “A lot of people underestimate the value of walking, but it’s a good full-body movement that works your heart.” Even with more years of experience under his belt, McQuilkin finds similar gratification in a profession that’s focused on helping others feel better. “This isn’t about medications or scalpels but about hands-on treatment and exercise that can get rid of headaches and reduce pain,” said McQuilkin. “And we’re excited to be in the Mankato and North Mankato market.” MV

MN Valley Business • JULY 2022 • 15

Nate Paschke operates his barber shop in a historic building in St. Peter that’s been a functioning barber shop since 1886.

A cut above Nate’s Barber Shop 15 years strong Story and photos by Dana Melius

ony Luevano of Mankato takes the 15-minute 1886. And Paschke has brought his own personal ride north every time he’s in need of a haircut. touch with odd memorabilia and, at times, even odder For 17 years, Nate Paschke has been Luevano’s storytelling and jokes. barber. “People like the community In 2005, Luevano started atmosphere,” Paschke says. frequenting Paschke’s barber chair And what atmosphere. He’s a in Mankato, enjoying the unique collector, which ties in nicely with conversation, humor and Pachke’s deep attachment to the NATE’S BARBER community feel. No way was that histor y of barbering. There’s SHOP going to change when Paschke took memorabilia from different eras, 222 ½ S. Minnesota Avenue, off for St. Peter. with Stan Laurel and Oliver Hardy St. Peter “I’ve been seeing Nate ever figurines next to The Three 507-931-1904 since,” Luevano said, continuing his Stooges. And two friendly dogs. patronage at Nate’s Barber Shop in Both he and fellow barber Tony the three-chair basement landmark. “I’m bringing my Campion trained at the legendary Moler Barber School two boys (age 14 and 8) over here, too.” in St. Paul, in operation since 1893. A third barber, Alex Paschke’s been operating the historic site since Augustine joined Nate’s following the retirement of 2007, but he’s quick to note the downtown St. Peter veteran barber Don Beeler. location has been a functioning barber shop since Campion’s been at one of the three 1920s-style

Profile

16 • JULY 2022 • MN Valley Business

Koken barber chairs for 8 years now. He began as an apprentice, with Paschke as mentor, passing his board exam in 2016. A recent customer, Jacob Johnson of Mankato, was in his final day in the Minnesota River Valley, prepping a move to Duluth and needing a trim. “I haven’t had the top cut since Corona (COVID),” Johnson said. And the bantering began, one of the true attractions for customers at Nate’s. “I didn’t think you were drinking,” Paschke said, joking over Johnson’s use of “Corona,” a top-selling imported beer. Next was a jab at Paschke’s new hair style. His thick, black hair in traditional cut was now a bit more styled, parted in the middle, with a bit more curl and some natural silver shining through. “I look like I wrestled a bobcat on my way to work,” Paschke jokes.. But there’s a serious, philosophical side to Paschke. He’s passionate about issues and learning, gaining a deeper sense of the world around him. Pasche’s also got a business to run. While he’s often displayed turn of 20th century aftershaves and shaving tools, Paschke and Campion are now selling newer colognes, with a soon-to-be unveiled “Handsome Stranger” hair and beard wax added to their inventory. And that “Corona” pandemic thing Johnson had talked about, Nate’s Barber Shop took it seriously, still wearing and requiring masks while cutting hair. When COVID hit in March 2020, Nate’s implemented plastic dividers between the barber shop’s three chairs for a year. “It seemed like the right thing to do,” Paschke says. The pandemic also altered the shop’s business strategy, as Nate’s had been well known as a walk-in barber shop. Paschke went to an online-only appointment system, upping a regular haircut price to $32. And it continues to ser ve the business, and customers, well. “Our business first is about the customer,” Paschke says, with special attention provided with each appointment. “When you’re

Nate Paschke plays with one of the two dogs that add a welcoming vibe to the barber shop.

Nate Paschke, right, with customer Tony Luevano and barber Tony Campion with customer Jacob Johnson. cutting hair, you’re kind of in a zone.” Paschke admits the changes might have lost some customers, but the regulars returned. “I really like the people we have,” he says. “We’ve kept and maintained the people that really want to be here.”

But Paschke can’t stay serious for too long. One of his favorite sayings often comes out in an interview: “St. Peter might have lost the rights to the state capitol, but at least we have the oldest continuing barber shop in the state.” MV

MN Valley Business • JULY 2022 • 17

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18 • JULY 2022 • MN Valley Business

AgriBusiness Programs

OFFERED IN THE COLLEGE OF BUSINESS

The Agribusiness and Food Innovation Programs prepare individuals to work and innovate in agribusiness, food, and agriculturally related businesses. AGRIBUSINESS AND FOOD INNOVATION MAJOR AND MINOR

The new Agribusiness and Food Innovation major helps prepare students to work and innovate in agriculture, food, and agriculturally related businesses. This major and minor both include awareness of the marketing, legal, and financial aspects of business development. Completing a minor in agribusiness is a good complement to many majors from across the campus as food and agriculture are interdisciplinary.

HENZE AG INNOVATORS LEADERSHIP PROGRAM:

The Henze Ag Innovators Leadership Program is designed to help students explore Agribusiness and food careers while developing the skills needed to be a leader. Selected students participate in Ag-related events and trips, engage with industry leaders, and conduct a research project with a company.

AG TODAY STUDENT ORGANIZATION:

Ag Today is a student organization that promotes the growth and awareness of economic vitality shaped by the many opportunities in agriculture. The organization strives to build and foster relationships with industry leaders while exploring agricultural opportunities.

BIG IDEAS CHALLENGE AGRICULTURE, FOOD, AND BEVERAGE DIVISION:

The Agriculture, Food, and Beverage Division of the Big Ideas Challenge was created to highlight and celebrate new ideas in our regional economy. An award is given to a student who can develop innovative solutions and consumer needs related to agriculture and food.

RICHARD SCHMITZ FOOD ENTREPRENEURSHIP LECTURE SERIES:

This series provides an opportunity for students to engage in the growing sector of AgriBusiness with an annual lecture lead by industry experts in the category of food entrepreneurship. The 2022 event was held in-person and featured Julie Curtis, owner and president of Curtis Food Recruiters. To view the 2022 event video, visit: cob.mnsu.edu/foodlecture2022

For more Ag information or collaboration, visit: cob.mnsu.edu/agribusiness or email Dr. Shane Bowyer, shane.bowyer@mnsu.edu

An Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling the College of Business at 507-389-5420 (V), 800-627-3529 or 711 (MRS/ TTY). BUSC594AD_03-2021

MN Valley Business • JULY 2022 • 19

Samir Fox-Wahab started FW3 Coins as a part-time business in Mankato before going into it full time.

Love of coins FW3 has a dedicated, laid back following By Dan Greenwood Photos by Pat Christman

or Samir Fox-Wahab, owner of FW3 Jordan, and Lebanon,” Fox-Wahab explained. Coins in Mankato, the hobby of coin “They (merchants) would come once a week collecting began decades ago when he to the market. That’s where I’d go and buy was a boy visiting the coins from the drivers. bustling vegetable They always had really markets in Saudi Arabia cool stuff.” with his parents. Back then, he never “When I was younger, pictured he would one day FW3 COINS they didn’t have any way own his own coin shop in 107 E. Cherry St., Mankato of growing produce back the United States. After 507-779-6354 then (in the Saudi Arabian moving to the region, he fw3coins.com desert), so ever ything got a job at Brown Printing was imported from Syria, in Waseca. When the

Feature

20 • JULY 2022 • MN Valley Business

company closed the department that he was working in, he had to find a new way to earn an income. After working for a time as a postal worker, and still very passionate about coin collecting, his wife suggested he open his own coin shop. He found an office space on the third floor of the Landmark Center in downtown Mankato in 2012 while still working at the post office full time, testing the waters to see if the business would succeed. Instead of traditional advertising, FoxWahab spread the word on his own – in daily conversations and word of mouth. “The first person we talked to is still a really good customer,” FoxWahab said. “We were at Hobby Lobby, and he was looking at coins in books. I said, ‘we’re opening a coin shop.’ He said, ‘give me a call when it’s open,’ and he came down.” As more customers reached out to him by appointment, FoxWahab found what would become a permanent location at 107 E. Cherr y Street in Mankato. Business was good enough that he left his postal job to work full time at the shop, with regular business hours from Monday through Saturday every week. His inventory is largely made up of his own collection, along with the coins and precious metals he buys from customers or dealers. It includes a variety of paper money and coins from different places and years, along with gold and silver – an increasingly popular trend among collectors. “About 99% of the people that come in know what they’re doing,” he said. “They come because they want to look at coins and they want to look for coins. Of course, now it’s evolved into precious metals – gold and silver – that’s been very popular for the past few years. These people love to search online and find the best deals out there.” Visiting his shop is a social affair, and Fox-Wahab regularly shares his knowledge – talking casually with others who have found joy in the hobby. Google reviews of his business consistently describe him as

Samir Fox-Wahab says the value of coins depends mostly on its rarity rather than its age. knowledgeable, friendly, and welcoming. “Coin collectors are laid back, they have time, most of them are retired and have some extra money to buy some,” Fox-Wahab said. “That’s why people like to come here; I like coins and we just click for some reason. But somehow coins are what brings us together.”

Rarity the key

Frank Shemonek, of Waseca, usually stops in to chat and talk coins with Fox-Wahab when he’s in town. “I retired in 2006 and have had some freedom and loose money,” Shemonek said. “I actually drove by here on my days that I would come to Mankato, and just happened to see the coin shop.” Shemonek and Fox-Wahab hit it off right away. “Samir has been helping me get some collections together for myself,” Shemonek said. Shemonek said he picked up the hobby from his parents – his mom collected rocks, and his dad collected stamps and coins when he was a kid growing up in the 1950s. “My dad – he went to the bank and got $25 penny bags,” Shemonek said. “We looked through them and found a lot of key coins (very rare) back in the 1950s and 60s. You could certainly find a lot of the key coins that you can’t find today. Those are the rare ones that people really won’t sell because it means something to them, and it completes their

collection.” Fox-Wahab said value is determined mainly by the rarity of a coin even more than the age. “A lot of people think old coins are worth a lot more than new coins, but it’s always the mintage,” he said. “That’s how many coins they made of that certain one where they made it, how many they made and how many still exist because a lot of the older coins – most of it was destroyed or melted to get the silver and gold out of it.” Shemonek hopes to pass on the hobby to his adult children, and the same goes for Fox-Wahab, whose daughter, Maddie FoxWahab, is learning the trade while working at the shop over the summer. “I’ve also always liked collecting stuff, whether it would be Pokèmon cards or rocks,” she said. “So, it was something that worked out that he’s interested in, and I’m interested in. It’s been fun to learn what I have over the past month and just continue to keep learning.” For Samir Fox-Wahab, the trust he has from his customers and the relationships that form out of that trust is the best part of the job. “I like the fact that when customers come in, they trust me if I advise them about something,” Fox-Wahab said. “This trust between me and my customers is my favorite part.” “With this hobby nobody knows everything,” he added. “There’s always more to learn.” MV

MN Valley Business • JULY 2022 • 21

■

Business and Industry Trends

Energy Natural gas exports to Europe jumped in first quarter

During the first four months of 2022, the United States exported 74% of its liquefied natural gas to Europe, compared with an annual average of 34% last year, according to the Energy Information Agency. In 2020 and 2021, Asia had been the main destination for U.S. LNG exports, accounting for almost half of the total exports. U.S. LNG exports averaged 11.5 billion cubic feet

per day (Bcf/d) during the first four months of 2022, an 18% increase compared with the 2021 annual average. Since December 2021, the European Union and the United Kingdom have been importing record-high levels of LNG, primarily because of low natural gas storage inventories. Additional LNG imports in Europe and a mild winter offset lower natural gas pipeline imports from Russia. The United States became the largest LNG supplier to the EU and United Kingdom in 2021, accounting for 26% of total imports. In the first four months of 2022, LNG imports from the United States to the EU and the United Kingdom have more than tripled, compared with 2021, averaging 7.3 Bcf/d and accounting for 49% of total imports. During the first four months of 2022, U.S. LNG exports to Asia declined by 51%, averaging 2.3 Bcf/d compared with 4.6 Bcf/d (annual average) in 2021 because of pandemic-related lockdown measures, as well as a mild winter.

CO2 emission up 6%

U.S. energy-related carbon dioxide (CO2) emissions increased by more than 6% in 2021 as a result of rising energy use. We expect a 2% increase in energy-related CO2 emissions in 2022, primarily from growing transportation-related petroleum consumption.

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Forecast energy-related CO2 emissions remain relatively unchanged in 2023. We expect petroleum emissions to increase by 3% in 2022 compared with 2021 before growth slows to 1% in 2023. Natural gas emissions rise by 3% in our forecast for 2022, then remain unchanged in 2023. We forecast that coal-related CO2 emissions will fall by 2% in 2022 and by 5% in 2023.

Renewable energy rising

The annual share of U.S. electricity generation from renewable energy sources will rise from 20% in 2021 to 22% in 2022 and to 23% in 2023 because of continuing increases in solar and wind generating capacity. We forecast that natural gas will provide almost 37% of generation in 2022, which is similar to the level in 2021, and we forecast natural gas generation will provide 36% of generation in 2023. Despite significantly higher natural gas fuel costs this year compared with last year, we do not expect an increase in electricity generation from coal-fired power plants, which have in the past acted as a primary substitute for natural gas in the power industry. Along with the continued retirement of coal-fired generating capacity, the remaining coal fleet has been facing constraints in regard to fuel delivery and coal stocks.

Wind capacity keeps growing

Planned additions to U.S. wind capacity increase wind electricity generation in our forecast. We estimate that the U.S. electric power sector added 14 GW of wind capacity in 2021. Wind capacity additions in the forecast total 10 GW in 2022 and 4 GW in 2023. The electric power sector added 13 GW of utilityscale solar capacity in 2021, and forecast solar capacity additions in the power sector total 20 GW for 2022 and 23 GW for 2023. We expect additions to solar capacity and batteries to account for more than half of new electric sector capacity in 2022 and 2023. In addition, in 2021 smallscale solar (systems less than 1 megawatt) rose by 5 GW to 33 GW. We expect that small-scale solar capacity will grow by 5 GW in 2022 and 6 GW in 2023.

More natural gas use

We expect that U.S. consumption of natural gas will average 85.7 Bcf/d in 2022, up 3% from 2021. The increase in U.S. natural gas consumption is a result of colder temperatures and related higher consumption in the residential and commercial sectors in 2022 compared with 2021. We also expect the industrial sector to consume more natural gas in 2022 in response to expanding economic activity. In addition, forecast natural gas consumption in the electric power sector increases in 2022 because of limited natural gas-to-coal switching despite high natural gas prices. For 2023, we forecast natural gas consumption will average 85.3 Bcf/d, down 1%, mostly as a result of assumed milder winter temperatures (based on forecasts from the National Oceanic and Atmospheric Administration).

Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2021 - 2022

991

1800

1,198

1500 1200 900 600 300 0

Source: Sales tax figures, City of Mankato Includes restaurants, bars, telecommunications and general merchandise store sales. Excludes most clothing, grocery store sales.

Sales tax collections Mankato (In thousands)

700 600 500 400 300 200 100 0

- 2021 - 2022 $485,064

$500,000

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2021 - 2022

70000

$31,429 $47,521

52500 35000 17500 0

Source: City of Mankato

Mankato food and beverage tax - 2021 - 2022 100000

$52,582 $61,870

80000 60000 40000 20000 0

Source: City of Mankato

C. Sankey

MN Valley Business • JULY 2022 • 23

■

Agricultural Outlook

By Kent Thiesse

CRP program faces challenging dynamics

he Conservation Reserve Program (CRP) has a long history of promoting conservation practices and farmland stewardship in the United States. The CRP program was established in December of 1985 as part of the 1985 Farm Bill. The initial goal of CRP was to reduce soil erosion on highly erodible cropland and to help curb the overproduction of farm commodities. Secondary objectives of CRP included improving water quality, fostering wildlife habitat, and providing income support to farmers. More recently, the CRP program has been identified as a valuable tool through the Federal government as a method to promote “carbon sequestration” on working farmland. Currently, getting farmland enrolled into the CRP program is being challenged by very positive economic returns from crop production and by tight grain supplies worldwide.

Challenges for the program

The dilemma that arises for the CRP program is that current farm economics tend to counteract enrollment into the CRP program. Based on the 2021 South Central College Farm Business Management (FBM) Summary for over 350 crop farms in South Central Minnesota the average return on cash rented farmland over direct expenses for seed, fertilizer, chemicals, fuel, repairs, etc., including land rent, land rent, was +$442 per acre for corn and +$334 per acre for soybeans. The average return

above all direct and overhead expenses, including annual machinery and facility investments, was +$335 per acre for corn and +$260 per acre for soybeans. By comparison, the 2021 average CRP rental rate in the 13 counties in the 13 county South Central MN FBM region was $214 per acre. Based on the 2021 FBM summary, the average direct and overhead expenses, including property taxes, to maintain CRP land was $92 per acre in 2021, resulting in a net return of $122 per acre. According to the 2021 FBM summary, the average cash rental rate that non-farm landowners received from farm operators in 2021 was about $225 per acre, before property taxes and overhead expenses. Cash rental rates for 2022 are likely to be 10-15 percent higher than 2021 rental rates in South Central Minnesota. As a result of the 2018 Farm Bill, expiring CRP acres in 2022 could only receive a maximum of 85 percent of the average county cash rental rate, based on USDA data, compared to 100 percent of the average rate when the land was originally enrolled into the CRP program. In some cases that may result in landowners actually getting a lower CRP rental rate for 2023 than they received under the current contract. At the same time, average land rental rates for 2023 in the same county may be 20-25 percent higher than rental rates a few years ago. Please refer to the attached Table for additional CRP economic data and average rental rates.

CRP Economic comparison for Minnesota South Central Southwest Southeast West Central State Average

MN Region

2021 Crop Returns

Cash Rent Paid

CRP Rental Rate

(FBM Regions)

(FBM Ave. Returns/Acre)

(2021 FBM Ave. Rent)

(2021 USDA Ave. Rate)

Corn $442/A $463/A $401/A $374/A $395/A

Soybeans $334/A $292/A $269/A $219/A $237/A

Corn $229/A $228/A $220/A $186/A $202/A

Soybeans $230/A $214/A $225/A $196/A $225/A $202/A $184/A $169/A $184/A $146/A

Notes on the CRP economic table 1. The “MN Regions” are the MN State College & Univ. Farm Business Management (FBM) regions. 2. The “2021 Crop Returns” are the average “return over direct expenses” for corn and soybeans, before overhead expenses for machinery, etc., based on the 2021 FBM Annual Summary data. 3. The “Cash Rent Paid” is the average 2021 cash rent paid by farm operators for corn and soybeans, based on the 2021 FBM Annual Summary data. 4. The “CRP rental Rate” is the average 2021 rental rent received by landowners, based on USDA CRP County average rental data, before direct and overhead expenses, including property taxes.

Current CRP enrollment

As of April 30, 2022, there were a total of just over 22 million acres enrolled in the CRP program, which is about 3.5 million acres below the maximum level of 25.5 million acres for 2022 that was established in the last Farm Bill. Of the total CRP acres, approximately 10.2

24 • JULY 2022 • MN Valley Business

million acres are enrolled under a General CRP contract, 6.8 million acres in Continuous CRP, just under 3.9 million acres enrolled in the grassland program, and the balance of the acres in CREP, wetlands and other special CRP initiatives. Forty-three percent of the Continuous CRP and CREP acres are enrolled in the Clean Lakes,

Estuaries and Rivers (CLEAR) program. There are nine States that have over or near 1 million acres currently enrolled in CRP as of April, 2021, mainly in the Upper Midwest and Plains regions. CRP acres enrolled in these States include Texas (2.3 million), Colorado (2.0 million), South Dakota (1.8 million), Kansas (1.7 million), Iowa (1.7 million), Nebraska (1.5 million), North Dakota (1.2 million), Washington (just over 1 million acres), and Minnesota (just under 1 million acres) CRP acreage in many of these States has dropped considerably in recent years.

Summary 125

The 8future of the CRP program is likely to garner considerable discussion in the next couple of years during 105 6 the writing of the next Farm Bill. The CRP program has a long 85 and 4 successful history of preventing soil erosion, improving water quality, enhancing wildlife habitat, and aiding652in carbon sequestration. While it may seem quite logical450to utilize expansion of the CRP program to reach J Frelated M Ato M J J A stewardship S O N Dand further goals environmental 25 sequestration, there could be some obstacles in carbon J F M A M J J A S O N D accomplishing those goals. Commodity prices for corn and soybeans are their highest levels in the last decade and farm profit levels have been very solid in recent years, which is also resulting in higher land rental rates in many areas.125This makes it difficult to convince farmers and landowners to take farmland out of production to enroll in 105 the CRP program or to re-enroll some expiring CRP acreage, 85 unless there are some added financial incentives. For more information on the current CRP enrollment, 65 CRP acres, rental rates, etc., landowners and expiring farmers should contact their local USDA Farm Service 45 Agency (FSA) office or refer to the USDA CRP web site at: http://www.fsa.usda.gov/crp 25 M

Kent Thiesse is farm management analyst and senior vice president, MinnStar Bank, Lake Crystal. 507-381-7960); kent.thiesse@minnstarbank.com

(dollars per bushel)

— 2021 — 2022

$7.62

Given the current challenge to get more acres enrolled into the CRP program, one concern is the rather large number of CRP contract acres that will be expiring in the next couple of years. CRP contracts will expire on nearly 4 million acres on September 30, 2022, plus an additional 2 million acres in 2023. A General CRPP sign-up was held earlier this year (CRP Sign-up #58), in which USDA accepted nearly 20,000 CRP contracts representing just shy of 2.1 million acres into the CRP program starting October 1, 2022. This represented approximately 87 percent of the 10 CRP contracts and 90 percent of the acreage that was offered 8 by landowners in the latest CRP sign-up period. Only about half of the CRP acres that are expiring in 6 2022 were re-enrolled into the CRP program during the 2022 sign-up. The balance of those acres, over 1.7 million acres,4will likely be returned to crop production in 2023. The data 2 for the 2022 CRP sign-up period indicated that 75-100 percent of the expiring CRP acreage was not offered 0 for re-enrollment J F M inA 2022 M in J Southern J A S and O Western N D Minnesota and Iowa, as well as in Eastern North and South Dakota and Northeast Nebraska. The percent CRP reenrollment for 2022 was much higher in States such as Texas, Kansas, Colorado, and other Western States.

Corn prices — southern Minnesota

Expiring acres; re-enrollment of acres

Agriculture/ Agribusiness

$6.43

2 0

Source: USDA

Soybean prices — southern Minnesota

(dollars per bushel)

— 2021 — 2022 10 20 $16.55 125 8 16 105 6 12 85 $13.54 4 8 65 2 4 45 0 0 J F M A M J J A S O N D 25 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Iowa-Minnesota hog prices

185 pound carcass, negotiated price, weighted average

— 2021 — 2022

20 $116.08 125 30 16 105 26 12 85 $110.16 22 8 65 18 4 45 14 0 J F M A M J J A S O N D 25 10 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Milk prices

Minimum prices, class 1 milk Dollars per hundredweight

— 2021 — 2022 30

$25.87

26 22 18 14 10

$16.66 J

20 30 16 26 12 22 8 18 4 14 0 J 10

Source: USDA. Based on federal milk orders. Corn and soybean prices are for rail delivery points in Southern Minnesota. Milk prices are for Upper Midwest points.

C. Sankey

MN Valley Business • JULY 2022 • 25

30 26 22 18 14 10

Construction/Real Estate Residential building permits Mankato - 2020 - 2021 (in millions)

Commercial building permits Mankato - 2020 - 2021 (in millions)

$5,097,938 $1,684,958

12000000

25000000

10000000

20000000

8000000 6000000 4000000

10000000

2000000

5000000

Source: City of Mankato Information based on Multiple Listing Service and may not reflect all sales

Existing home sales: Mankato region - 2020 - 2021 (in thousands)

Median home sale price: Mankato region - 2020 - 2021 (in thousands)

183

300

$220,000

300

163

240

$190,000

240 180

180

120

0 J

Source: Realtors Association of Southern Minnesota

— 2020 — 2021

Includes single family homes attached and detached, and town homes and condos

Housing starts: Mankato/North Mankato - 2020 - 2021

5.3%

5.5

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

4.9

4.3

3.7

2.9%

3.1 2.5

$1,416,247

Source: City of Mankato

$7,950,495

15000000

16 8

Source: Freddie Mac

Source: Cities of Mankato/North Mankato

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Gas Prices 5

Gas prices-Mankato

— 2021 — 2022

54 43

$4.64

32 21 10 0

$2.79

May 6

June 7

Percent change

Archer Daniels

$89.41

$89.13

-0.3%

Ameriprise

$270.70

$276.36

+2.1%

Best Buy

$92.21

$77.57

-15.9%

Brookfield Property

$21.71

$22.03

+1.5%

Crown Cork & Seal

$109.26

$116.42

+6.6%

Consolidated Comm.

$6.23

$8.38

+34.5%

Fastenal

$54.18

$54.85

+1.2%

General Mills

$70.75

$69.08

-2.8%

Itron

$51.17

$52.29

+2.3%

Johnson Outdoors

$75.87

$65.19

-14.0%

$149.46

$146.58

-1.9%

Target

$230.76

$155.03

-32.8%

U.S. Bancorp

$49.24

$52.43

+6.5%

Winland

$3.40

$2.67

-21.5%

Xcel

$72.79

$75.20

+3.3%

Gas prices-Minnesota

— 2021 — 2022

5 $4.65

54 43 32

$2.81

21 10

Stocks of local interest

0Source: GasBuddy.com J F M A

C. Sankey

MN Valley Business • JULY 2022 • 27

■

Minnesota Business Updates slam demand and worsen supply chain issues. The company also expects an impact of 30 cents to per-share earnings in the second quarter, Chief Executive Michael Roman said at the Bernstein Strategic Decisions Conference. China’s “zero Covid” policy to combat the Omicron variant triggered fresh lockdowns and shut factories, hurting the sales prospects of businesses worldwide as consumers dialed back spending in the world’s secondbiggest economy.

■ Xcel pilot slightly cuts bills An Xcel Energy pilot program is slightly shaving electricity use during peak hours but not producing meaningful savings on most customers’ bills. The Minnesota utility launched a residential time-ofuse “flex pricing” pilot program in November 2020 in two Twin Cities neighborhoods, one urban and one suburban. Nearly 17,000 customers participate either in the pilot or a control group. Instead of a flat, around-the-clock rate, the pilot group pays more for power during late afternoons and evenings but gets a steep discount overnight. Morning and daytime prices are roughly the same as the standard rate. The results of Xcel’s program so far, though, were disappointing to at least one time-of-use rate expert, who said similar programs in other states have had a much larger impact on reducing peak demand.

■ ADM, POET get fed funds Archer Daniels Midland and Poet are set to benefit from the Biden administration’s new $700 million aid program for biofuel producers to mitigate the financial effects of COVID-19, The Wall Street Journal reported. ADM and Poet will receive $50M each to cover losses at a combined 45 facilities. The program will assist 195 biofuel facilities that were forced to cut production or close down entirely during the early days of the pandemic. The USDA estimates producers of biofuels sustained a combined $3.7 billion in unexpected losses from the pandemic.

■ 3M hit by China lockdowns Industrial conglomerate 3M warned of a $300 million hit to revenue in the current quarter as COVID lockdowns in China

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major April Industry 2021 2022 Construction Manufacturing Retail Services Total*

139 269 130 503 1,041

Local non-farm jobs Percent change ‘21-’22

154 112 45 1334 445

+11.0% -58.0% -65.0% -73.0% -57.0%

Construction

126000 126000 Manufacturing

Retail 113000 Services 113000 Total*

April 4,396 4,336 3,923 14,017 26,272

2022

2100 1400 700

100000

Minnesota Local non-farm jobs

-23.0% -69.0% -67.0% -71.0% -60.0%

8000 2800 2800 6000 2100 2100 4000 1400 1400 2000

Services consist of administration, educational, health care and social 100000 assistance, food andJ otherF miscellaneous services. M A M J J A S O 100000 J don’t F equal M total A because M Jsome Jcategories A not S listed. O N *Categories

700 D

300000

2,890 3,021

240000 180000 120000 60000

700 0 0

- 2021 - 2022

(in thousands)

12000 3500 3500 10000

28 • JULY 2022 • MN Valley Business

2800

113000

Percent change ‘21-’22

3,997 1,348 1,292 4,045 10,662

3500

126,405

126000

Minnesota initial unemployment claims 2021

123,110

139000

Services consist of administration, educational, health care and social assistance, food and other miscellaneous services. *Categories don’t equal total because some categories not listed.

Major Industry 139000 139000

- 2021 - 2022

Nine-county Mankato region

F M

M A A M

M J

J J

J A

A S

S O

O N

N D

■ Best Buy cuts annual outlook

■ Target cuts its forecast Target Corp. cut its quarterly margin forecast issued just weeks earlier, and said it would have to offer deeper discounts and stock more essential items, as inflation dents consumer spending. The surprise forecast revision is a big blow for the company, which in May joined larger rival Walmart in reporting a steep drop in quarterly profit, sending shockwaves through the retail industry. With soaring inflation and higher gas prices, consumers are changing their shopping habits, catching many retailers off guard and forcing them to offer more discounts. Target said it would focus on clearing excess inventory in the second quarter, cancel orders and speed up parts of the supply chain that could be afThe company is also prioritizing categories such as food and beverage, and household essentials over discretionary items such as home goods. Target’s strategy to keep a big portion of its products affordable is also proving to be costly for the retailer, with the company now saying it would raise prices to offset the unusually high transportation and fuel costs. 139000 139000 126000 113000

Best Buy Co. posted first-quarter results that showed shoppers pulled back on spending, while higher costs

ate into profits. The nation’s largest consumer electronics chain also cut its annual outlook, noting a deteriorating macro economic environment. Best Buy was among a handful of big winners in the pandemic, as shoppers splurged on tech equipment like 139000 3500 laptops to create home offices to help them with remote 2800 work or cater to the needs of their children for virtual learning. 126000 2100 But like many retailers, Best Buy is struggling with rising costs for everything from labor to shipping. The 1400 113000 electronics chain also had to navigate global chip 700 shortages. Another round of COVID-19 lockdowns in China is 100000 0 J F the M problem. A M JAndJ soaring A S fuel O costs N and D J only worsening the return of promotions are hurting the bottom line. Meanwhile, Best Buy, like other retailers, is also adjusting to changing shopping behavior. Demand for electronics is cooling as consumers go 3500to the office and resume normal lives. Inflation is back 12000 300000 3500 also making shoppers scrutinize their purchases. 2800

126000

2100 113000

1400 700

100000 100000 J F

J M

M J

J A

J S

A O

S N

O D

4,930 2,145

180000 120000 60000

J F M A M M A M J J M A M J J

J A A

J S S

A S O N O N D O N D

124,500 49,980

180000 120000 60000 J

4000 700 2000 0 0 J F M A J F JM FA M M AJ

120000 60000

M MJ

J JA

J JS

A AO

S N S

O D O

N N

D D

(includes all of Blue Earth and Nicollet Counties) 300000 240000

April 180000 Unemployment rate 120000 Number of non-farm jobs Number of unemployed

60000 J

0 F

J M

F M A A M J

M J

J A

2021

2022

3.4% 58,146 2,065

1.3% 60,354 766

J S

A O

S N

O D

Unemployment rates Counties, state, nation County/area

- 2021 - 2022

240000

180000

6000 1400

Mankato/North Mankato Metropolitan statistical area

240000

300000

D 0

300000

Minnesota number of unemployed

- 2021 - 2022

Nine-county Mankato region

240000

2100 8000

Employment/Unemployment

F M A A M J

Local number of unemployed 12000 12000 3500 10000 10000 8000 2800 8000 6000 6000 2100 4000 4000 1400 2000 2000 700 0 0 J F 0 J F

2800 10000

Blue Earth Brown Faribault Le Sueur Martin Nicollet Sibley Waseca Watonwan Minneapolis/St. Paul Minnesota U.S.

April 2021

April 2022

3.5% 3.7% 4.7% 5.0% 3.5% 3.2% 4.3% 4.9% 4.5% 4.1% 4.0% 6.1%

1.3% 1.7% 2.2% 2.5% 1.6% 1.1% 2.1% 2.3% 2.7% 2.1% 2.2% 3.6%

Source: Minnesota Department of Employment and Economic Development C. Sankey

MN Valley Business • JULY 2022 • 29

Sponsored by the Carl & Verna Schmidt Foundation

How to tell when money advice is bad By Sara Rathner | NerdWallet

here are a lot of people out there who want to tell you what to do with your money. The problem is only some of them know what they’re talking about. Whether it’s a friend with a hot investment tip, a relative spouting off outdated directives about the way it “should” be done or a social media influencer touting a trendy financial product, money advice can be hit or miss. You can filter out the useful tidbits and leave the rest, but to do that, you have to know how to evaluate which pieces of advice you can trust.

Consider the source

Certified financial planners, financial coaches or nonprofit credit counseling agencies can all supply you with advice that’s tailored to your unique circumstances. Look for professionals who don’t earn a commission when you agree to follow their advice by using recommended solutions. That way, you know you’re getting unbiased guidance. As an added bonus, you’ll also get a solid explanation of how different financial products work, which is knowledge that can serve you for years. “Financial matters tend to be complex, and I think that’s why it’s so important for individuals like myself to have education as a large part of what we do,” says Durriya Pierce, a certified financial planner and financial advice expert at Albert, a financial services company. A friend or relative who accomplished a similar financial goal could also have actionable tips to share. You might be able to lean on them as a source of emotional support while you work toward your own goal. There may even be some nuggets of wisdom in outdated advice that previous generations relied on. The next time you’re treated to a lecture about how cars cost a nickel back in the day, instead of scoffing in disbelief, ask open-ended questions. How much was your grandfather paid at his first job out of school? How much did your parents’ first house cost? That can open up a conversation about how salaries, housing costs and other money issues have changed over time, so you can both understand where the other person is coming from.

How feasible is advice

Money advice is like clothing. It’s designed to fit a person, but that person might not be you. Certain money best practices don’t work for everyone’s situation. “So often we ignore the context of what people are

30 • JULY 2022 • MN Valley Business

going through. Financial advice-givers don’t bring in the context and it’s really harmful when you don’t,” Luong says. “It perpetuates the myth that we can do this on our own and we cannot.” She cites the oft-discussed 50/30/20 budget — where you apply 50% of your take-home pay to “needs” (like housing, utilities and transportation), 30% to “wants” (like hobbies and travel) and 20% to savings and debt payments — as an example. In high-cost areas, she notes, rent alone might eat up half of your take-home pay. Bad money advice can also oversimplify a complex decision.

Too good to be true?

The internet and social media are rife with moneyrelated clickbait that promises near-instant success. Influencers sell access to expensive courses that claim they’ll make you a millionaire. High school acquaintances send you direct messages out of the blue, asking if you want to “be your own boss” by joining a multi-level marketing program. Many of these get-rich-quick schemes are a waste of time and money. “If it requires you to put money upfront first, that would be a red flag for me,” Luong says. She recommends taking a hard look at these offers by finding out as much as you can about them — including looking up reviews — before you fork over any money. Trustworthy money guidance isn’t going to make empty vows about guaranteed wealth. Look for advice that fits you, but gives you realistic expectations and a few alternative courses of action. “Be wary of any financial advice that seems like it’s black and white,” Pierce says. “Because it’s very much a gray practice.”

Sponsored by the Carl & Verna Schmidt Foundation

Prepare for better interest rates in savings accounts By Kurt Woock | NerdWallet

he Federal Reserve has raised its rate twice in 2022 and has said additional bumps are likely. These changes are designed to wrestle inflation down to manageable levels, but they have ripple effects in other areas of the economy — with mortgage rates and credit card interest rates heading up and the stock market moving in the other direction. The good news for consumers is that the interest rates in savings accounts usually go up when the Fed raises rates, which means more money in their pockets. If rates do rise, 4 in 5 American consumers plan to take action according to a new NerdWallet online survey conducted in April 2022 by The Harris Poll. Popular actions they plan to make include sending more money to their savings account and switching banks if they can find a good rate. You might be ready to make a move, too. Put yourself in a position to make it a smart one by doing these things.

Be patient

Current top interest rates in savings accounts are better than this January’s rates, but not by the same margin found in mortgage rate increases. Why? One commonly cited reason is that banks are already flush with more than $18 trillion in deposits, nearly 30% more than in March 2020, according to the Federal Reserve. Because higher interest rates would likely spur even more deposits, there isn’t a strong incentive for banks to raise rates quickly. Even if the pace is slow, expect interest rates on most savings accounts to continue climbing as interest rates overall rise. 2. Understand your options There are many types of savings accounts. Highyield savings accounts typically have better interest rates than traditional savings accounts, though a common trade-off is limited or no brick-and-mortar locations. You might also see good rates on money market accounts or if you buy a certificate of deposit, or CD. However, if you need frequent access to your funds, these might not be a good fit.

Do your research

For starters, check out all the rates offered in your area and online. Before you open a new account, scope out details beyond the interest rate. Monthly fees, high account minimums or fine print that reveals a sign-up bonus is too good to be true are reasons to pump the brakes. Finally, compare any new rate to your current rate. For example, a rate of 1% is great if your current rate

is 0.05%. But if your rate is already 0.8%, the benefits might not outweigh the hassle of switching. If your account balance is $2,500, for example, finding a rate that’s 0.25% higher will result in an additional $7 per year.

Plan for your cash needs

Online-only banks often have good interest rates, but depositing and withdrawing cash can be difficult. If you deposit or withdraw cash frequently, the higher rate might not be worth it. However, if it still makes sense to switch, you’ll need a plan. One option is to make cash deposits in another checking or savings account at a bank that does have in-person services and transfer it to the savings account with higher interest. For withdrawals, you could transfer money back to the account that has in-person services. Or, you could use an ATM. If you do, make sure you won’t be charged fees by your bank or by the ATM; fees from a single transaction could wipe out the equivalent of months of interest.

Get rid of other debt

Having your money make even more money just by sitting in an account is an appealing idea. But reducing debt can have a much bigger impact on your overall finances than finding a savings account with a higher interest rate. Before you research interest rates, first make a plan to reduce credit card debt or repay or refinance student loans.

MN Valley Business • JULY 2022 • 31

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GREENSEAM.ORG/CELEBRATION-22 32 • JULY 2022 • MN Valley Business

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MN Valley Business • JULY 2022 • 33 greatermankato.com/join

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34 • JULY 2022 • MN Valley Business

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Also located in | Alexandria, Bemidji, Brainerd, Crookston, East Grand Forks, Grand Forks, Wyoming MN Valley Business • JULY 2022 • 38