Businesses Optimistic for Iron Range Economic Recovery - March 2016

Businesses Optimistic for Iron Range Economic Recovery The Iron Range is due for some promising news after the rapid decline during 2015 followed by the shutting down of several large plants and the layoffs of thousands of workers. The outlook for the region however is currently unclear. For many, optimism is all they have for the industry and many claim that there is going to be a bounce back in the year 2016.

For others however, it seems as if things are going to remain stagnant and without change. Of the 229 businesses polled, 52% expected things to remain the same while another 43% anticipated that things would get better. Though businesses are surely being more cautious, many hope that 2016 will show the increase in order that is so desperately needed to begin the recovery of the region.

For those supporting industries that are dependent on mining, there is also hope of improvement.

Though all industries in the region are connected, there is not expected to be an increase in any one sector this year but rather a general improvement across the board. If mining makes a comeback then those industries like conveyor belt production will also improve.

Even if the mining industry does make a comeback, it will take time to see improvement in the region overall but many are hopeful that change is coming. Only time will tell if the mining industry is truly making a comeback or if they are in for another devastating year of layoffs and hard times. So far, the optimism for the future seems to be split between those that feel there will be no change and those that are hopeful for a brighter outlook for the mining industry this year.

Thus far there has been no dramatic change in the industry to support either side of the argument but in the coming months a change is sure to be noticed if there is one at all.