Illinois Economy Continues to Expand at Moderate Pace -- BMO Economics

CHICAGO, Feb. 14, 2012 /PRNewswire/ -- The Illinois economy continues to expand at a moderate pace, and has picked up some momentum supported in part by firm manufacturing and exports, according to the State Monitor report released by BMO Capital Markets Economics. 

The business sector remains firmly in expansion territory.  Helped by a weak U.S. dollar and firm global demand, exports are up a hefty 36 percent year-over-year in third quarter; and manufacturing is firm, gradually adding jobs. 

"Our commercial customers continue to express optimism and confidence," said Dave Casper, Executive Vice President and Head of Commercial Banking, BMO Harris Bank. "Our local expertise, sector knowledge and mid-market focus are real advantages to helping our customers find solutions as they invest and upgrade their businesses."

Job growth in Illinois has become sluggish in recent months, with nonfarm payrolls 0.9 percent above a year-ago levels in December, but still below the national rate.  However, manufacturing jobs are up a firm 1.9 percent year-over-year, with companies like Deere and Caterpillar benefiting from solid exports.  Recent government-sector layoffs continue to challenge employment numbers.

"The Illinois housing market has shown some early signs of stabilizing. Existing homes sales were nearly 20 percent above prior-year levels in 2011Q3," said Dr. Sherry Cooper, Chief Economist, BMO Financial Group.  "New home foreclosures are easing; industrial and office availability rates continue to trend down, and the months' supply of existing homes available for sale is well below peak late-2009 levels."

The full State Monitor report can be downloaded at bmocm.com/economics.

About BMO Financial Group
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through approximately 700 branches and approximately 1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida.  BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S.  Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. Equal Housing Lender. NMLS#401052. BMO Harris Bank(SM) and M&I® are trade names used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.

SOURCE BMO Harris Bank

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