Wisconsin Economy Continues Moderate Expansion With Recovery in Manufacturing and Exports - BMO Economics

MILWAUKEE, Feb. 14, 2012 /PRNewswire/ -- The Wisconsin economy is expanding at a moderate pace, as manufacturing continues to grind out a modest recovery, while agriculture output is on pace for another solid year, according to the State Monitor report released today by BMO Capital Markets Economics.

The Business sector remains firmly in expansion territory.  Helped by a weak U.S. dollar, exports (both manufactured and non-manufactured) have performed well so far in 2011, up 13.4% year-over-year through third quarter. 

"Our commercial customers continue to express optimism and confidence in the state's economic resiliency," said Jeff Ticknor, Managing Director and Head of Commercial Banking, Wisconsin, 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."

While the housing market remains weak, with prices down 3.0% year-over-year in the third quarter, it continues to see much more modest declines than in other parts of the country—prices have dropped a relatively tame 8.3% from peak levels. The foreclosure rate was 3.5% in third quarter, below the national rate of 4.4% and holding steady in the past year, while new foreclosures have started to ease.

"Wisconsin's diverse economy weathered the recession relatively well," said Dr. Sherry Cooper, Chief Economist, BMO Financial Group. "Although job growth lost some momentum since mid year, the state sports a below-average jobless rate and less wounded housing market than in many other parts of the country."

Additionally, Agricultural exports were also up more than 15 percent year-over-year through third quarter. Expected continued growth in manufacturing—production has picked up sharply and the corn harvest was running ahead of the 5-year average by late November.

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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