News Releases

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

• Business Sector Firmly in Expansion Territory
• Agriculture Output Holding Firm
• Housing Market Relatively Healthy

MILWAUKEE, February 14, 2012 - 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 Harris Bank N.A.
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. BMO Harris Banksm, M&I® and Harris® 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.

BMO Harris Bank is a trade name used by BMO Harris Bank N.A. Banking deposit and loan products and services are provided by BMO Harris Bank N.A. Member FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registe red broker/dealer, member FINRA/SIPC, and SEC-registered investment advisor. Insurance products are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCMC) and BMO Capital Markets GKST, Inc. (GKST), a Municipal Bond Dealer and member FINRA and SIPC. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc. (Harris SBSB), an SEC registered investment advisor. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC (Harris myCFO), an SEC-registered investment advisor and wholly-owned subsidiary of Harris myCFO, Inc. Stoker Ostler Wealth Advisors (Stoker Ostler) is an SEC-registered investment advisor. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM) or its wholly-owned subsidiary HIM Monegy (Monegy), SEC-registered investment advisors. Products offered by HIS, HBIS, BMOCM, Harris SBSB, Harris myCFO, Stoker Ostler, HIM, and Monegy, which are affiliated companies and wholly owned subsidiaries of BMO Financial Corp.,: Are not insured by the FDIC or any Federal Government Agency, not a deposit of or guaranteed by any Bank or Bank Affiliate, may lose value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Not all products and services are offered in every state and/or location.