The economy in Northeastern Wisconsin took a step toward improvement in 2010, and most hope it means an even more robust 2011.
The Green Bay area unemployment rate at the end of the year was at a level that 15 years ago would have been considered near full employment. But standards have changed, and 6.7 percent no longer meets expectations.
It is an improvement from 7.5 percent in November 2009 and the recent high of 9.1 percent in March 2009, but still means that at least 11,500 people in Brown, Kewaunee and Oconto counties are without jobs.
On the plus side, 159,800 people are working, up from 155,600 one year ago, reflecting a national trend of slow job growth.
The Green Bay area did not experience the mass layoffs during the recession that were seen in places such as Janesville, which lost its General Motors manufacturing plant. During the past year, a number companies, such as Humana Inc., SMT Machine & Tool Inc. of Howard and EMT International of Hobart, increased employment.
Banks in Northeastern Wisconsin continued working to get a handle on its balance sheets, but, as with manufacturing, the area suffered less than other regions.
One of the year's biggest business events for the region occurred this month, when Marshall & Ilsley Corp. announced it was being sold to BMO Financial Group in a $4.1 billion deal. BMO is the parent company of Bank of Montreal in Canada and Harris Bank in the United States.
M&I is the largest bank based in Wisconsin and has branches throughout the northeastern part of the state. The deal is expected to close at the end of July and will leave Associated Banc-Corp of Ashwaubenon as the state's largest home-based financial services company.
Another bank's problems provided an opportunity for Nicolet National Bank of Green Bay, which purchased four metro area branches of Madison-based AnchorBank, which was selling assets to keep from being among those taken over by regulators. The move more than doubled Nicolet's physical presence in the community.
The banking crisis is not over. The Wall Street Journal reported Monday that 100 mostly smaller banks that received federal government bailout funds, including Legacy Bank of Milwaukee, are in danger of failing.
Home sales continued to lag in the region, as they have across the country. The collapse of the real estate bubble was one of the main causes of the recession, and its effects continue to be felt. According to the Wisconsin Realtors Association, 1,967 houses were sold in Brown County in 2010, compared with 2,382 in 2009 and 2,692 in 2007. December totals are not complete, but they would have to surpass any December in the last three years to bring 2010 total sales on par with 2009.
Real estate analysts have said throughout the recession and recovery that home prices held better in Wisconsin than many other states, and that's reflected in the Brown County numbers. Median home prices in Brown County in 2010 averaged $139,000, compared with $135,000 in 2009. They still trail 2007, though, when the average price was nearly $11,000 more.
A sign that consumers are spending a bit more is improving sales tax collections.
After seeing its receipts fall 7.3 percent from 2008 to 2009, the Green Bay/Brown County Professional Football Stadium District was down only 1 percent from 2009 to 2010.
Source: www.greenbaypressgazette.com
No comments:
Post a Comment