Most of the regional economic indicators tracked by the Metropolitan Milwaukee Association of Commerce continue to post gains, but fewer are posting gains than were doing so in 2014, according to the latest report from the MMAC.
In November, 12 of 22 indicators improved. Employment in the metro area grew 0.8 percent in November.
For the first 11 months of the year, 15 of 23 indicators posted gains over 2014 levels. By comparison, in 2014 18 of the 23 indicators tracked by the MMAC posted gains in 2014 over 2013.
“For the most part, solid gains were posted for the majority of metro area economic indicators in 2015,” said Bret Mayborne, the MMAC’s economic research director. “Yet by in large these gains have been unspectacular, with aggregate growth levels lagging those registered in 2014. Statistically there is still one more month of data coming for 2015, but after 11 months the overall trend is pretty well established.”
Nonfarm employment in metro Milwaukee will likely finish with a 1 percent gain over 2014, which would be the fifth consecutive year of job growth, according to the MMAC report. The total number of jobs in the metro area could finally reach the pre-Great Recession high in 2016, the report states.
However, the manufacturing sector in the area is expected to post a jobs decline in 2015. Manufacturing jobs in the area fell 2.6 percent in November, and were down 0.7 percent for the first 11 months of the year.
The metro Milwaukee unemployment rate was at 4.4 percent in November. The yearly average of about 5 percent matches the lowest annual rate since 2006, according to the report.
Existing home sales in the region were up 4.1 percent in November and are up 12.2 percent over the first 11 months of 2014, according to the report.
However, the number of new car registrations in the area dipped 6 percent in November and are down 1.1 percent from the first 11 months of 2014.
See more economic data reports on the BizTracker page.
