Welcome!

News Feed Item

BMO Economics Special Report: Illinois Economy Set to Grow 2.5 Percent in 2014 With Boost From Business Investment

CHICAGO, IL -- (Marketwired) -- 04/25/14 --


  • BMO Economics Special Report on Great Lakes region says economic activity will bounce back in 2014
  • Illinois economy expected to grow 2.5 percent this year and 2.9 percent in 2015
  • Exports will continue to rise following solid fourth quarter in 2013, with strong Chicagoland factory activity

The Illinois economy in 2014 will see notable improvement over last year, according to a special report released today by BMO Economics on the economic output from the Great Lakes region. The report, North America's Economic Engine, was released to coincide with the Council of Great Lakes Governors meeting, taking place in Chicago on April 25-26, 2014.

The report notes that the region is a major driver of North American economic output, employment and trade, accounting for nearly a third of combined Canadian and U.S. output, jobs and exports. Real GDP in Illinois is expected to rise 2.5 percent in 2014 and a further 2.9 percent in 2015, up from a below-average rate of 1.4 percent last year.

"The major bond-rating agencies -- Moody's, Fitch, S&P -- have all in recent week's heralded Illinois' passage of pension reform legislation; the hard work we have done over the last five years to rein in our budget; and the 5-year blueprint I introduced last month to stabilize the state's tax base as evidence that Illinois is now on a path toward 'fiscal stability,'" said Pat Quinn, Governor of Illinois. "We were pleased this week to learn the state's unemployment has fallen to its lowest in five years. There are more people working now than when I took office five years ago. Since 2010, Illinois has added 257,400 private-sector jobs. Site Selection magazine ranks Illinois 3rd in the nation for new business sites and expansions, so we welcome you to consider investing in Illinois. We can offer you wide tracts of land, world-class universities, symphonies and theaters, a well-educated workforce and a 21st-Century infrastructure with transportation access to the world."

"The Great Lakes region has so much going for itself with transportation infrastructure, advanced manufacturing, research and development, digital manufacturing, strong locally-rooted financial institutions, and some of the world's best post-secondary institutions," said Ambassador David Jacobson, Vice-Chair, BMO Financial Group. "I am delighted that the Council of Great Lakes Governors meeting is taking place here in Chicago, which is home to dozens of Fortune 1000 companies. We are a city like no other when it comes to reinventing itself. The discussions over the next two days here in Chicago will allow us to explore opportunities to create jobs, strengthen trade, open doors to new discoveries, and drive innovation and prosperity for all in the region."

Real GDP in Illinois is expected to rise 2.5 percent in 2014 and a further 2.9 percent in 2015, up from a below-average rate of 1.4 percent last year. Export growth should continue this year after rebounding in the fourth quarter of 2013 following a slow start to the year. Factory activity in Chicagoland is in recovery mode as well, with the Chicago Purchasing Managers Index (PMI) surging to a 2.5 year high recently.

"Business investment is expected to help the Illinois economy pick up in 2014 and the fading of public sector drag should also help boost growth in the State," said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. "The housing market, too, is gathering momentum and in Chicago we have seen double-digit increases for home prices year over year. With improvement in economic growth and confidence in the state, we can expect to see an even more substantial recovery in home prices in the coming year."

Job growth in Illinois remains muted, running at a 0.5 percent year-over-year pace in the three months through March. The unemployment rate is expected to drift down to 7.6 percent in 2015.

Industries that had previously helped carry the state economy out of the slowdown -- such as manufacturing -- are now sluggish. However, employment at the state and municipal government levels has evened out and is no longer acting as a major drag on the labor market.

To view a full copy of the report, visit www.bmocm.com/economics.

About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American financial services provider, with more than 2,300 employees operating in 16 North American offices and 29 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE: BMO) (TSX: BMO), one of the largest diversified financial services providers in North America with US$532 billion total assets and more than 45,500 employees as at January 31, 2014.

About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, 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. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $593 billion in assets (as of January 31, 2014).

PDF Attachment Available: http://media.marketwire.com/attachments/201404/74508_BMO_Attachment_1109678.pdf

Attachment Available: http://www2.marketwire.com/mw/frame_mw?attachid=2576135

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.