News Feed Item
Twin Cities Showing Sturdy Growth: BMO Economics Special Report
|By Marketwired .
|June 23, 2014 06:00 AM EDT
MINNEAPOLIS/ST. PAUL, MN -- (Marketwired) -- 06/23/14 --
- Minnesota economy growing at a firm pace, well ahead of the national average
- GDP growth is expected to remain healthy at 2.5 percent in 2014
- The Twin Cities show solid growth thanks to a variety of service industries
- Jobs lost during the recession now recovered
The Minnesota economy continues to grow at a firm pace and growth is expected to remain healthy at 2.5 percent in 2014, according to a Special Economic Close-up Report on Minnesota issued today by BMO Economics. Real GDP in the state grew 2.8 percent in 2013, well ahead of the national average. Manufacturing output rebounded after a soft patch in 2012, while trade, finance and professional services all posted solid growth.
In the twin Cities (Minneapolis-St. Paul-Bloomington), the sturdy and diverse economy is expected to remain on a solid growth track in the years ahead, according to the report. A cyclical upturn in manufacturing and exports will help, as will a continued recovery in the housing market. Beyond that, the bigger picture is that the area boasts exposure to a wide swath of service industries which continue to churn out steady job growth.
"Our state and metro area have a lot going for them with our job growth, diversity of industries and the confidence businesses have shown by investing in their operations and people," said Todd Senger, Minnesota Regional President, BMO Harris Bank. "This report confirms the positive outlook we have seen among businesses and business owners in the last few months, and we fully expect to see the upturn continue as more and more businesses feel the effects of the growth in our area."
Job growth is an important positive indicator in the Twin Cities, averaging a 1.4 percent year over year pace through the first 4 months of 2014, just slightly below the national rate; all the jobs lost during the recession have now been recovered. At 4.5 percent, the unemployment rate remains well below the national average, and has fallen 0.5 percentage points in the past year. Private-service industries are posting the strongest job growth in the region with finance, professional and scientific services and leisure/hospitality-related industries leading the way.
"The area includes more Fortune 500 companies per capita than any other major metro region in the United States; this diversity helped soften the downturn, with real GDP falling 3.5 percent peak-to-trough on an annual basis versus 4 percent for all metro areas," said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. "Many Midwest cities, such as Chicago, St. Louis and Indianapolis, are just now seeing real GDP return to pre-recession levels. Contrast that to Minneapolis-St. Paul where GDP was 5.2 percent above the 2008 high according to the latest available city-level data."
While many metro areas are still seeing factory output below pre-recession levels, output in Minneapolis rebounded more than 7 percent per year since bottoming in 2009, and now sits well above the prior peak seen in 2006. As a result, the industrial availability rate has fallen sharply to 6.7 percent by the first quarter of 2014, down more than 5 percentage points from the post-recession high in early 2010 and well below the 11.1 percent national average.
Conditions are also improving within the regional housing market. "The region has a lot going for it in terms of the housing market. Home sales are increasing, the vacancy rate is down to pre-recession levels, and the months' supply of single-family homes on the market averaged only 3.5 percent during the past year," said Mr. Gregory. "However, while the resale market is improving, construction activity remains soft. The number of private housing permits was just under 12,000 in the twelve months through April, down from a 25,000 per year pace in the decade leading up to the recession. On the bright side, this is still twice the level seen between 2009 and 2011." After harsh winter weather weighed on building activity across much of the Midwest early this year, continued steady gains in homebuilding are likely as the housing market recovery continues.
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 ® and BMO Harris Bank® are trade names 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 $582 billion in assets (as of April 30, 2014).
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open.
Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Sep. 25, 2016 11:30 AM EDT Reads: 4,290
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams.
In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Sep. 25, 2016 11:30 AM EDT Reads: 1,490
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Sep. 25, 2016 11:00 AM EDT Reads: 1,469
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT.
In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
Sep. 25, 2016 11:00 AM EDT Reads: 1,544
I’m going to cry tonight, long and hard. I’ll do so as I remember and mourn Jeremy Geelan.
I knew Jeremy for almost 20 years, from the time he showed up one day at Cloud Expo’s headquarters in Bergen County, New Jersey, and went to work. The show wasn’t called Cloud Expo then, of course – it was still known as Java Edge, a pioneering event that grabbed developers, architects, and enterprise IT users alike for twice-yearly confabs.
Jeremy didn’t have a job there, or even a job offer. He was s...
Sep. 25, 2016 10:45 AM EDT Reads: 3,579
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom.
China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Sep. 25, 2016 10:30 AM EDT Reads: 1,687
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Sep. 25, 2016 10:15 AM EDT Reads: 822
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud.
In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Sep. 25, 2016 10:00 AM EDT Reads: 1,334
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related?
In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
Sep. 25, 2016 10:00 AM EDT Reads: 940
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself.
Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive.
In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
Sep. 25, 2016 10:00 AM EDT Reads: 865
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production.
He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
Sep. 25, 2016 10:00 AM EDT Reads: 993
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming.
For more information, visit http://www.pulzzesystems.com.
Sep. 25, 2016 09:45 AM EDT Reads: 1,763
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 25, 2016 09:00 AM EDT Reads: 1,537
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Sep. 25, 2016 08:15 AM EDT Reads: 1,464
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures.
In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Sep. 25, 2016 08:00 AM EDT Reads: 1,485