Businesses in Milwaukee and Waukesha counties are optimistic about 2010, according to a new report released by First Business Bank.
The report indicated 65 percent of 566 businesses in the two counties expect to do better in 2010. Only 46 percent of businesses had expected better company performances for 2009.
This is the second year First Business has been conducted the economic survey of Milwaukee and Waukesha Counties.
“The survey indicates that there are some real challenges ahead,” said Dave Vetta, president and chief executive officer of First Business Bank-Milwaukee. “However, there is also real optimism which will serve our business community well.”
The First Business Economic Survey of Milwaukee and Waukesha Counties was sponsored by First Business Bank and Carroll University and was conducted by the A.C. Nielsen Center for Marketing Research at the University of Wisconsin-Madison School of Business
Nearly 50 percent of the businesses in Milwaukee and Waukesha counties expect to see an increase in sales and profitability in 2010.
“There is a certain level of confidence that the economy will turn around,” said Greg Kuhlemeyer, associate professor of business at Carroll University. “Firms have been able to weather a difficult year and are poised for a recovery.”
The survey also asked the businesses to assess how they fared in 2009 within seven economic categories: sales revenue; profitability; total operating costs as a percentage of revenue; capital expenditures; number of employees; overall wage changes; changes in pricing; and operating capacity.
The results of the survey showed that this year all business sectors reported declines in all seven economic segments.
“There were definitely a lot of adjustments in the business community in 2009,” Kuhlemeyer said. “We saw some significant change, which in hindsight were not necessarily surprising or unexpected and are a reflection of the effects of the recession.”
To listen to an audio recording of a panel discussion talking about the survey and its results, visit http://www.firstbusiness.com/center/podcasts/.
