Milwaukee economic index dips and Glenn Reider Inc., finishes Las Vegas contract
Milwaukee economic index dips in December
The Milwaukee area’s rate of economic growth slowed down a bit in December, according to the Business Survey of the Institute For Supply Management-Milwaukee, which said today that its Milwaukee index in December was 52, down 5 points from November.
However, the Milwaukee Index score is a major improvement compared with the December of 2008 index of 35.
The Milwaukee Index was at 50 in October and at 58 in September.
Any reading over 50 indicates expanding economic activity.
For December, new orders received were down 8 points to 55. Production dropped 7 points to 57. Backlog declined 2 points to 49. Supplier lead times were down 6 points to 34. Blue collar employment is down 3 points to 51. White collar employment is down 5 points to 51. Inventory levels dropped 2 points to 37.
However, some economic indicators were up in December for the Milwaukee area. Capital equipment spending increased 2 points to 58. The prices paid index increased 1 point to 55.
Glenn Rieder Completes work in Las Vegas
Glenn Rieder, Inc. in Milwaukee, completed its commercial interior contracting services for over 20 different venues at the recently unveiled CityCenter in Las Vegas, Nev.
"The combined $21.8 million value of our work at CityCenter is the largest for a single project in our company’s history," said Michael Floyd, C.E.O. "We were pleased to have the opportunity to bring the vision of MGM and its world famous designers to fruition. CityCenter is truly a showpiece of innovative design and custom craftsmanship."
In order to meet the Leadership in Energy and Environmental Design (LEED) requirements of the project, Glenn Rieder secured Forest Stewardship Council (FSC) certification. The certification enabled the company to fabricate certified millwork items utilizing FSC wood — including bamboo for the buffet and recycled barnwood for an Italian restaurant in the Aria building.
"Everything from the nine luxury suites on the 57th floor of the Aria tower to the four restaurants, two lounges and 15 assorted areas in the Aria and Mandarin buildings was custom fabricated by our skilled cabinetmakers," Floyd said. "Nearly 122,000 man-hours were devoted to engineering, manufacturing and installing the custom-built architectural interior finishes at CityCenter."
Glenn Rieder is a national millwork and interior specialty contractor known for its work in high-end casinos, restaurants, hotels, corporate and institutional facilities. CityCenter is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World.
Treasury to hike ownership share in GMAC
The federal government will take a majority ownership stake in the troubled auto lender GMAC, providing another $3.8 billion in aid to the company.
GMAC has been unable to raise from private investors the money it needs to stave off its losses.
The new aid package for GMAC comes as most large banks are repaying the funds they owe the federal government through the Troubled Asset Relief Program (TARP).
GMAC, which already had received $12.5 billion in direct federal aid along with other forms of government support, is the largest lender to General Motors and Chrysler dealerships and to their auto-buying customers.
The Treasury Department said it will increase its stake in GMAC to 56 percent from 35 percent.
The government plans to appoint four of the company’s nine directors.
GMAC becomes the sixth company taken over by the federal government in the last two years, joining mortgage financiers Fannie Mae and Freddie Mac, automakers General Motors and Chrysler, and the insurance company American International Group (AIG). The government also owns a large stake in Citigroup.
Survey indicates frozen salaries for 2010
Most executives at companies surveyed by QPS Employment Group do not expect salary increases in 2010.
The Brookfield company’s latest employment forecasting survey of about 300 executives found that 61 percent are not expecting pay raises at their companies next year, while 39 percent are expecting raises.
Of those 39 percent expecting raises, the average salary increase expected is 2.76 percent.
QPS, a staffing and recruiting firm, surveyed more than 300 companies, including manufacturers, banks, printers, distributors and information technology firms throughout Wisconsin and northern Illinois.
“We are expecting companies to return staff to previous levels before granting salary increases,” according to Dan McNulty, executive vice president and chief operating officer of QPS. “For most companies, budgets are still very tight and employers are taking a cautious approach after having made dramatic cuts in 2009.”
New medical technology could enhance cell diagnosis
A novel molecular imaging technology aimed at rapid diagnosis of cell death in organs such as the brain and heart has been licensed by the Medical College of Wisconsin to GE Healthcare in Waukesha.
Under the license, GE will further evaluate and develop the technology and will have an option to commercialize the technology. The technology, using imaging probes with a radiopharmaceutical compound, was invented by Ming Zhao, Ph.D., assistant professor of biophysics.
The probes bind to dead and dying cells, making them useful for detecting acute cell injury and cell death. When the active component of the molecule is attached to a radioactive tracer, it can be used in nuclear medicine imaging techniques, such as PET (positron emission tomography) or SPECT (single photon emission computed tomography), to produce three-dimensional images of where this cell death is occurring.
According to Zhao, “Imaging agent discovery and development is an important aspect in molecular and medical imaging research. The process is critical for the improvement of existing imaging technologies and for early detection of acute cell death, cancerous tissue growth and major vessel diseases.”
The ability to image dead and dying cells can have major clinical benefits, Zhao said. For example, it could allow oncologists to rapidly monitor tumor response to a specific therapy. Another potential application is for rapid diagnosis of myocardial infarction.
“We are pleased to be working with GE on this technology,” said Dennis Devitt, the director of marketing and licensing for the Office of Technology Development (OTD), the technology transfer arm of the Medical College. “Working with the market leader in medical imaging allows this technology to be quickly moved from the research laboratory into patient care,” Devitt said.
