Businesses in Milwaukee and Waukesha Counties are slightly more optimistic about 2013 than they were heading into 2012, according to the First Business Economic Survey released last week by First Business Bank-Milwaukee.
Sixty-five percent of the survey respondents said they expect their companies to perform better in 2013, compared with 61 percent who held that expectation at the start of 2012.
First Business Bank has been conducting the economic survey of Milwaukee and Waukesha Counties for the past five years. This year’s survey was based on the responses of 475 businesses across the two counties.
“It’s no secret that it has been challenging for some Milwaukee and Waukesha County businesses,” said First Business Bank-Milwaukee president Dave Vetta. “But they continue to be optimistic and are working on strategies and measures to make 2013 a better year. Manufacturing continues to drive the economic upswing in Milwaukee and Waukesha Counties. “We will need to build on that base and work to extend that strength to other sectors of the business community.”
Overall, Milwaukee and Waukesha Counties showed a slight increase in sales revenue, and more than 40 percent of businesses reported an increase in profitability, the highest level since the survey began.
The report also showed statistically significant wages changes, with nearly 14 percent indicating a decrease in 2012 compared with more than 8 percent in 2011. A bright spot, however was in technology. More than 69 percent of technology businesses reported an increase in wages for 2012, the highest since the survey’s inception.
The results of the survey were unveiled last week at a conference titled, “Workforce: The 2013 Priority.” The conference, which was held at the Milwaukee Marriott West in Waukesha, was presented by First Business Bank, the Waukesha County Business Alliance and BizTimes Media.
Gov. Scott Walker opened the conference with an address in which he promised to focus on five key priorities in the year ahead: (1) job creation; (2) workforce development; (3) infrastructure; (4) education reform; and (5) government reform.
Walker said the state needs to do a better job marketing careers in manufacturing and the skilled trades to parents, students and guidance counselors.
Walker’s address was followed by a panel discussion about strategies to bridge Wisconsin’s skills gap. The panel was moderated by Vetta and featured: Reggie Newson, secretary of the Wisconsin Department of Workforce Development; Tim Sullivan, special consultant to the governor; Dan Haight, CEO of BuySeasons; Bill McCoshen, executive director of Competitive Wisconsin; and Brian White, president of GE Energy Waukesha Gas Engines.
“Manufacturing has rebounded in the state of Wisconsin,” Sullivan said. White said he has difficulty recruiting engineers to come to Wisconsin, but once they do move here, “they don’t want to leave.”
To view the entire First Business Bank survey, click here.
