MMAC sees Milwaukee economy continue to improve

Special to The Freeman

Sept. 16, 2013

MILWAUKEE — Metropolitan Milwaukee posted a solid economic performance in July, according to a monthly report by the Metropolitan Milwaukee Association of Commerce.

Seventeen of MMAC’s 22 available July indicators improved from year-ago levels, which matches the number of positive indicates posted in June.

According to the report, six of 10 major sectors registered year-over-year job increases in July, with construction, mining and natural resources sectors posting the largest percentage gain, which was up 13.6 percent.

Existing home sales in metro Milwaukee grew at a 16.9 percent pace in July. July’s gain marks the strongest gain posted through the year’s first seven months.

The number of unemployed fell 3.1 percent in July from year-ago levels. The unemployment rate for the metro area fell 0.3 percentage points from one year ago. Milwaukee’s seasonally unadjusted rate of 7.6 percent in July ranks below the 7.7 percent rate registered nationally but above the 6.8 percent rate recorded for Wisconsin.

“The aggregate number of improving indicators in the past two months has reached a high-water mark relative to its performance over the previous 11 months,” said Bret Mayborne, the MMAC’s economic research director. “While the base of growth has certainly broadened recently there still is come concern about whether the level of local growth is strong enough to be sustainable for an extended period.”