Seventy-six percent of Wisconsin bank CEOs deem the state’s current economic health as “excellent” or “good,” according to the Wisconsin Bankers Association’s most recent Economic Conditions Survey.
Seventy percent of CEOs predicted the state’s economy will remain unchanged over the next six months, up from the split survey response at the end of 2023. Two-thirds expect inflation will stay the same, while 26 percent anticipate a decline.
Bank CEOs highlighted increased spending levels, demand for new construction and various services, and high employment and production as signs of the current strength of the economy. Additionally, Wisconsin’s level of real estate vacancies was relatively low. While Moody’s Analytics reported national vacancies around 20 percent at the end of 2023, Wisconsin averaged around 11 percent, according to respondents.
CEOs cited declines in grain and dairy prices along with employee shortages in manufacturing as concerns for the rest of this year. CEOs also expressed uncertainty about the upcoming election’s impact on economic activity. Other concerns this year include elevated living expenses, rising debt and housing accessibility concerns.
“WBA’s biannual survey is a valuable tool in identifying economic trends in Wisconsin thanks to the insights of bank CEOs as both financial experts and active community members,” said WBA President and CEO Rose Oswald Poels. “Bankers understand that individuals, families, and businesses continue to feel the pressure of inflation, and banks stand ready to assist their customers in weathering economic challenges.”
The survey was conducted from May 21-June 21 with 66 respondents.
