An Uncertain 2014 Has Businesses Planning To Spend Less - WBAY

An Uncertain 2014 Has Businesses Planning To Spend Less

Updated:

Don't expect a lot of new jobs to open up next year in Northeast Wisconsin.

The results of the 2013 Business Economic Survey were presented at the annual New North Summit today.  Uncertainty about a lot of things, has many businesses planning to hold onto their money.

 In recent years there has been steady growth in Northeast Wisconsin in the number of businesses seeing their profits increase from year to year.

This year that number is significantly lower, but there are also fewer businesses reporting a decrease in profits and more reporting no change at all according to Mickey Noone, Regional President for First Business Bank.

"So revenues are still growing for at least half the companies, profitability is still growing it's just by a lesser degree," says Noone.

The report released at today's Annual New North Summit also noted that area businesses are spending less this year and expect to watch their bottom line even closer in 2014, for a number of reasons.

"Uncertainty in cost for what healthcare is going to cost, so there's some things, as the governor mentioned earlier, that are going to hold the economy back to a certain degree, says Noone.

At the New North Summit Governor Walker re-emphasized the importance of training skilled workers.

"For many of our small and mid sized manufacturers they would probably take on more work if they could fill the positions they have open," says Governor Walker.

This year, the report said retail was the only industry reporting an increase in profits and expects to see significant growth next year.

"There's less optimism in technology a little bit less optimism in manufacturing, again still growing, but retail really was the shining star in the survey we saw this year," says Noone.

The forecast is more mild for business growth as a whole in Northeast Wisconsin.  Slow, but steady.

Read the full report: http://www.firstbusiness.com/pdf/econsurvey/2013FirstBusinessEconomicSurvey_NEReport.pdf

 

 

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