Nearly three quarters of bank CEOs rate Wisconsin’s current economic health as “excellent” or “good.” This is according to the Wisconsin Bankers Association’s biannual survey of Wisconsin bank CEOs.
The most recent survey results show some easing of inflation and recession concerns. Eighty-six percent of respondents predict inflation to fall or stay about the same over the next six months. Compare that to 76 percent of respondents in the prior survey conducted at the end of 2022.
Pessimism is fading as only 48 percent of respondents predict the economy to worsen over the next six months. Compare that to 72 percent of respondents at the close of 2022.
“Wisconsin bank CEOs have unique knowledge of their local market dynamics, given their economic expertise along with their relationships with businesses, community organizations, families, and individuals in their areas,” says WBA President and CEO Rose Oswald Poels. “With a mild recession predicted for the remainder of the year, bankers continue to serve as trusted partners in helping community members weather challenges and achieve their financial goals.”
In an interview with Mid-West Farm Report, Oswald Poels also speaks to data showing Wisconsin banks remain on solid footing:
“Wisconsin banks are well-positioned to weather the mild economic downturn that is expected in the remainder of 2023,” she says.
According to the survey, CEOs see economic bright spots: high employment and wages, demand for goods and services, and strong industries. Strong industries include summer tourism, construction, agriculture, and manufacturing. Another bright spot: in-migration from the Twin Cities and Chicago as a bright spot.
Top economic concerns reported by bank CEOs were inflation and labor, deposit growth, and compressing interest rate margins.
Survey results are available at www.wisbank.com/23survey.
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