Milwaukee's economic recovery will continue to gain ground, supported by a moderate and sustainable pace of hiring. Based on recent trends, job creation…
By Alan L. Pontius - Managing Director of The Special Assets Services Division of The Marcus & Millichap Real Estate Investment Services.|December 01, 2010 at 01:01 AM
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Milwaukee’s economic recovery will continue to gain ground, supported by a moderate and sustainable pace of hiring. Based on recent trends, job creation will reach 3,800 new positions in 2010, an increase of 0.5% from 2009, matching the forecasted national growth rate. Though gains have been relatively modest, the resumption of employment growth this year remains a welcome change after losing a combined 65,000 jobs between 2008 and 2009. The majority of employment sectors in the metro area have either stabilized or resumed growth as of the third quarter. Year-to-date in 2010, expansion has been most robust in the leisure and hospitality segments, and a recent decision by Harley-Davidson to remain in Milwaukee should preserve jobs over the extended outlook. Additionally, the impact of the housing market downturn on the local economy has been moderate when compared to other markets around the country. As of Q3, the median existing home price in the metro area was within 10% of peak levels, compared to a drop-off of roughly 25% nationwide.
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