It's been almost 19 years since metro Milwaukee last registered an annual average employment high. In that period, we have gone through two national recessions -- one mild and one deep. At the present pace of growth, the metro area should reach a new all-time high in 2018, averaging an estimated 875,300, somewhat higher than the year 2000 average of 874,700.
Likewise, the metro area unemployment rate should reach a historical low. At the present pace, the local unemployment rate should average an estimated 3% in 2018, below the record 3.2% average rate posted in 1999. While the historical record only goes from 1990 to present for this series, a review of unrevised data from earlier years suggest that the annual rate has not been lower since sometime before 1970. >>Read more of this eNewsletter
What does MMAC mean to your business? In addition to helping you network, strengthen your company and improve the business climate, we can also save you money!
by MMAC President Tim Sheehy
As employers we want a region that is globally competitive, producing high-value jobs that sustain a vibrant quality of life for all. So, the dangers of a barbell economy are real. An economy weighted on one end with growing prosperity and on the other with growing disparity, is not one that will sustain its health or vibrancy.
The demand for talent is clear and present. The danger is the region’s working age population will grow at less than 1% over the next 20 years. Metro Milwaukee is experiencing unprecedented employment. Sixty-one percent of employers are projected to increase hiring according to our second quarter survey, and wage gains are at a 17-year high. On the flip side, 29% of the city’s residents (169,000) are living on incomes below $25,000.
Milwaukee Tool is expanding again in Brookfield, with plans to build a $32 million R&D facility - a project expected to create 350 new jobs.
The company has purchased a 3.5-acre site near its current facility that will house an advanced manufacturing research and development facility and office space. The 114,500-square foot, multi-story building is expected to be completed by late 2019.The company plans to create 350 jobs at the facility over the next five years - primarily engineering and software positions with an annual average salary of $75,000.
The June 28 ceremonial groundbreaking for Foxconn's future 22-million-square-foot manufacturing and research campus included (from l to r): Governor Scott Walker, President Donald Trump, Foxconn Chairman Terry Gou, and House Speaker Paul Ryan in Mount Pleasant.
The team effort to win the project included the MMAC and Milwaukee 7 Economic Development Partnership (M7) together with key partners at state and federal levels. It is the largest economic development win in Wisconsin's history. The campus is expected to employ 13,000 workers, making Foxconn the largest private-sector employer in the state.
Also in this issue of the MMAC Insider eNewsletter:
Record number of construction-related firms make the list