News Summary
Milwaukee’s economy demonstrated resilience, with 10 of 23 local economic indicators improving compared to last year. Key metrics reveal a 6% increase in mortgage recordings and a growth in air travel. However, overall employment saw a slight decline. Notably, the city successfully hosted the 2024 Republican National Convention, generating significant economic impact. Challenges, including trade uncertainties, remain, but certain sectors like professional services are showing promising growth. The residential real estate market remains competitive despite rising interest rates.
Milwaukee’s economy demonstrated noteworthy resilience in 2024, closing the year on a positive note despite an earlier underwhelming performance. According to the Metropolitan Milwaukee Association of Commerce, 10 out of 23 local economic indicators showed improvement over 2023, signaling positive trends in various sectors.
Key metrics include a 6% increase in mortgage recordings, a 5% growth in air travel, and a 3.1% rise in the average length of the workweek for manufacturing production workers, along with a 2.9% boost in government employment. These figures reflect an overall economic environment that, while facing challenges, exhibited signs of recovery.
However, overall employment in the Milwaukee area experienced a slight decline, decreasing by 0.4% in December compared to the previous year, leading to a total of 857,100 jobs. Notably, the professional and business services sector registered its first job increase in two years, with a 0.6% rise in December. Additionally, the trade, transportation, and utilities sector saw a modest growth of 0.2%, amounting to 150,800 jobs.
Employment in the other services sector increased by 3.3%, reaching 43,800 jobs. In contrast, the information sector has continued to decline for the last 24 months, although December’s drop of 1.8% was the smallest in two years. The average workweek for manufacturing workers increased to 37.4 hours, reflecting a 12.7% rise from the prior year.
In terms of wages, average weekly earnings for manufacturing workers rose by 2.6% to $984, though average hourly earnings saw a significant decline of 9% to $26.32. New unemployment claims in the Milwaukee metro area fell by 11.7% year-over-year, and the number of unemployed individuals dropped by 0.4%. The unadjusted unemployment rate in the metro area remained steady at 3%, slightly above Wisconsin’s rate of 2.9%, but lower than the national average of 3.8%.
Significantly, the 2024 Republican National Convention hosted in Milwaukee had a robust economic impact of $321 million, exceeding initial projections of $200 million. This success signals a strong perception of Milwaukee as an appealing destination for future events.
Despite these positive indicators, businesses continue to navigate challenges stemming from tariffs under the previous administration, which have contributed to heightened uncertainty across various sectors. Consequently, businesses are cautiously planning their investments, reflecting on the need for more stable trade regulations.
While Wisconsin has maintained job growth and wage increases, national trends have indicated a slowing hiring rate, leading to consumer hesitance on major purchases. For instance, airline passenger numbers at Milwaukee’s Mitchell International Airport fell for six consecutive months, dropping by 8.1% from the prior year.
Additionally, grocery prices and household spending patterns illustrate ongoing economic concerns, complicating pricing strategies for retailers as they contend with fluctuating costs. Within the manufacturing sector, businesses face instability due to recurrent changes in tariffs and policies, prompting calls for clearer trade regulations before committing to significant investments.
Nonetheless, the residential real estate market remains competitive. Median home prices in Milwaukee continue to rise amidst an environment of increasing interest rates, though there has been a reduction in new listings. The leisure and hospitality sector remains stable; however, there are apprehensions regarding potential declines in international tourist numbers.
Overall, the Milwaukee gym industry has witnessed stable membership numbers, with gym owners adopting a watchful approach towards evolving economic indicators. Tariffs and trade uncertainties are also anticipated to affect the cost of imported goods, including essential automotive repair components, preparing the automotive sector for possible price adjustments.
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Additional Resources
- Milwaukee Unemployment and Factory Hours
- Wisconsin Business Economy Survey
- Economic Impact of 2024 RNC in Milwaukee
- Analysis of Act 10’s Economic Impact
- Wisconsin Economic Overview
- Wikipedia: Economy of Wisconsin
- Google Search: Milwaukee economic trends
- Google Scholar: Wisconsin economic growth
- Encyclopedia Britannica: Wisconsin economy
- Google News: Milwaukee job market
Author: STAFF HERE MILWAUKEE WRITER
MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.
