In the latest Wisconsin Bankers Association’s Economic Conditions Survey of Wisconsin bank CEOs, 68% of respondents rated Wisconsin’s current economic health as “excellent” or “good.”
While most respondents (95%) do not foresee inflation worsening, 44% predict that the economy will weaken over the next six months, and 47% predict it will stay about the same over the next six months. At the close of 2022, 72% of respondents predicted the economy would weaken over the next six months, and 28% predicted it would stay about the same, showing some easing of economic concerns at 2023 year-end.
Among the economic bright spots cited by bank CEOs in the survey were low unemployment, profitability of area businesses — particularly in construction and manufacturing — and relatively good commodity prices for the agricultural industry.
On the other hand, bank CEOs reported staffing and interest rates as top concerns of their business customers heading into the new year. The survey also showed inflation, a high cost of living, and availability and affordability of housing as top concerns for individuals and families for 2024.
