First Business Financial Services : Economic Survey Cross-Regional Report Shows Strong Business Performance in 2016, Optimism for 2017
December 16, 2016 at 02:18 pm EST
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MADISON, WI - December 16, 2016 - The Cross Regional Report results of the annual First Business Economic Survey were released today. Each fall, First Business takes the pulse of local businesses through an annual economic survey in Dane County, the Greater Milwaukee Region, Southeast Wisconsin, and Northeast Wisconsin. The survey focuses on the current year's actual and next year's predicted: sales revenue, total operating costs, capital expenditures, profitability, number of employees, changes in wages, and changes in pricing.
First Business has annually underwritten the survey to help business owners achieve a broad based and up-to-date understanding of the local business climate, which includes information that can be utilized in planning for the coming year.
Overall, results were strongly positive across regions:
70% of Dane County businesses met or exceeded the overall business performance expectations in 2016, as did 68% of companies in Greater Milwaukee, 67% in the Northeast, and 74% in the Southeast
71% of Dane County companies reported increased sales in 2016; 66% of Greater Milwaukee, 49% of Northeast, and 56% of Kenosha/Racine/Walworth County companies increased sales
The Greater Milwaukee Region led the pack with 62% of companies reporting increased profits; 57% of companies in Dane Co., 46% in Northeast Wisconsin and 47% in the Southeast saw increased profits
Increased Sales Efforts, Improved Internal Efficiencies, Increased Marketing Efforts, and Investments in new Talent are the top actions that contributed to improved company performance across regions in 2016
Half of all companies in Dane County and Greater Milwaukee hired new employees, followed closely by the Northeast, and wages went up across the board
The outlook is very optimistic for 2017:
Between 70-80% of companies across regions project Sales increases in 2017, and projections for profit increases are strong (record-setting in Greater Milwaukee)
At least 62% or more companies across regions expect an increase in profits
53-74% of companies across regions project even better overall performance in 2017
The outlook for hiring and wages is strong across the board
Download the full Cross Regional Report or any local report for Dane County, the Greater Milwaukee Region, Southeast Wisconsin, or Northeast Wisconsin at www.firstbusiness.com/survey.
First Business Financial Services Inc. published this content on 16 December 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 December 2016 19:18:05 UTC.
Original documenthttps://www.firstbusiness.com/fbiz-advantage/news-and-reports/press-releases/first-business-economic-survey-cross-regional-report-shoes-strong-business-performance-in-2016-optimism-for-2017
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First Business Financial Services, Inc. is a bank holding company. The Company is engaged in the commercial banking business through its bank subsidiary, First Business Bank (the Bank). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Its products and services are focused on business banking, private wealth, and bank consulting. It offers commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, small business administration (SBA) lending and servicing, treasury management solutions, and company retirement services. Its private wealth management services include trust and estate administration, financial planning, investment management, and private banking.