Report: Milwaukee Metro economy on ‘slow, steady path upward’
(The Center Square) – The latest economic snapshot for Milwaukee and southeast Wisconsin has some highlights and some worries, according to a new report.
The Metropolitan Milwaukee Association of Commerce this week released its latest Economic Trends report, saying that in June the Milwaukee metro’s economy continued its “slow, steady path upward.”
“Year-over-year job growth in the metro area reached its strongest level in eight months led by strong gains in the leisure and hospitality and government sectors,” Bret Mayborne, MMAC vice president – economic research, said. “Conversely, area housing and real estate indicators continue to post sizable declines driven by higher interest rates.”
Metro employment averaged 870,000 people in June, up 1.4% from a year ago. MMAC says those are the strongest employment numbers since October of 2022.
“The leisure and hospitality sector posted the largest percentage increase, up 5.4%. Conversely, the professional and business services sector posted the largest employment decline, down 3.3%,” the report notes. “The metro area seasonally unadjusted unemployment rate stood at 3.8% in June, unchanged from one year ago.”
Housing prices and availability, however, remain a concern.
“Both local housing and real estate indicators registered double-digit declines versus year-ago levels. Existing single-family home sales in metro Milwaukee decreased 23.9% to 1,399 and mortgages recorded in Milwaukee County fell 21.2%,” the report added.
The Wisconsin Association of Realtors noted similar trends for houses in southeast Wisconsin.
“The tightening supply is a real problem for buyers. Market pressure normally peaks in the summer, with June being the highest volume month of the year. When there are fewer homes for sale, this drives prices up at a more rapid pace,” the real estate agents said in their June report.
Median home prices in Wisconsin hit a high of $280,000 statewide, and $310,000 in the southeastern corner of the state.
