Skip navigation
Support
Branches
    News Releases Signup for News Alerts Media Contacts Executive Bios Corporate Fact Sheet BMO Expert Insights
    Navigation skipped
    About BMO

    News Releases

    BMO Economics: Business Investment and Housing to Lift Illinois' Economy 2.5 Percent in 2014

    CHICAGO, IL--(Marketwired - Feb 4, 2014) -

    • Unemployment in Illinois still high but will improve further through 2015
    • Chicago home prices rising at double-digit pace
    • Exports expected to pick up and business confidence should rise

    While economic growth in Illinois was challenged last year by a softening in factory activity and exports, 2014 will see the economy improve at a 2.5 percent pace, according to the bi-annual U.S. State Monitor Report from BMO Economics.

    While real GDP is expected to rise at below-average 1.4 percent in 2013, business investment and the fading of public sector drag should help the State's economy pick up in the coming year.

    "This economic forecast represents part of the business-led recovery taking place throughout Illinois," said Ray Whitacre, Managing Director and Head, Diversified Industries, Illinois, BMO Harris Bank. "Illinois is filled with efficient industries and companies that are well-positioned to grow and in ideal shape to capitalize on this positive outlook."

    Job growth in Illinois remains muted, running at a 1.1 percent year-over-year pace in December. Manufacturing and construction -- industries that had previously helped carry the state economy out of slowdown -- are now sluggish themselves. However, employment at the state and municipal government levels has evened out and is no longer weighing significantly on the labor market.

    "There is room for improvement in Illinois' job market. The unemployment rate is among the highest in the country, ending 2013 at 8.6 percent. The tide is slowing turning though, and that r ate should drift down closer to 7.6 percent by 2015," said Robert Kavcic, Senior Economist, BMO Capital Markets.

    "The housing sector will be one to watch as well, especially in Chicago. The latest numbers showed a solid double-digit year-over-year gain, but there remains room to grow. Still, housing across Illinois has not yet seen the same rebound as other hard-hit states," Mr. Kavcic added. 

    To view a full copy of the report, visit www.bmocm.com/economics.

    About BMO Harris Bank
    BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $537 billion in assets (as of October 31, 2013).

    For further information:

    Media Contacts:
    Alexis Brown
    alexis.brown@bmo.com
    (312) 461-6543

    Explore our services

    Security Center

    Ways to Bank

    Customer support
    Branch and ATM Locator

    Disclosure

    Privacy
    Legal
    Security
    Site map
    Careers
    About Our Ads
    Accessibility
    Cookie Usage
    About BMO

    App Store is a service mark of Apple Inc. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. 

    Android, Google Play, and the Google Play logo are trademarks of Google Inc. 

    Banking products and services are subject to bank and credit approval and are provided in the United States by BMO Bank N.A. Member FDIC.

    equal housing lender NMLS 401052

    Notice to Customers  

    To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver's license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your certificate of incorporation (or similar document) or other identifying documents. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third party vendors. If the requested information is not provided within 30 calendar days, the account will be subject to closure.  

    Third party web sites may have privacy and security policies different from BMO. Links to other web sites do not imply the endorsement or approval of such web sites.  

    Please review the privacy and security policies of web sites reached through links from BMO web sites. This information is not intended to be tax or legal advice. This information cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This information is being used to support the promotion or marketing of the planning strategies discussed herein. BMO Bank N.A. and its affiliates do not provide legal or tax advice to clients. You should review your particular circumstances with your independent legal and tax advisors.