TUE AM News: Bankers less pessimistic about economic outlook, survey finds; Wisconsin one of only 14 states with median age over 40

— Bankers in Wisconsin are less pessimistic about the economy’s trajectory, according to the latest Wisconsin Bankers Association survey. 

The group found 86 percent of the bank CEOs tapped in its most recent survey expect inflation to fall or stay flat over the next six months, which is up from 76 percent in a previous survey conducted near the end of last year. 

Meanwhile, 48 percent of respondents expect the economy to worsen over the next six months. That figure was 72 percent in the previous survey. 

But WBA President and CEO Rose Oswald Poels notes a “mild recession” is still predicted for later this year. 

“Bankers continue to serve as trusted partners in helping community members weather challenges and achieve their financial goals,” Oswald Poels said in a statement. 

Still, the percentage of respondents who say a recession is very likely in the next six months has dipped from 25 percent in the prior survey to 15 percent most recently. Those who say it’s likely made up 56 percent of respondents, compared to 62 percent last time. And the percentage of respondents who are neutral on the question rose from 10 percent to 24 percent. 

When asked about current economic strengths, respondents pointed to high levels of employment and wages, high demand for goods and services and positive indicators for industries including summer tourism, construction, agriculture and manufacturing. 

Meanwhile, inflation and labor challenges in service industries remain among the top economic concerns for bankers in the state, WBA found. 

The online survey was conducted May 16-31 with 66 respondents. 

See the full survey results: https://www.wisbusiness.com/2023/wisconsin-bankers-association-wis-bank-ceos-weigh-in-on-economic-outlook/ 

— Wisconsin is one of just 14 states where the median age is over 40, a new Wisconsin Manufacturers and Commerce report found.

The report also found Wisconsin’s median age of 40.1 years is higher than the national 38.8 median age, another sign Wisconsinites are aging faster than other Americans and tying Michigan for the oldest population in the Midwest. Indiana is the lowest of the group at 38.2. Low birth rates combined with an increasing number of older Wisconsinites are driving the trend, according to the report. 

“By having fewer births than deaths, it puts further strain on the need to attract people to Wisconsin,” the report notes. “Second, Wisconsin is failing to attract enough people to the state. Over the last three years, this number has been buoyed by international immigration.”

Wisconsin’s 10.1 percent decline in its population under 5 between 2010 and 2020 lags only Illinois’ 15.6 percent decline in the Midwest, the report notes. Wisconsin’s population of 65-84-year-olds grew more than twice that rate, expanding by 41.7 percent during the same time. 

The state’s population only grew 3.6 percent, lagging the national 8.4 percent average during that 10-year time frame, WMC found. 

And while Wisconsin in 2020 saw a net positive population growth of 1,391 more births than deaths, the state lost just under 1,800 people per year in 2021 and 2022, according to the report. 

The report also noted a few possible solutions to the declining population, such as reducing taxes, improving education opportunities, bolstering talent attraction efforts and increasing the labor force participation rate. 

See the report: https://www.wispolitics.com/wp-content/uploads/2023/06/230605WMCAges.pdf 

— As union members suspend a strike against TruStage — the new name for CUNA Mutual Group — a company spokesperson says “we are encouraged by the progress we’ve made” in negotiations. 

Members of the Office and Professional Employees International Union Local 39 announced they’re suspending a strike that began last month amid ongoing contract negotiations with the Madison-based financial services business. According to a release, the decision was made after hundreds of members met Friday and decided to return to work yesterday. 

Union chapter Chief Steward Joe Evica said the strike “got TruStage back to the bargaining table” after the company was “illegally refusing to bargain with us” for more than four months. 

“We were able to make some important progress, but several large priorities and unfair labor practices remain unresolved,” Evica said in a statement. “Though we are suspending the strike, our membership has voted 92% to go back out on the picket line if TruStage stalls the bargaining again.”

In response to the union’s decision, the company said it “remains determined to reach an agreement that is fair, market competitive and meets the needs of our employees, customers and company.” 

The TruStage spokesperson said representatives of the company and union met Friday and have scheduled more meetings to continue negotiating. According to the union’s release, bargaining sessions are scheduled for today and Friday. 

See the release: https://www.wisbusiness.com/2023/opeiu-39-suspends-trustage-strike/ 

— The UW System’s latest Academic Staff Excellence Awards will be given to recipients Friday at a Board of Regents meeting. 

These awards recognize faculty for “exceptional service” to the university, with this year’s awards going to two people and one program. Recipients each receive $7,500. 

Awardees include: Kathleen Hunzer, director of the Chancellor’s Scholars, Honors Program, and Falcon Scholars at UW‑River Falls; Laura Monahan, museum associate director and curator of osteology at the Zoological Museum; and UW-Green Bay’s Early College Programs. 

“This year’s outstanding award recipients reflect the breadth of initiatives conducted by our academic staff across the UW System,” Regent and selection committee chair John W. Miller said in the release. 

See more on the recipients: https://www.wispolitics.com/2023/uw-system-regents-announce-academic-staff-excellence-awards-for-2023 

<br><b><i>Top headlines from the Health Care Report…</b></i> 

— Rep. Jimmy Anderson is circulating a bill that would require all school sporting events in the state to have automated external defibrillators available. 

<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i> 

Sign up here: http://forms.gle/o8FtqTLviGJPja8C9 

#TOP STORIES#

# UK-based company to repurpose electric vehicle batteries in shuttered Chippewa Falls frac sand plant

https://www.wpr.org/wisconsin-frac-sand-mining-electric-vehicle-batteries-chippewa-county

# Madison fusion energy startup lands $12 million to decarbonize heavy industry

https://www.bizjournals.com/milwaukee/inno/stories/news/2023/06/05/realta-fusion-energy-seed-funding.html

# Legislators considering annual payments to keep Brewers in Wisconsin

https://www.jsonline.com/story/news/politics/2023/06/05/wisconsin-lawmakers-consider-annual-payments-to-milwaukee-brewers/70288337007/

#TOPICS#

# AGRIBUSINESS 

– Family farms adapt to survive

– National dairy group hopes to make milk more profitable for farmers

http://wisconsinagconnection.com/story-state.php?Id=558&yr=2023 

– Fridays on the farm: Improving soil health on a Wisconsin dairy farm

http://wisconsinagconnection.com/story-state.php?Id=559&yr=2023 

# CONSTRUCTION 

– Local governments receive more than $103 million in WisDOT transportation aids

# ECONOMY 

– Wisconsin has 8 companies in 2023 Fortune 500, 20 in Fortune 1000

# ENTERTAINMENT & THE ARTS

– Madison Jazz Festival headliner The Bad Plus finds change is good

https://captimes.com/entertainment/music/madison-jazz-festival-headliner-the-bad-plus-finds-change-is-good/article_9a9d5928-ff58-5845-ade7-0cbfd0c04ef0.html

– Legislators reject Evers’ $5 million grant for Bronzeville arts center

https://www.jsonline.com/story/money/real-estate/commercial/2023/06/05/legislators-reject-evers-5-million-grant-for-milwaukee-arts-center/70288870007/

# ENVIRONMENT 

– Wis. Attorney General leads 17 States urging EPA to finalize proposed PFAS drinking water standards

– Skies over northern Wisconsin hazy, polluted from wildfire smoke Monday

https://www.greenbaypressgazette.com/story/news/2023/06/05/nova-scotia-quebec-wildfires-affect-air-quality-in-wisconsin-monday/70287872007/

# LABOR 

– Nearly 350 graduating apprentices recognized by ABC of Wisconsin as craft professionals

– TruStage workers suspend strike in Madison after reaching tentative agreement on key issues

https://www.wpr.org/trustage-workers-suspend-strike-madison-after-reaching-tentative-agreement-key-issues

– TruStage union suspends strike, citing progress in negotiations

https://captimes.com/news/business/trustage-union-suspends-strike-citing-progress-in-negotiations/article_25e8cb70-bf0a-56d8-b375-9b1715da84c9.html

# LEGAL 

– Columbia St. Mary’s Hospital settles with FEDs over alleged ADA violations

# MANUFACTURING 

– Illinois company relocating HQ to former Bucyrus campus in South Milwaukee

# NONPROFIT

– UPAF raises $420,000 from Ride for the Arts with time to meet goal

https://www.bizjournals.com/milwaukee/news/2023/06/05/upaf-raised-420-000-from-ride-for-the-arts-with-t.html

# POLITICS 

– Republican lawmakers propose plan to combat PFAS pollution in Wisconsin

https://apnews.com/article/pfas-pollution-wisconsin-a622ffab2e97bec73dffdd35b3919abc

# REAL ESTATE 

– Development with affordable apartments, grocery recommended for King Drive site

https://www.bizjournals.com/milwaukee/news/2023/06/05/king-drive-development-affordable-apartments.html

– Appleton’s Fox Commons reveals anchor tenants for $34 million project

https://www.postcrescent.com/story/news/local/2023/06/05/fox-commons-announces-anchor-tenants-for-34-million-appleton-project/70289242007/

# RETAIL 

– Former Sendik’s owner Salvatore ‘Ted’ Balistreri dies at 88

https://www.bizjournals.com/milwaukee/news/2023/06/05/sendiks-salvatore-ted-balistreri.html

# TOURISM 

– Tim Dixon ready to pay $2 million to keep ownership of Iron Horse Hotel

https://www.bizjournals.com/milwaukee/news/2023/06/04/tim-dixon-offer-ownership-iron-horse-hotel.html

– Green Bay-area summer calendar is packed with outdoor music. Here’s where to find it all.

https://www.greenbaypressgazette.com/story/entertainment/music/2023/06/05/a-2023-guide-to-all-of-green-bay-areas-outdoor-summer-concert-series/70270007007/

# UTILITIES 

– Wisconsin utility watchdog: Proposed rate hikes would push profits further above national norms

https://www.wpr.org/morning-show-public-service-commission-utility-rate-hikes-profits

– Judge assigns receiver to oversee liquidation of Sun Badger Solar

https://www.jsonline.com/story/money/business/energy/2023/06/03/sun-badger-solar-headed-for-liquidation-after-judge-appoints-receiver/70278035007/

# PRESS RELEASES

<i>See these and other press releases: 

https://www.wisbusiness.com/press-releases/ </i>

U.S. Dept. of Agriculture: Wisconsin ag news – dairy products

Sen. Agard: Statement on Republican PFAS proposal