News Releases

Illinois Economy Continues to Expand at Moderate Pace – BMO Economics

• Manufacturing and exports seeing growth
• Business Sector remains firmly in expansion territory
• Manufacturing adding jobs

CHICAGO, November 17, 2011 –The Illinois economy continues to expand at a moderate pace, and has picked up some momentum supported in part by firm manufacturing and exports, according to the State Monitor report released by BMO Capital Markets Economics.

The business sector remains firmly in expansion territory. Helped by a weak U.S. dollar and firm global demand, exports are up a hefty 36 percent year-over-year in third quarter; and manufacturing is firm, gradually adding jobs.

"Our commercial customers in Illinois continue to express optimism and confidence in the state's economic resiliency," said Dave Casper, Executive Vice President and Head of Commercial Banking, BMO Harris Bank. "Our local expertise, sector knowledge and mid-market focus are real advantages to helping our customers find solutions as they invest and upgrade their businesses"

Job growth in Illinois has become sluggish in recent months, with nonfarm payrolls 0.9 percent above a year-ago levels in December, but still below the national rate. However, manufacturing jobs are up a firm 1.9 percent year-over-year, with companies like Deere and Caterpillar benefiting from solid exports. Recent government-sector layoffs continue to challenge employment numbers.

"The Illinois housing market has shown some early signs of stabilizing. Existing homes sales were nearly 20 percent above prior-year levels in 2011Q3," said Dr. Sherry Cooper, Chief Economist, BMO Financial Group.   "New home foreclosures are easing; industrial and office availability rates continue to trend down, and the months' supply of existing homes availa ble for sale is well below peak late-2009 levels."

The full State Monitor report can be downloaded at bmocm.com/economics.

About BMO Harris Bank N.A.
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through approximately 700 branches and approximately 1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, 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. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Banksm, M&I® and Harris® are trade names used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.

BMO Harris Bank is a trade name used by BMO Harris Bank N.A. Banking deposit and loan products and services are provided by BMO Harris Bank N.A. Member FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment advisor. Insurance products are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCMC) and BMO Capital Markets GKST, Inc. (GKST), a Municipal Bond Dealer and member FINRA and SIPC. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc. (Harris SBSB), an SEC registered investment advisor. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC (Harris myCFO), an SEC-registered investment advisor and wholly-owned subsidiary of Harris myCFO, Inc. Stoker Ostler Wealth Advisors (Stoker Ostler) is an SEC-registered investment ad visor. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM) or its wholly-owned subsidiary HIM Monegy (Monegy), SEC-registered investment advisors. Products offered by HIS, HBIS, BMOCM, Harris SBSB, Harris myCFO, Stoker Ostler, HIM, and Monegy, which are affiliated companies and wholly owned subsidiaries of BMO Financial Corp.,: Are not insured by the FDIC or any Federal Government Agency, not a deposit of or guaranteed by any Bank or Bank Affiliate, may lose value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Not all products and services are offered in every state and/or location.