In the Wisconsin Bankers Association’s latest biannual Economic Conditions Survey of Wisconsin bank CEOs, 83% of respondents rated Wisconsin’s current economic health as “excellent” or “good.” Twenty-nine percent of respondents expect the economy to grow over the next six months compared to only 8% the last time the survey was conducted in mid-year 2024. Fifty-eight percent expect the economy to stay about the same over the next six months compared to 70% in the prior survey. The responses from this recent survey indicate a brighter outlook compared to the previous surveys, with increasing numbers of bank CEOs expecting loan growth in the coming six months.
“Bank leaders — with their dual role as financial experts and active community members — are uniquely positioned to detect emerging trends,” said WBA President and CEO Rose Oswald Poels. “As indicated in this survey, 2025 will likely see a growing number of individuals, families, and businesses looking to move ahead with their financial goals, and banks stand ready to assist with their customers’ borrowing and other financial needs.”
Among the economic bright spots cited by bank CEOs in the recent survey were stable employment and consumer spending along with industry strength in sectors such as manufacturing, tourism, technology, and residential construction. Looking ahead to the first half of 2025, however, bank CEOs reported continued concerns over inflation, interest rates, a high cost of living, and businesses’ staffing challenges. Survey respondents also noted that the impacts of the recent November 2024 election remain to be seen.
The end-of-year 2024 survey was conducted November 19–December 6 with 59 respondents. Below is a breakdown of the survey questions and responses. Sums may not equal 100 percent due to rounding. More survey results and graphics are available at http://www.wisbank.com/2024CEOsurvey.
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Wisconsin Bank CEO Economic Conditions Survey Results
End-of-Year 2024 Mid-Year 2024 End-of-Year 2023How would you rate the current health of the Wisconsin economy. . .
Excellent 7% 5% 6%
Good 76% 71% 62%
Fair 17% 24% 27%
Poor 0% 0% 5%
In the next six months, do you expect the Wisconsin economy to. . .
Grow 29% 8% 9%
Weaken 14% 23% 44%
Stay the same 58% 70% 47%
Over the next six months, do you expect inflation to. . .
Rise 22% 8% 5%
Fall 14% 26% 48%
Stay about the same 64% 66% 47%
How likely would you say a recession is in the next six months?
Very unlikely 2% 0% 3%
Unlikely 47% 43% 18%
Neutral 34% 32% 38%
Likely 17% 18% 32%
Very likely 0% 6% 9%
Rate the current demand in the following categories:
Business Loans
Excellent 7% 6% 5%
Good 46% 49% 36%
Fair 39% 40% 52%
Poor 8% 5% 8%
Commercial Real Estate Loans
Excellent 7% 3% 9%
Good 47% 37% 30%
Fair 41% 54% 48%
Poor 5% 6% 12%
Residential Real Estate Loans
Excellent 4% 6% 0%
Good 14% 22% 13%
Fair 61% 34% 28%
Poor 21% 38% 59%
Agricultural Loans
Excellent 0% 2% 2%
Good 25% 14% 18%
Fair 61% 67% 67%
Poor 14% 17% 14%
Deposit
Excellent 2% 3% 2%
Good 33% 20% 18%
Fair 53% 48% 56%
Poor 12% 29% 24%
In the next six months, do you anticipate the demand for the following categories will. . .
Business Loans
Grow 41% 8% 14%
Weaken 3% 26% 35%
Stay the same 56% 67% 52%
Commercial Real Estate Loans
Grow 22% 8% 9%
Weaken 17% 27% 41%
Stay the same 61% 66% 50%
Residential Real Estate Loans
Grow 42% 29% 20%
Weaken 7% 6% 20%
Stay the same 51% 65% 59%
Agricultural Loans
Grow 17% 7% 9%
Weaken 10% 15% 21%
Stay the same 73% 78% 70%
Deposit
Grow 14% 15% 17%
Weaken 8% 9% 20%
Stay the same 78% 75% 64%
In the next six months, are the businesses in your bank’s market area likely to. . .
Hire employees 29% 23% 11%
Maintain current staffing levels 68% 67% 77%
Lay off employees 3% 11% 12%
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