|By Marketwired .
|April 25, 2014 10:14 AM EDT
CHICAGO, IL -- (Marketwired) -- 04/25/14 --
- BMO Economics Special Report on Great Lakes region says economic activity will bounce back in 2014
- Illinois economy expected to grow 2.5 percent this year and 2.9 percent in 2015
- Exports will continue to rise following solid fourth quarter in 2013, with strong Chicagoland factory activity
The Illinois economy in 2014 will see notable improvement over last year, according to a special report released today by BMO Economics on the economic output from the Great Lakes region. The report, North America's Economic Engine, was released to coincide with the Council of Great Lakes Governors meeting, taking place in Chicago on April 25-26, 2014.
The report notes that the region is a major driver of North American economic output, employment and trade, accounting for nearly a third of combined Canadian and U.S. output, jobs and exports. Real GDP in Illinois is expected to rise 2.5 percent in 2014 and a further 2.9 percent in 2015, up from a below-average rate of 1.4 percent last year.
"The major bond-rating agencies -- Moody's, Fitch, S&P -- have all in recent week's heralded Illinois' passage of pension reform legislation; the hard work we have done over the last five years to rein in our budget; and the 5-year blueprint I introduced last month to stabilize the state's tax base as evidence that Illinois is now on a path toward 'fiscal stability,'" said Pat Quinn, Governor of Illinois. "We were pleased this week to learn the state's unemployment has fallen to its lowest in five years. There are more people working now than when I took office five years ago. Since 2010, Illinois has added 257,400 private-sector jobs. Site Selection magazine ranks Illinois 3rd in the nation for new business sites and expansions, so we welcome you to consider investing in Illinois. We can offer you wide tracts of land, world-class universities, symphonies and theaters, a well-educated workforce and a 21st-Century infrastructure with transportation access to the world."
"The Great Lakes region has so much going for itself with transportation infrastructure, advanced manufacturing, research and development, digital manufacturing, strong locally-rooted financial institutions, and some of the world's best post-secondary institutions," said Ambassador David Jacobson, Vice-Chair, BMO Financial Group. "I am delighted that the Council of Great Lakes Governors meeting is taking place here in Chicago, which is home to dozens of Fortune 1000 companies. We are a city like no other when it comes to reinventing itself. The discussions over the next two days here in Chicago will allow us to explore opportunities to create jobs, strengthen trade, open doors to new discoveries, and drive innovation and prosperity for all in the region."
Real GDP in Illinois is expected to rise 2.5 percent in 2014 and a further 2.9 percent in 2015, up from a below-average rate of 1.4 percent last year. Export growth should continue this year after rebounding in the fourth quarter of 2013 following a slow start to the year. Factory activity in Chicagoland is in recovery mode as well, with the Chicago Purchasing Managers Index (PMI) surging to a 2.5 year high recently.
"Business investment is expected to help the Illinois economy pick up in 2014 and the fading of public sector drag should also help boost growth in the State," said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. "The housing market, too, is gathering momentum and in Chicago we have seen double-digit increases for home prices year over year. With improvement in economic growth and confidence in the state, we can expect to see an even more substantial recovery in home prices in the coming year."
Job growth in Illinois remains muted, running at a 0.5 percent year-over-year pace in the three months through March. The unemployment rate is expected to drift down to 7.6 percent in 2015.
Industries that had previously helped carry the state economy out of the slowdown -- such as manufacturing -- are now sluggish. However, employment at the state and municipal government levels has evened out and is no longer acting as a major drag on the labor market.
To view a full copy of the report, visit www.bmocm.com/economics.
About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American financial services provider, with more than 2,300 employees operating in 16 North American offices and 29 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE: BMO) (TSX: BMO), one of the largest diversified financial services providers in North America with US$532 billion total assets and more than 45,500 employees as at January 31, 2014.
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 $593 billion in assets (as of January 31, 2014).
PDF Attachment Available: http://media.marketwire.com/attachments/201404/74508_BMO_Attachment_1109678.pdf
Attachment Available: http://www2.marketwire.com/mw/frame_mw?attachid=2576135
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 26, 2014 06:00 AM EST Reads: 1,931
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Dec. 26, 2014 06:00 AM EST Reads: 2,308
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
Dec. 26, 2014 05:00 AM EST Reads: 1,842
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation.
In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Dec. 26, 2014 05:00 AM EST Reads: 1,766
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals.
The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
Dec. 26, 2014 04:15 AM EST Reads: 2,664
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal.
The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
Dec. 26, 2014 04:00 AM EST Reads: 1,726
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate.
Get ready to show them the money!
Dec. 26, 2014 04:00 AM EST Reads: 1,973
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open.
The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 26, 2014 02:45 AM EST Reads: 2,115
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
Dec. 26, 2014 01:45 AM EST Reads: 1,595
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments.
Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Dec. 26, 2014 01:00 AM EST Reads: 2,424
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 26, 2014 12:00 AM EST Reads: 2,830
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY.
Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
Dec. 25, 2014 04:00 PM EST Reads: 1,790
This builds on Puppet Labs' first class Windows support, including native .MSI packages for x32 and x64 operating systems, modules to extend common Windows server management tools, including Powershell, and integrations with Microsoft Azure and Visual Studio. By automating common Windows administration tasks, Puppet Labs is enabling users to adopt DevOps practices, thereby reducing the time needed to deploy applications from weeks to hours.
Dec. 25, 2014 04:00 PM EST Reads: 1,082
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals.
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Dec. 25, 2014 02:00 PM EST Reads: 2,472
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment.
In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Dec. 25, 2014 12:30 PM EST Reads: 1,840