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Business North - Around The Region - Duluth & Superior Newspaper
Northland’s economic trends to be tracked by new index
Photo: Before launching this region’s economic index, National Bank of Commerce CEO Steve Burgess helped launch a similar project in La Crosse.
Ongoing information about the region’s economic health soon will become
available as the result of a broad partnership created by National Bank of
Data will be collected and analyzed by three Twin Ports universities and released
twice-yearly at breakfast forums that will feature a major keynote speaker.
The first, scheduled at 7 a.m. on March 25 at the Duluth Entertainment Convention
Center, will include an address by Fed Regional Economist Toby Madden.
“Since a major goal of the Regional Economic Indicators Forum is to foster
collaboration among our region’s businesses and other leaders to enhance
prosperity, we believe these twice yearly gatherings will quickly become don’tmiss
events on everyone’s calendars,” Steve Burgess, CEO of National Bank of
Commerce, said Nov. 18.
Specific economic indicators to be analyzed will include:
• Regional business confidence
• Regional consumer confidence
• Demographic trends
• Labor force employment and unemployment trends
• Economic activity in key local industry sectors
• Real estate, housing and interest rate trends
• Equities performance by companies of local interest
National Bank of Commerce is coordinating and funding the ongoing research,
which is being conducted by experts from the College of St. Scholastica, University of Minnesota Duluth and University of Wisconsin-Superior.
“The Regional Economic Indicators Forums are the first of this scope in the
Northland to provide decision makers with solid, up-to-date information for
their use in strategic planning, expansion and hiring considerations, and more,”
Burgess said. “The greatest benefit is that by receiving new information every six
months, companies will be able to more confidently consider new opportunities
while also tracking this region’s progress compared to other regions of the country.”
Data will be collected in Aitkin, Carlton, Cook, Itasca, Koochiching, Lake,
Pine and St. Louis counties in Minnesota and Ashland, Bayfield, Burnett, Douglas,
Iron, Sawyer and Washburn in Wisconsin.
Additional resources are being provided by the UMD Center for Economic
Development, the UW-Superior Small Business Development Center, the Area
Partnership for Economic Expansion (APEX), the Development Association
of Superior-Douglas County and BusinessNorth.Previous Around the Region Articles:
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