BMO: Great Lakes Region Shifting Into Higher Gear
- BMO bullish as Council of Great Lakes Governors Summit gets underway - Resurgent auto sector leading the way for region, with car and truck production back to pre-recession levels
(firmenpresse) - MACKINAC ISLAND, MICHIGAN -- (Marketwired) -- 05/31/13 -- The Great Lakes region is a vital driver of North American economic output, employment and trade, accounting for nearly a third of combined Canadian and U.S. output, jobs and exports, according to a report on the region from BMO Economics. While the region was hit hard during the Great Recession, economic activity has since turned around and is now shifting into a higher gear.
The report was released as this weekend's Council of Great Lakes Governors 2013 Leadership Summit began in Mackinac Island, Michigan.
"The Great Lakes Region is a major driver of the North American economy," said Doug Porter, Chief Economist, BMO Capital Markets. "With economic output of US$4.7 trillion in 2011, the region accounts for 28 per cent of combined Canadian and U.S. economic activity. It would rank as the fourth largest economy in the world if it were a country, behind only the U.S., China and Japan."
Mr. Porter stated that the region has bounced back after the recession - helped especially by the resurgent auto sector. "North American car and truck production is back to pre-recession levels, global demand for machinery and equipment has firmed and the service sector remains sturdy."
"We are encouraged to see leaders gather for this year's summit working to accelerate the momentum generated by the Great Lakes economy," said Lyle McCoy, Managing Director, Head of Public Finance and Infrastructure Banking, BMO Capital Markets, who is attendiong the summit. "We're confident that our region's governments will make the necessary infrastructure investments to ensure the Great Lakes Region remains North America's economic powerhouse."
Mr. Porter agreed, noting the important role of governments in the region in ensuring economic momentum continues. "Measures by policymakers to improve trade flows and to foster overall growth in the region are key for the long-term health of the broader economy."
The report states:
Employment
Trade
The complete report can be downloaded at .
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.
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Datum: 31.05.2013 - 12:53 Uhr
Sprache: Deutsch
News-ID 265219
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MACKINAC ISLAND, MICHIGAN
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