A majority of Illinois business owners and managers plan to invest in their business this year. This is according to a study by BMO Harris Bank, with 54 percent in Illinois saying they plan to upgrade or purchase new equipment, hire new employees or modernize technology or systems. BMO Harris economist Robert Kavcic says this is Illinois growing along with the national economy.
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“It’s consistent with our pretty optimistic view on the U.S. economy that we’re gonna see probably growth a little bit stronger than 3 percent this year, and that’s picking up from 2.4 percent in 2014, so we are looking at a pretty positive trajectory for economic growth across the U.S. and in Illinois too,” he said.
Actually the national forecast is that 58 percent of owners and executives plan to invest, slightly higher than the Illinois response.
Kavsic says the Illinois labor market has been soft, but may be showing signs of tightening. No telling, he says, when there will be upward pressure on wages.