Huntington Bank CEO: Midwest is National Leader of Economic Growth
Region outperforming national economic recovery; growth propelled by the region’s natural resources, transportation hubs, state governments and skilled workforce
DETROIT--(BUSINESS WIRE)-- Huntington Bank (NASDAQ: HBAN; www.huntington.com) CEO Steve Steinour highlights the Midwest’s reclaimed economic leadership position in a speech the Columbus, Ohio-based regional bank leader delivers at the Detroit Economic Club today.
The speech focuses on the economic stability and growth activity of the Midwest, which has been widely unrecognized to date. According to Steinour, the Midwest is outpacing the nation on multiple key economic indicators, a surprising number of companies are locating or expanding in the region, and alignment across business, government and community is fostering greater collaboration and resilience.
Notable economic metrics capturing the Midwest’s and Michigan’s strong performance include:
Across the region:
- The Midwest states in which Huntington banks grew faster than the national economy since the recession ended in June 2009, according to the Philadelphia Federal Reserve Board Coincident Activity Index.
- Estimates of annual growth in Gross State Product were at or above U.S. GDP growth through the third quarter of 2011, according to the latest available data.
- Manufacturing exports are a regional strength: Michigan and Ohio are two of the top 10 states for manufacturing exports. Indiana is number 11.
- According to the Philadelphia Coincident Economic Activity Index, the Michigan economy grew faster than the U.S. economy in 2011, and in the period since the recession ended in June 2009.
- According to the Philadelphia Federal Reserve Board Leading Index, Michigan is one of the top five states in expected economic growth during the six months ending in May 2012.
- Michigan exports grew 37 percent in 2011, and are projected to grow at a somewhat slower, but solid double-digit rate in 2012, in the 10 percent to 20 percent range.
- Michigan led the Huntington footprint* states with 2.45 percent growth in non-farm payrolls during the recovery period through December 2011. During the same period, U.S. payrolls grew only 1.08 percent.
Key excerpts from the speech are included below:
- Speech Title – The Midwest: Leading the National Economic Recovery
The Midwest is outperforming the nation as a whole based on hard
- “Numerous economic indicators reveal that the Midwest is back. It is more economically resurgent than the rest of the country – during a slower-than-expected recovery.”
- “The jobs numbers are improving, incomes are up, and so is consumer spending. Companies are moving into the Midwest, and while large parts of the rest of the country’s economy are still slumbering, the Midwest economy is demonstrating healthy growth.”
- “The Midwest is home to some dynamic new investments,” Steinour added and then pointed to plans for a new Hyundai testing facility in Michigan, a Honda plant in Ohio and a steel tube factory in Youngstown, Ohio.
*Huntington footprint states are Michigan, Ohio, Indiana, West Virginia, Kentucky and Western Pennsylvania.
Huntington Bancshares Incorporated is a $54 billion regional bank holding company headquartered in Columbus, Ohio. Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington’s six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of over 650 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and over 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
Member FDIC. The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
Source: Huntington Bank
Released January 30, 2012