Biz Buzz
By Jim Martin, Doug Oathout Erie Times-News staff bloggers
Welcome to Biz Buzz, our daily blog on all things business. Turn here for breaking news on the economy, local industry and area people engaged in the region's companies.   Read more about this blog.
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Posts tagged ‘Huntington’
Posted: November 20th, 2013

We’re feeling better about the economy and are more likely to buy a new car in the coming year.

Those are just two of the findings of the Economic Index Consumer survey conducted on behalf of Ohio-based Huntington Bank.

Despite an improving outlook, there’s little sign of runaway enthusiasm when it comes to the economy.

Huntington found that 46 percent of respondents feel their local economy is better now than it was a year ago. That’s up from 39 percent a year ago.

Likewise, 58 percent believe the local real estate market is on up the upswing, up from 46 percent who held that view a year ago.

In another sign of growing confidence, 55 percent of respondents who plan to buy a new car in the coming year expect to buy a new model. That’s up from 52 percent.

There was a downside, however.

Based on the survey, consumers are expecting to spend slightly less on holiday shopping. Respondents anticipated spending an average $940. That’s down from $959 in 2012.

Most who answered the survey planned to do the bulk of their shopping at big box stores. But there was some good news for local merchants. Huntington said consumers plan to spend 20 percent of their holiday budget at locally owned stores.

The Huntington survey polled consumers in Michigan, Ohio, western Pennsylvania, Indianapolis and West Virginia.

— Jim Martin

Posted in: Uncategorized
Posted: April 17th, 2013

Results were mixed for a pair of local banks that reported their quarterly earnings this morning.

The news was good for Pittsburgh-based PNC Financial Services Group. The bank, one of the nation’s largest and the largest in western Pennsylvania, said profits rose 22 percent on revenue growth of 6 percent.

PNC earned $938 million, or $1.76 per share, up from $766 million, or $1.44, in the first quarter of 2012.
Revenue was $3.96 billion, up from $3.73 billion.

Meanwhile, Columbus-based Huntington Bancshares, parent company of Huntington Bank, said its profits fell 1 percent in the first quarter as revenue from fees and selling loans declined.

Net income for the quarter was $151.8 million, down from $153.3 million.

Revenues were $682.3 million, down 3 percent from $706.5 million the previous year.

Stephen Steinour, Huntington’s chief executive, indicated he was satisfied with the results.

“This year is off to a solid start,” he said. “This quarter’s results continue to demonstrate that our strategies are working.”

Posted in: Uncategorized
Posted: November 17th, 2010

Slow and steady — that’s how a top official at Columbus-based Huntington Bancshares Inc. sees the U.S. economy.
“We can expect to see a steady 2 percent growth rate for the U.S. economy through the first quarter of 2011,” said George Mokrzan, senior economist for the bank, which has locations in the Erie area.
While job growth has been modest, Mokrzan points to a number of positive signs, including a 7 percent increase in year-over-year retail sales.
“Improving consumer spending is a strong indicator of recovery,” he said. “There has been a modest improvement in disposable income this year, so we should see a better-than-last year holiday shopping season.”
Mokrzan said he’s also encouraged by robust growth in businesses investing in new equipment.

Posted in: Uncategorized

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