BizTimes Milwaukee was among the first to tell its readers about a looming recession in 2008 and among the first to proclaim that the recession had ended in January 2010. In its latest edition, BizTimes makes a prediction that the U.S. economy will not have a double dip, despite some recent headwinds that have taken a toll on consumer confidence. The prediction is jointly shared by six of the most prominent Wisconsin economists, each of whom is forecasting slow growth over the next six months. This week’s cover story is part of the BizTimes Mid-year Economic Forecast, which also includes a look ahead at health care reform, new financial regulations, technology, the stock market, commercial real estate, the housing market, manufacturing and more.

The majority of companies responding to the Metropolitan Milwaukee Association of Commerce Business Outlook Survey expect higher sales and profits in the third quarter, and more companies expect to hire additional employees than lay people off. “The economic environment improved in 2010’s first half and optimism among local area business has grown as a result. The hope is that the metro area economy can move past the tipping point in 2010’s second half into a period of strong and sustainable growth,” said Bret Mayborne, the MMAC’s economic research director. For the complete story about the latest MMAC survey, click here.

Grede Holdings LLC , a manufacturer of cast, machined and assembled components for the transportation and industrial markets, today announced it has been awarded a multi-year contract to supply engine components to Navistar Inc. for its new 2010 MaxxForce 7 V-8 turbodiesel medium-duty engine.
Grede will manufacture the Navistar components at its Menomonee Falls plant and its casting facilities in Wauwatosa and Iron Mountain, Mich. Grede also supplies Navistar with ferrous castings from its plant in Biscoe, N.C., and lost foam castings from its plant in Columbiana, Ala.
The Navistar engine will launch this summer in several commercial truck and school bus applications.
The contract is the largest per-truck content award for Grede.
“It is critical that Navistar has engine components for its Maxx Force 7 that can achieve durability and reliability requirements while, at the same time, meet stringent fuel economy and clean air standards,” Vito Parente, Grede’s vice president of sales, Heavy Truck and Industrial, said in a prepared statement. “Grede has a long-standing relationship with Navistar and is pleased to partner with them on this important new engine. We were selected as a supplier because of the value we provide in product development, our comprehensive manufacturing experience and past performance, having won the Diamond Supplier Award from Navistar in 2009 and 2010.”
Grede Holdings LLC was formed earlier this year through the combination of assets of the former Grede Foundries Inc. with Citation Corp.

As a result of ongoing growth, Faith Technologies Inc., a full-service electrical and specialty systems contractor, will relocate its Wauwatosa operations next week from Wauwatosa to Pewaukee.
Approximately 126 employees will relocate to the 14,222-square-foot facility at W231 N2811 Roundy Circle East, Suite 100.
“As our services continue to be adopted into new markets and our company continues to grow, we needed to find the right facility in the right location for our evolving business. It made great sense to select Pewaukee for the location of our new office. The business park’s central location was a key factor, due to the convenience if offers our valued employees.” said Bob Dakovich, vice president of the company’s Milwaukee Division.
Faith Technologies is an employee-owned firm with operations in Georgia, Oklahoma, Kansas, Missouri and Wisconsin. With nearly 1,500 employees, Faith Technologies is one of the largest privately-held electrical contractors in the United States.

Seeking its fifth consecutive positive day, the U.S. stock market is poised to end its strongest week in several months.
The largest local gainers in the BizTimes Stock Index this morning were Joy Global Inc. (up $1.04 to $53.48) and Ladish Co. (up 75 cents to $26.01). The largest local decliners this morning were Quad/Graphics Inc. (down 70 cents to $47.00) and Strattec Security Corp. (down 33 cents to $21.00).

America’s “greatest generation” survived the recession and fought through World War II. BizTimes correspondent Einar Tangen examines the Chinese counterparts of that generation in the latest edition of his Dispatches From China.

Community Shares of Greater Milwaukee recently announced the winners of its 21st Annual Commitment to Justice Awards. The recipients of the awards will be honored at an event in September at the InterContinental Milwaukee Hotel. Les Weil, founder of the Project Ripple Effect and the Zink the Zebra Foundation will receive the Lifelong Commitment to Justice Award for improving the quality of life in the Milwaukee Community since 1994. For more, read the new edition of the BizTimes Nonprofit Weekly bulletin.

With two major new contracts, Tower Tech, a wind tower company, plans to hire 60 people in the next month, increasing its workforce to more than 200. For more, read today’s edition of the BizTimes Wisconsin Morning Headlines bulletin.

Busy readers of BizTimes Milwaukee can get a jumpstart on Bastille Days and  the weekend ahead by reading the OnMilwaukee.com Weekend Preview. OnMilwaukee.com is a media partner of BizTimes Milwaukee.

The future of the City of Waukesha’s application to obtain water from Lake Michigan may be grim after a letter sent from Waukesha Mayor Jeff Scrima on July 2 to the Wisconsin Department of Natural Resources (DNR). Read more in today’s Milwaukee Biz Blog by BizTimes reporter Liz Ramus.

Milwaukee World Festival Inc. today reported that Summerfest increased its revenue in key categories this year and achieved profitability by growing its attendance and sponsorships.
Summerfest’s combined revenue totals derived from gate and concert ticket sales, as well as food and beverage commissions, exceeded last year’s totals in the same categories by 1.3 percent.
The festival’s attendance grew by 20,575 to 856,254, or 2.5 percent over last year’s attendance of 835,679,.
Summerfest’s 2009 attendance increased by 4,655 up from 831,024 in 2008.
“We are very pleased with our 2010 preliminary results. Between the great talent line up, excellent weather and aggressive sales and marketing programs for festival goers and sponsors, we managed to grow our numbers while the economy continues to present significant challenges,” said Milwaukee World Festival Inc. president and chief executive officer, Don Smiley. “We went the extra mile to create more value for consumers and all of our stakeholders. We continued to spend more money on quality musical talent while keeping admission ticket prices the same for the fifth consecutive year, and holding beer prices steady for the past three years. We are thankful to everyone who supported and attended Summerfest this year.”    
“I could not be more pleased with the preliminary results of Summerfest 2010 and to see Milwaukee World Festival, Inc. once again achieve the core objectives set forth by the Board of Directors,” stated Dan Minahan, chairman of the board of Milwaukee World Festival Inc. “This mega-event continues to deliver a very high quality entertainment value for our patrons as well as marketing and economic value to our community.”