MISSOULA — The Montana Bureau of Business and Economic Research (BBER) has been forecasting the state's financial outlook for the past 50 years.
Now, as the team gets ready to hit the road to share their findings again, a new piece of the economic story comes from the rise of Artificial Intelligence (AI).
"From our point of view AI could change enough about our economy that some people are starting to call it the second industrial revolution,” noted BBER Director of Research Patrick Barkey.
What was once a novelty has evolved into a new way of doing business. and it's why economic forecasters believe Artificial Intelligence has the potential to bring huge growth to Montana.
"And there are enough completely new things that AI can do that we simply aren't doing with AI that create value and create knowledge that it could be a game changer,” Barkey told MTN.
It's a central part of the conversation as the BBER begins its nine-city tour at the end of the month. discussing how Montana businesses can use AI and why they should.
Meanwhile, the rest of Montana's economy is starting to level off a bit. Coming back down to earth is how economists put it as explained by new BBER director Jeff Michael.
"We're not seeing declines but we're seeing the rate of growth in incomes, the rate of growth in population all coming down to the levels we might have seen a decade ago. And not the rapid rises that we've seen recently."
The sentiment is echoed by Barkey,
"It's a year when growth is getting back to normal in Montana. Which is a little bit of a change from where we've been from the pandemic downturn to the rush afterwards'.”
Barkey says there are stories of success: the North Plains connector project, a new hospital for Billings, and growth in the healthcare and tourism industries.
There are also challenges from losses in timber and mining and a conflict of lots of jobs but not enough housing.
"We're still a top-five state when it comes to the pace of job creation. The biggest sectors for that have been in the service sectors, tourism, hospitality those sorts of jobs,” Michael explained. “So, the challenge for that is they are usually not the highest paying on the scale.
The 2025 Montana Economic Outlook Seminar begins in Helena on Jan. 28.
Additional information from the Montana Bureau of Business and Economic Research:
In addition to an in-depth look at Montana’s economy, the 50th annual seminar features keynote speaker Paul Gladen, UM associate vice president for research and economic development, who will discuss artificial intelligence and what it means for Montana businesses.
The seminar theme, “Montana’s AI Future: Rethinking How to Staff and Run Your Business,” addresses advances in computing power and machine learning, which have spawned an avalanche of innovations and investments that mimic what human brains do at higher speeds and lower costs.
Gladen’s keynote presentation will focus on how Montana businesses can creatively leverage AI. The seminar will be held from 8 a.m. to 1 p.m. in the following cities:
Helena – Tuesday, Jan. 28, at the Helena Great Northern Hotel
Great Falls – Wednesday, Jan. 29, at the Hilton Garden Inn
Missoula – Friday, Jan. 31, at the Hilton Garden Inn
Billings – Tuesday, Feb. 4, at the Big Horn Resort
Bozeman – Wednesday, Feb. 5, at the Commons
Butte – Thursday, Feb. 6, at the NorthWestern Energy General Office
Kalispell – Tuesday, Feb. 11, at the Wachholz College Center
Sidney – Tuesday, March 11, at MSU Richland County Extension
Miles City – Wednesday, March 12, at Sleep Inn and Suites
Visit EconomicOutlookSeminar.com or call 406-243-5113 for more information about the seminars or to register. Registration is $99 and includes lunch.
Webcast streaming live from Bozeman is available in addition to in-person options. Continuing Education credits are offered for both the webcast-only and in-person options.
