Read our full analysis for a more in-depth look at these trends.
Regional Roundup: Midwestern pop
Despite hiring headwinds, the Midwest has seen marked spending gains driven by stronger wage growth and affordability advantages.
November 2025
Key takeaways
- Total credit and debit card spending per household has strengthened in recent months across all regions, according to Bank of America aggregated data. However, the Midwest has been a standout — tripling growth since this summer, up 2.2% year-over-year (YoY) in October 2025.
- Why the improvement? Stronger wage growth and affordability for both homeowners and renters.
- The Midwest also has business appeal. BofA Global Research estimates that the Midwest is poised to become the next big leader in mega projects (e.g., data centers) as the region has favorable land costs and power availability.
- However, a decrease in manufacturing activity and small business hiring pose a risk for Midwest employment. Still, Bank of America data on the number of households receiving unemployment payments show the slowest growth in the Midwest as the region’s labor market remains resilient overall.
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