State Economy Continues Growth Amidst National Concerns
For Release: December 11, 2007
Contact: Jessica Iverson, Communications Officer, (608) 266-2300
MADISON – Wisconsin 's economy remains resilient, showing growth in personal income and employment, despite major drags on the national economy, according to the quarterly Wisconsin Economic Outlook released last week by the Department of Revenue. The steady growth is expected to continue into 2008.
"Under Governor Doyle's leadership, Wisconsin is experiencing solid growth despite the economic challenges we face nationally and our state also continues to perform well in the region," said Revenue Secretary Roger M. Ervin. "As the credit crunch, downturn in the housing market and high oil prices continue to cause economic concerns across the nation, it is increasingly important that we maximize the strengths of our state's economy, which Governor Doyle has done through initiatives in agriculture, energy, technology and education."
Wisconsin personal income rose 5.3% in 2006 and is expected to grow a healthy 5.2% in 2007. Wisconsin continues to outperform the region in personal income, ahead of Indiana, Michigan and Ohio.
Employment in the state grew 0.7% in 2006, with a growth of 0.5% expected in 2007. Some of those gains were in the manufacturing sector, which grew by 2,260 jobs in the past three years. In that same period, the trend in national manufacturing employment declined with a loss of 114,670 jobs.
Revenue collections in the first quarter of Fiscal Year 2008 are on target with estimates, increasing 3.3% over last year to $3.5 billion. Sales tax collections through October 2007 increased 4.2% over the same period last fiscal year. After nearly a year of weak sales tax revenues, this increase is a welcome sign of stronger growth in sales.
The full Wisconsin Economic Outlook report is available at: http://www.revenue.wi.gov/ra/0711/0711okma.html
Last updated December 11, 2007