Wisconsin Quarterly Economic Outlook Released Today
For Release: February 29, 2008
Contact: Meredith E. Helgerson, Communications Officer, 608-261-2271
MADISON - Wisconsin residents will receive an estimated $2.1 billion in federal economic stimulus payments, according to a special report issued as part of the Wisconsin Quarterly Economic Outlook today released by the Department of Revenue. A total of 2.4 million federal rebates, averaging $877, will be issued to Wisconsin residents, boosting consumer spending in the third and fourth quarters of 2008.
While Wisconsin economic growth will respond to the weakening of the national economy as housing market concerns and tight credit markets spread to other economic sectors, state employment will hold, with 0.5% employment growth in 2008 and 0.6% in 2009. The forecast shows an addition of about 15,000 jobs statewide over the two-year period.
Wisconsin personal income growth will slow compared to previous forecasts, but still post increases of 3.8% in 2008 and 4.0% in 2009. Wisconsin continues to outperform other states in the region in personal income growth.
The U.S. economy faces a slowdown through the first two quarters of the year, as high energy and food costs join with housing and credit market troubles. The national forecast shows exports will be the bright spot, increasing 7.9% in 2008. Wisconsin continues to hold a competitive advantage for exports as the dollar continues to weaken, particularly against the Canadian dollar.
To view the entire Economic Outlook Report, go to: www.revenue.wi.gov/ra/0802/0802.htm
Last updated February 29, 2008