State Will Follow National Economic Trends Through 2009
Special report indicates Wisconsin exports continue double digit growth
For Release: June 12, 2008
Contact: Jessica Iverson, Communications Officer, 608-266-2300
MADISON - Wisconsin 's economy is expected to slow as the national economy continues subpar growth but the state will continue to see strong increases in export growth, according to the quarterly Wisconsin Economic Outlook released today by the Department of Revenue.
“ Wisconsin faces an economic slowdown caused by national economic challenges like the credit crunch, rising food and oil costs, and housing downturn,” said Revenue Secretary Roger M. Ervin. “While we are faring better than many other states, and realizing strong growth in Wisconsin exports, we must continue to maximize the strengths of our state's economy – agriculture, energy, technology and education.“
A special report on Wisconsin exports shows an increase of nearly 12% in 2007 in exports shipped from the state. It was the sixth straight year of positive growth and the fourth straight year of double-digit export increases. Wisconsin continues to hold a competitive advantage in exports nationally due to the currency value of its largest importer, Canada. Wisconsin is now ranked 18 th among all states in terms of exports, moving up one spot on the list from last year.
The Wisconsin economy is expected to return to stronger growth after 2009, with personal income expanding 4.9% in 2010 and employment growth rising above 1%.
Department of Revenue collections through the first ten months of Fiscal Year 2008 are consistent with estimates, increasing 2.5% over last year to $9.8 billion. Sales tax collections through April 2008 are up 2.2% while individual income tax collections posted a 2.8% increase over FY07 year to date .
To view the entire Economic Outlook Report, go to: www.revenue.wi.gov/ra/0805/0805.html
Last updated June 12, 2008