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Northeast Wisconsin Economy ASQ November 14, 2005

Northeast Wisconsin Economy ASQ November 14, 2005. Al Hartman Dean College of Business UW Oshkosh. Historical Perspective. Dr. David J Ward Northstar Economics. THE ECONOMIC STRUCTURE OF THE U.S. AND WISCONSIN IS CHANGING. EVOLUTION OF ECONOMIC PROSPERITY. 19 th Century –

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Northeast Wisconsin Economy ASQ November 14, 2005

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  1. Northeast Wisconsin EconomyASQ November 14, 2005 Al Hartman Dean College of Business UW Oshkosh

  2. Historical Perspective Dr. David J Ward Northstar Economics

  3. THE ECONOMIC STRUCTUREOF THE U.S. AND WISCONSIN IS CHANGING.

  4. EVOLUTION OF ECONOMIC PROSPERITY • 19th Century – • Bigger and Better Farms • 20th Century – • Bigger and Better Factories • 21st Century – • Bigger and Better Ideas

  5. (% SHARE) Other (Retail, Construction, Government, etc.) Private Services Manufacturing Agriculture YEAR U.S. SECTOR EMPLOYMENT TRENDS

  6. LOSS OF MANUFACTURING JOBS 1995-2002 • BRAZIL 20% • JAPAN 16% • CHINA 15% (98 Million Jobs) • U.S. 11% • WISCONSIN 14% (80,000 Jobs) Source: Alliance Capital Management; DWD Source: Alliance Capital Management, DWD

  7. THE NEW ECONOMIC EQUATION IN A KNOWLEDGE-BASED ECONOMY BRAIN POWER EARNING POWER =

  8. THE EARNINGS GAP HAS WIDENEDREAL $ TERMS = 2001 Dollars Source: US Census Bureau

  9. WISCONSIN IS FALLING BEHIND IN A NUMBER OF ECONOMIC MEASURES

  10. THE BRAIN DRAINNET MIGRATION OF COLLEGE GRADUATES * Population data revised by the Federal Reserve Bank of Minneapolis Source: fedgazettte, January 2003, citing Postsecondary Education Opportunities

  11. POPULATION WITH 4-YEAR DEGREEAGE 25 OR OLDER Source: U.S. Department of Education, 2002

  12. PER CAPITA INCOME Source: U.S. Census Bureau

  13. PERSONAL INCOME PER CAPITA OFTHE U.S., MINNESOTA, AND WISCONSIN Source: Bureau of Economic Analysis

  14. Source: Pricewaterhouse Coopers / Venture Economics / National Venture Capital Association Money Tree Survey VENTURE CAPITAL DISBURSEMENTS

  15. HIGH TECH JOBS State Rankings • Minnesota 7th • Wisconsin 31st Source: State New Economy Index, 2002

  16. UNLESS WE CHANGE THE CURRENT ECONOMIC STRUCTURE, THE FUTURE ECONOMIC RESULTS WILL NOT CHANGE.

  17. PAST AND FUTUREINCOME GROWTH Source: Standards & Poor’s / DRI Forecast

  18. PER CAPITA INCOMEFORECAST IN 2024 * 83% of U.S. average

  19. * States rank in the bottom 10 of PPI rankings. Only Idaho and Utah are in the top half. STATES AT 83% OR LESS OFU.S PER CAPITA INCOME • Montana • Arkansas* • New Mexico • West Virginia* • Mississippi* • Idaho • Kentucky* • Oklahoma • Alabama* • Utah • Louisiana*

  20. Source: Indiana Fiscal Policy Institute COULD IT HAPPENTO WISCONSIN?

  21. LOW INCOME GROWTH LEADS TO : GRADUAL DETERIORATION OF ECONOMIC CONDITION AND QUALITY OF LIFE • Lower per capita income • Decreased tax base / Budget deficits • Lower bond ratings • Decreased school funding and teacher salaries • Less public services • Lower quality of life

  22. GROSS STATE PRODUCT GROWTHMINNESOTA VS. WISCONSIN Gross State Product in Billions of Current Dollars Source: Bureau of Economic Analysis

  23. WISCONSIN EMPLOYMENT MANUFACTURING

  24. WISCONSIN NEEDS TO CREATE A HIGH GROWTH ECONOMY.

  25. CREATING THE NEW FUTURE A HIGH GROWTH ECONOMY “IMAGINATION IS MORE IMPORTANT THAN KNOWLEDGE.” Albert Einstein

  26. A WILD GAMBLE:MARCH 1872 • 2 millers • 1 hardware dealer • 1 traveling salesman • 1 flour mill • Funds from family and friends • Technology

  27. Source: Factories in the Valley, State Historical Society, 1969 THE PAPER INDUSTRY GROWSIN THE FOX RIVER VALLEY • 1872 Kimberly Clark • 1874 Patten Paper Co. • 1874 Winnebago Paper Co. • 1876 Menasha Paper Co. • 1878 Atlas Paper Co. • Payoff: The Wisconsin Paper Industry • 55,000 high paying jobs

  28. NEW ECONOMIC DRIVERS • Brain Power • Technology • Venture Capital and High-Tech Startups • Research and Development • Quality of Life

  29. WE NEED A HIGH-GROWTH ECONOMIC STRATEGY HIGH-GROWTH ECONOMIES ARE BUILT ON BRAIN POWER AND NEW IDEAS.

  30. VISION 2020:A MODEL WISCONSIN ECONOMY Published by the Wisconsin Technology Council Funded by Mason Wells Private Equity Economic Research by NorthStar Economics

  31. ANGEL INVESTING GROUPS IN WISCONSIN 8 6 7 Wisconsin Investment Partners, LLC Madison Early Stage Research Madison Silicon Pastures Milwaukee Origin Investment Group, LLC La Crosse Golden Angels Network Milwaukee Chippewa Valley Angel Network Eau Claire Marshfield Investment Partners, LLC Marshfield St. Croix Valley Angel Network, Inc. River Falls 4 2 3 1 5

  32. REGIONAL DEVELOPMENT COOPERATION AND ACTION • Momentum Chippewa Valley • TechStar / Southeastern Wisconsin • 7 Rivers Region / Tri-State (WI, MN, IA) • NEW Economic Opportunity Study • Technology Zone Partnerships • Regional WIN Chapters

  33. David J. Ward, Ph.D., President • Phone: (608) 279-3393 • Email: dward@northstareconomics.com • Fax: (608) 441-8064 • Web:www.northstareconomics.com

  34. Northeast Wisconsin Today

  35. NEW CORE • Coalition on Regional Economy • Study conducted • Set of initiatives created and assigned • Wisconsin Innovation Network – Northeast • Inventors Network • Intellectual Assets Network • Angel fund

  36. UW Oshkosh • Entrepreneurship Emphasis started-1990 • E-seed program initiated – 2000 • Venture Center – UW Oshkosh/Fox Valley Technical College - 2005 • Federal Support for Competitive Manufacturing through Innovation Management (pending) - 2006

  37. Questions???

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