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Wisconsin Economic Outlook

Wisconsin Economic Outlook. December 2007. Wisconsin Department of Revenue Division of Research and Policy . Wisconsin Economic Growth. The Wisconsin economy is holding up in the midst of the housing market slowdown, credit crunch and high oil prices.

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Wisconsin Economic Outlook

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  1. Wisconsin Economic Outlook December 2007 Wisconsin Department of Revenue Division of Research and Policy

  2. Wisconsin Economic Growth • The Wisconsin economy is holding up in the midst of the housing market slowdown, credit crunch and high oil prices. • Wisconsin personal income rose 5.3% in 2006 and should maintain steady growth • Wisconsin Employment grew 0.7% in 2006 and should grow 0.5% in 2007. Wisconsin DOR / R&P

  3. WI Employment Growth Improving • Wisconsin total employment had been growing less than the U.S. until mid 2007. • Since mid year, Wisconsin employment has strengthened, adding an average of close to 23,000 jobs per month. • Employment should grow 0.5% in all of 2007 and 0.9% in 2008, about the same as the US. Wisconsin DOR / R&P

  4. Wisconsin Employment Growth by Industry • Job growth in the services sectors is supporting private employment growth. • Over the past three years, national manufacturing employment continues its declining trend with the loss of 114,670 jobs. In the same time Wisconsin posted a gain of 2,260 jobs. Wisconsin DOR / R&P

  5. Wisconsin personal income growth continues outperforming the region • Revised Wisconsin total personal income grew 3.9% in 2004, 4.1% in 2005, and 5.3% in 2006. • In 2006, Wisconsin personal income grew 5.3%, just below Illinois (5.9%) but above that of Indiana (5.1%), Michigan (3.2%), and Ohio (4.4%). Wisconsin DOR / R&P

  6. Wisconsin Personal Income and Wages • Wisconsin personal income is expected to grow a healthy 5.2% in 2007, before experiencing a deceleration in 2008 with 4.0% growth. The national forecast calls for a 6.5% growth of U.S. personal income in 2007 and 4.9% in 2008. By the end of 2008, Wisconsin income growth should nearly match US. • The share of wage and salary disbursements to total personal income has been declining since 2000. However, the share of Wisconsin wages didn’t fall as much as in the rest of the country. Wisconsin DOR / R&P

  7. WI Housing Healthier than the U.S. • Wisconsin Housing was not a strong participant in the housing bubble as seen in other states. As result, the correction will not be as strong here. • Wisconsin permits show recent signs of stabilization, after seven quarters of continuous decline. • Construction employment decreased 0.2% last year and is expected to decline 1.7% this year and 2.7% in 2008. Wisconsin DOR / R&P

  8. Wisconsin Home Prices Holding Up US Average +1.9% Wisconsin +2.5% • OFHEO reports declining home prices in 10 states but an average gain of 1.9% nation wide. The report for Wisconsin (+2.5%) is consistent with Wisconsin Realtors Association estimates (+2.4%). Wisconsin DOR / R&P

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