Keeping Pace? Wisconsin’s Economic Performance Since 2017

Since 2017, Wisconsin’s economy has continued to grow, but has done so at a pace that lags much of the country. This report, Keeping Pace? Wisconsin’s Economic Performance Since 2017, examines the state’s growth in six key measures: population, labor force, real gross domestic product (GDP), per capita personal income, median household income,and poverty. By examining these six indicators at the state and county level, we assess Wisconsin’s performance relative to national peers.

Viewed in isolation, Wisconsin appears economically strong. Since 2017, output increased, incomes rose modestly, and poverty declined. However, given the demographic challenges faced by Wisconsin and its counties, relative comparisons paint a more challenging picture.

Wisconsin ranked in the bottom third of states on population growth and labor force growth from 2017 through 2024. These demographic constraints have limited the state’s ability to grow economically. Real GDP in Wisconsin grew by 10.1% since 2017, which is roughly half of the national rate and ranked 38th nationally. Income growth followed a similar pattern during the same period. Per capita personal income and median household income grew slower in Wisconsin compared to most other states. On the other hand, Wisconsin fared comparatively well in reducing the share of residents living below the poverty line.

At the county level, population growth was one area in which Wisconsin fared well. At the same time, growth in the labor force lagged, which suggests population growth was driven by an increase in residents who are not participating in the workforce.

Overall, the challenges facing Wisconsin are based on persistently modest growth in an increasingly competitive environment. Slowing population growth and labor force expansion, especially relative to other states and regions, have limited growth in output and growth in personal and household income. Consistently slow growth puts Wisconsin and its counties at risk of falling further behind. Addressing underlying demographic challenges is central to improving the state’s long-term economic vitality.

See the latest Forward Analytics report here: Keeping Pace? Wisconsin’s Economic Performance Since 2017.

Questions:
Contact Forward Analytics Director Kevin Dospoy at 866.404.2700.