Wisconsin’s Economic Growth Ranked 3rd in the Nation
Exceeds National Growth Rate for Second MonthFriday, August 23, 2013 - Press Release
Madison – The Federal Reserve Bank of Philadelphia released its July coincident economic indexes for states today. Their data shows Wisconsin has had the third best economic growth in the nation. Additionally, this is the second consecutive month that Wisconsin’s growth has outpaced the national average.
“Wisconsin’s economy is improving month after month,” Governor Walker said. “We are growing our economy, investing in new businesses, and getting people back to work. We will continue to work to build a strong foundation for workers in our state and to move Wisconsin forward.”
The latest coincident index for July had Wisconsin 3rd in the nation for growth during the last three months. This is best ranking Wisconsin has ever received and Wisconsin is improving at the strongest rate it has since January 1995.
The coincident index is calculated using non-farm payroll employment, average hours worked in manufacturing, unemployment rate, and wage and salary data.
This ranking is latest in series of positive economic news for state:
- The private sector job gains under Governor Walker are the best two-year gains under any Governor in over a decade.
- Wisconsin’s seasonally adjusted total nonfarm job gain from April to July shows an initial increase of 30,100, the largest three month gain since September 1994. It is also the second highest three month gain on record going back to 1990.
- Wisconsin’s seasonally adjusted private job gain from April to July shows an initial increase of 30,000, the largest three month gain on record going back to 1990.
- CNBC ranked Wisconsin 5th in “Top US States for New Manufacturing Jobs” (June 25, 2013).
- 94 percent of Wisconsin job creators believe the state is “going in the right direction,” up from just 10 percent in 2010 (WMC Survey, June 2013).
- Wisconsin’s initial unemployment insurance claims are at lowest point since 2007.
- Annual average unemployment insurance claims drop to 13 year low.
- Year-to-date housing permits are 9.1% higher than prior year levels.
- Wisconsin’s percent change in average weekly wage in the fourth quarter of 2012 was 12th in the nation; behind only Minnesota in the Midwest.
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