Wisconsin Ranked #2 in Economic Growth
State Ranks First in the Midwest, Exceeds National Growth RateTuesday, September 24, 2013 - Press Release
Madison— Wisconsin jumped to #2 in the nation this month, according to the Federal Reserve Bank of Philadelphia’s coincident index. Wisconsin’s growth rate over the last three months is the best in 25 years and the state’s ranking is the best in history.
“This is more great news, not only for the state, but for job-seekers and employers as well,” Governor Walker said. “A better economy means a better quality of life for all Wisconsinites, and that is why it is my top priority. This latest history-making ranking is one more sign we are heading in the right direction.”
The coincident index is a measure of economic conditions for all 50 states. The coincident index is calculated by using four state variables. These include employment, average hours worked in manufacturing, the unemployment rate, and wage and salary data.
This ranking is latest in series of positive economic news for state:
- Private sector job growth from April to July shows the largest three-month gain on record going back to 1990 at 28,100. Total job growth is the best as well with 31,900.
- Wisconsin housing permits for the first seven months of 2013 are 20.5% above 2012.
- New business formations year-to-date are up 4.2% from 2012 levels.
- Average initial weekly unemployment insurance claims are at 13-year low.
- Wisconsin’s unemployment rate is 6.7%, below the national average of 7.3%.
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