Wisconsin’s economic growth cracks top 10 in Q2
Wisconsin’s real gross domestic product grew 4.2% in the second quarter, the sixth highest annualized growth rate of any state in the country.
The figure represents a shift from the first quarter when Wisconsin’s GDP was down 1.1% and ranked 34th in the country, according to the latest figures from the U.S. Bureau of Economic Analysis. In the initial release of first quarter data, Wisconsin ranked 37th with growth of 0.5%.
In the second quarter, Wisconsin’s manufacturing sector contributed 1.56 percentage points to growth, including 0.67 points from durable goods manufacturing and 0.89 points from nondurable goods. That contribution was the fourth highest of any state for the manufacturing sector behind Indiana, up 2.01 points, South Carolina and Alabama.
The agriculture sector contributed 1.52 points, finance and insurance added 0.43 points, health care and social assistance added 0.4 points and wholesale trade added 0.31 points.
Retail trade, transportation and warehousing, and accommodation and food service were among the sectors that were a drag on growth for Wisconsin’s economy in the quarter.
Among nearby states, Wisconsin’s second quarter growth rate was matched by Michigan at 4.2%. Illinois was 26th with growth of 2.8% and Indiana ranked 28th with roughly the same rate. Iowa was 45th with 1.6% growth and Minnesota was 48th at 1.3%.
