A new economic forecast from the Department of Revenue (DOR) projects that Wisconsin employment will continue to slow in 2024 before flattening from 2025–27, according to WisBusiness. In the meantime, personal income is expected to grow.
The report shows that Wisconsin saw 2.8% growth in 2022 and 1.4% last year. It is set to see 0.8% this year, following the trend in national employment growth (which fell from 4.3% in 2022 to 2.3% last year and 1.4% this year).
Last year, all of Wisconsin’s employment growth came from the private sector. Government jobs were below their 2020 level. Private employment statewide rose by 1.3% in 2023, with leisure and hospitality leading (4.7% growth), followed by construction (3.5%) and education and health services (2.4%).
Nominal personal income statewide is projected to increase by 4.3% in 2024 and 2025 due largely to wage and salary growth and supplemental pay. Real personal income is set to grow 1.7% this year with inflation slowing and then rise 2.5% next year and 2.3% in 2026.
