Wisconsin’s first-quarter real GDP was among the slowest in the U.S., according to the BizTimes. It grew at a 0.5% annualized rate, outpacing most nearby states.
Michigan was higher, starting the year with growth of 1.8%, and Indiana followed Wisconsin with 0.1% growth. The economies of Minnesota, Illinois, and Iowa all shrank, however, by 0.8%, 1.3%, and 3.3%, respectively.
Wisconsin ranked No. 37 nationwide for first-quarter growth. Notable contributors to its growth included construction, retail trade, finance and insurance, health care and social assistance, and wholesale trade, while detractors included durable goods manufacturing, professional, scientific, and technical services, agriculture, forestry, fishing, and hunting, and real estate, rental, and leasing.
The state’s economic growth has lagged compared to the rest of the nation for several years. From Q4 of 2019 to Q1 of this year, Wisconsin’s compound annual growth rate is 0.3% — No. 46 in the country.
