Last updated on November 21st, 2019 at 11:04 am
Wisconsin economy grew at an annualized rate of 1.1% in the second quarter, among the 10 slowest growth rates of any state in the country, according to new date from the U.S. Bureau of Economic Analysis.
The growth rate is unchanged from the first quarter, which was revised down to 1.1% from the 2.9% growth originally announced in July.
In the original data, Wisconsin’s growth ranked 24th in the country, but the state dropped to 36th after the revision. The second quarter data was even worse with Wisconsin falling to 43rd in the country.
Only one Midwestern state, Indiana, had a slower growth rate in the quarter at 1%. Three other states, Illinois, Iowa and Michigan, had growth rates of 1.1%. Nebraska, Kansas, Minnesota and Missouri all topped 2%, led by Nebraska at 2.4%.
Wisconsin is also coming off its best year of economic growth since 2010.
Private sector growth in Wisconsin slowed from a 2.7% rate in the first quarter to 1% in the second.
Manufacturing, the state’s largest sector by GDP, saw a slowdown from 2.1% to a 0.4% growth rate. The slowdown was primarily driven by durable goods manufacturing, which dipped from 5.9% to 0.6% and contributed 0.07 percentage points to overall growth.
Nondurable goods manufacturing saw zero growth from compared to the first quarter, but that was an improvement from the -3.1% rate to start the year.
The major contributors to growth included agriculture, accounting for 0.32 percentage points, utilities, a 0.27 point boost, and management of companies, a 0.26 contributor.
Wholesale trade was the biggest drag on the state’s growth, cutting off 0.57 percentage points. Construction also cut 0.14 points off of the topline number.