Wisconsin’s real GDP grew at a 5% annualized rate between the second and third quarters, making it the 18
th fastest growing economy in the country during the period, according to the latest estimates from the U.S. Bureau of Economic Analysis.
It was the best growth rate among nearby states, outpacing Indiana, 4.8%, Illinois, Iowa and Minnesota, all at 4.1%, and Michigan, up 2.9%.
Retail trade was a big driver of growth for the state, adding 1.49 percentage points to growth. Nondurable goods manufacturing and 0.73 points and construction added 0.69 points.
The uptick marks for the state, which has seen its real GDP decline in five of the seven quarters since the start of 2022, including three straight before the third quarter.
At the end of 2021, Wisconsin’s real GDP, measured in 2017 dollars, was $339.2 billion. In the third quarter, it was $337.6 billion on an annualized basis.
The decline represents a negative 0.3% compound annual growth rate over the period. Only Delaware and New Hampshire have seen worse growth in their real GDP.
In contrast, nearby states have seen stronger growth. Indiana is up 1.4%, Michigan is up 1.3%, Minnesota is up 1% and Illinois and Iowa are both up 0.8%.
Indiana, the best performing of nearby states, ranks 30
th in the country for growth over that period while Iowa and Illinois are tied for 41
st.
Nebraska, Texas and Florida have seen the strongest growth since late 2021 with compound annual growth rates of 5%, 4.4% and 4.1% respectively.
