Wisconsin’s economy shrunk slightly in the first quarter, but the change in the state’s real GDP was still among the best performing in the country, according to data released by the U.S. Bureau of Economic Analysis.
On an annualized basis, Wisconsin’s real GDP for the first quarter declined 0.2% from the fourth quarter of 2021. The country’s GDP was down 1.6% for that period and only four states – New Hampshire, Vermont, Massachusetts and Michigan – saw positive growth in the quarter. Despite its decline, Wisconsin’s GDP change ranked fifth best in the country.
While Wisconsin’s GDP dipped from $306.7 billion to $306.5 billion, measured in 2012 dollars, it remains ahead of pre-pandemic levels. It took until the fourth quarter last year to eclipse the level from late 2019.
At a more detailed level, nondurable goods manufacturing contributed 1.4 percentage points of decline for the state in the first quarter, retail trade contributed 0.72 points to the decline, and finance and insurance contributed 0.5 points of decline.
Wisconsin’s strongest performing sector in the quarter was agriculture, forestry, fishing and hunting, which added 1.42 percentage points to the total, government and government enterprises added 0.44 points, the information and real estate sectors both added 0.25 points, and utilities added 0.24.