Last updated on August 13th, 2019 at 01:35 pm
Wisconsin’s real gross domestic product grew at a 2.9% annualized rate in the first quarter, the 24th fastest growth rate in the country, according to new data from the Bureau of Economic Analysis.
The first quarter growth rate was an improvement from 2.1% in the fourth quarter but down from 4.9% in the first quarter last year. For all of 2018, Wisconsin’s economy grew 2.5%, the best year of growth for the state since 2010.
West Virginia had the strongest growth in the country during the quarter at 5.2% followed by Texas at 5.1%.
Four states – Mississippi, Maryland, New Jersey and Hawaii – had growth below 2%.
Within the Midwest, North (3.9%) and South Dakota (3.6%) had the strongest growth followed by Ohio (3.5%) and Nebraska (3.4%). Illinois and Indiana grew at the same 2.9% rate as Wisconsin.
The retail trade and finance and insurance segments were the strongest contributors to Wisconsin’s economic growth, accounting for 0.76 and 0.74 percentage points respectively. Nondurable goods manufacturing added 0.51 percentage points and health care and social assistance added 0.41.
Wholesale trade was the biggest drag on Wisconsin’s GDP, cutting 0.14 percentage points. Durable goods manufacturing, transportation and warehousing and accommodation and food service also all cut into the state’s growth.