Wisconsin GDP grew at 3.2% rate in third quarter

22nd largest growth rate in the country

Economic indicators

Last updated on July 2nd, 2019 at 09:07 am

Wisconsin’s economy grew at a 3.2 percent annual rate in the third quarter of 2017, slightly behind the country as a whole, according to data released Wednesday by the U.S Department of Commerce.

Economic indicators

The increase in the state’s real gross domestic product was the 22nd largest in the country, despite being slightly below the national rate of 3.4 percent. Ohio, Missouri, Indiana and Illinois were among the Midwest states with stronger growth in the quarter.

It was the strongest quarter of growth for Wisconsin since the third quarter of 2016, when the state grew at a 5.4 percent clip. Wisconsin saw a decline of 1.1 percent in the fourth quarter, but growth has steadily been increasing this year with rates of 1 and 2.5 percent in the first and second quarters.

Wisconsin’s growth was driven by the financial and insurance sector, which contributed 1.1 percentage points to the growth rate. Durable goods manufacturing added another 0.82 percentage points while health care and retail trade added 0.39 and 0.36 points each.

Nondurable goods manufacturing was the biggest drag in the quarter, pulling the growth rate down by 0.3 points. Utilities and construction were also a 0.11 and 0.05 point drag respectively.

At $326.2 billion, Wisconsin continued to make up 1.7 percent of the national GDP in current dollars.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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