Last updated on July 2nd, 2019 at 09:07 am
Wisconsin’s real GDP increased 2.8 percent in the second quarter this year, a decent pace until it is compared to the rest of the country, according to data from the U.S. Commerce Department Bureau of Economic Analysis.
The U.S. GDP grew 4.2 percent during the second quarter.
Compared to other states, Wisconsin’s annualized growth rate ranked 48th for the quarter. It was the slowest in the 12-state Midwest region. Three nearby states – Iowa, Illinois and Indiana – grew at a 3.6 percent clip. Minnesota’s economy grew 5 percent and Michigan grew 5.4 percent.
While durable goods manufacturing represented Wisconsin’s strongest industry, adding 0.73 percentage points of growth, a number of other states saw the sector grew even faster. Indiana got a 1.17 point contribution from durable goods, Michigan was up 1.88 and Minnesota added 1.3 points of growth from the industry.
Wisconsin also struggled in agriculture in the quarter. The sector was a slight drag on growth, contributing a decrease of 0.03 points. Other Midwestern states fared much better with Minnesota getting a 1.33 point boost, Iowa up 1.22 points and Indiana up 0.73 points.
The one-quarter GDP picture remains subject to future revision. In the first quarter of the year the state grew at a 4.1 percent rate, the best in the Midwest, according to revised data. That was a drastic revision from when initial first quarter data was released in July, showing Wisconsin growing at a 1.2 percent annualized rate, which was among the worst in the county.
Over the last six quarters, Wisconsin has averaged an annualized growth rate of 2.1 percent. The state’s average ranks 24th in the country.
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