Wisconsin’s economy was among the 15 fastest growing state economies in the fourth quarter as the state’s real GDP increased at a 4.3% annualized rate, according to data from the U.S Bureau of Economic Analysis.
Indiana and Wisconsin led the Midwest for growth in the fourth quarter and ranked 12
th and 13
th respectively.
Wisconsin’s growth in the fourth quarter was primarily driven by the manufacturing sector, which accounted for around one-third of the growth, along with retail trade, construction and agriculture. Within manufacturing, nondurable goods production contributed 0.93 percentage points of growth and durable goods added 0.52 points. Retail trade also added 0.79 points.
The fourth quarter growth did mark a slowdown from the third quarter when
Wisconsin's growth was 5%, however Wisconsin did move up after ranking 18
th for growth in the third quarter.
But despite a strong second half of the year, Wisconsin’s economy saw growth of just 0.2% from 2022 to 2023. The state’s growth rate was the second slowest in the country ahead of only Delaware.
Wisconsin’s economy was down 0.1% in the second quarter and down 2.9% in the first quarter. It has shrank in five of the past eight quarters.
Since the end of 2021, Wisconsin’s economy has grown at a 0.3% compound annual rate, the third slowest in the country. The growth rate has also been the same from the end of 2019 to the end of 2023, ranking 46
th in the country.
