May 25, 2012
Jobs Picture
is More Focused
Things are looking good for
Wisconsin right now. Over
the last year, we have seen
significant gains in the
state and local economy.
The housing market is
rising, personal income is
increasing, and more
positive news of job growth
has come to light. With the
economy on the upswing, a
brighter future for all of
Wisconsin’s citizens lay
ahead.
The number one issue of the
day remains job creation.
In Wisconsin, we are making
strides each month to reach
and maintain positive
numbers in this regard.
Since the beginning of 2011,
Wisconsin has gained more
than 30,000 jobs and is on
pace to add an additional
25,000 more jobs this year.
For the first time since
2007, employment has
increased in Wisconsin, with
manufacturing jobs leading
the way with the highest
employment numbers realized
in three years.
Each quarter, all employers
covered under state or
federal unemployment
insurance are required to
submit reports on staff and
wage data in order to comply
with tax and unemployment
insurance regulations. This
data is published by the
national Quarterly Census of
Employment and Wages (QCEW).
Because all employers must
report this data, economists
consider this QCEW
information to be an
accurate picture of jobs in
the state. Taken from 96%
of Wisconsin businesses, the
QCEW data shows a gain of
over 23,000 jobs in 2011 and
11,000 private jobs thus far
in 2012.
Many more new jobs are being
added all across the state.
In the last month,
announcements have been made
of companies adding 350 jobs
in Neenah, 30 jobs in
Manitowoc, 100 jobs in
Madison, 39 jobs in Racine
and Franksville, 145 jobs in
Wauwatosa, and 275 jobs in
Brookfield. The state
unemployment rate is the
lowest it has been in years,
and continues to fall.
Wisconsin is now one of
sixteen states to have a
significant drop in
unemployment, with a
current rate of 6.7%, which is
considerably lower than the
nation’s unemployment rate
of 8.1%.
All this good news matches
with what job creators have
been saying for the last
year. In fact, CEO Magazine
recently improved Wisconsin's
ranking as one of the best
states to do business, up
four spots from 24th to
20th. That increase is in
addition to the huge jump
Wisconsin made last year,
from 42nd to 24th place.
Average income is also on
the rise, as per capita
income increased by almost
5% in 2011, the largest gain
in five years. Compared to
other states, Wisconsin now
ranks in the top quarter for
personal income growth.
In the housing market, both
home sales and home prices
are on the rise. Wisconsin
has had ten straight months
of double-digit sales
growth, and home sales
increased nearly 20% last
month, compared to a year
ago. In southeastern
Wisconsin, home sales
increased by more than 30%.
Although the market has
certainly fluctuated over
the last few years, home
ownership
continues to be an
attractive investment for
families.
The state’s budget situation
is looking equally good.
Last year, the $3.6 billion
state budget deficit was
eliminated without raising
taxes, and while preserving
a commitment to core
services and programs. This
year, tax revenues are doing
better than anticipated,
another sign of an improving
economy. The state is
expected to have a budget
surplus of $154 million,
which is more good news for
taxpayers.
Beyond the hype and partisan
rhetoric of the last year,
the fact is Wisconsin is
moving in the right
direction. More people are
working, the unemployment
rate is decreasing, and
personal income is growing.
Wisconsin stands on firm
fiscal ground and will
continue down the path of
job growth and economic
success so long as we in the
Legislature keep the jobs
picture in our sights and in
focus.
-30-
Sen. Kedzie can be
reached in Madison at P.O.
Box 7882, Madison, WI
53707-7882 or by calling
toll-free 1 (800) 578-1457.
He may be reached in the
district at (262) 742-2025
or on-line at
www.senatorkedzie.com
