Study projects steady state growth

A UW–Madison study entitled “Wisconsin’s Economy in the Year 2010” shows Wisconsin is in a solid position to move forward in the first decade of the 21st century.

The study indicates that overall Wisconsin employment will grow by 1.3 percent between 1997-2010, yielding 485,148 new jobs. Services will be the state’s fastest growing sector, at 2.5 percent. Wisconsin’s manufacturing employment will increase by 0.7 percent, with average monthly employment expected to reach 670,552 by 2010.

Employment is also expected to grow in each of the other major sectors, as follows: trade (0.7 percent); government (1.0 percent); finance, insurance, and real estate (0.4 percent); transportation, communications, and utilities (1.4 percent); construction (1.2 percent); and mining (1.2 percent).

“Wisconsin is better prepared for this decade than it was for any of the previous three because it is actively aware of the needs, challenges, and strengths of its economy,” says William Strang, emeritus professor of business, UW–Madison. “Institutions like the UW-System, the Department of Commerce, and Forward Wisconsin are already actively working to serve the needs of the next decade.”

“The state’s new Wisconsin Technology and Entrepreneurs Council will respond to the study’s recommendations by assisting in the development a strong climate for technology businesses and improved access to capital,” says Department of Commerce Secretary Brenda J. Blanchard.

“I am pleased to report that Forward Wisconsin is already pursuing several of the recommendations cited in the study, including targeting high technology and bioscience firms, recruiting workers and promoting Wisconsin’s great quality of life,” says Forward Wisconsin President Dean Amhaus.

The Wisconsin Department of Commerce, Forward Wisconsin, Inc., the Lynde and Harry Bradley Foundation, and the UW–Madison Graduate School funded the study.

Among other things, the study says the state should:

• Maintain and develop the industry clusters in which Wisconsin enjoys a competitive advantage, such as industrial machinery and biotechnology; increase venture capital investment; enhance employee training and continuing education program.
• Attract labor to expand the state’s workforce; promote Wisconsin’s superb quality of life.

For a copy of the study, contact: (608) 265-5922; drothwell@bus.wisc.edu. Room 115 East, State Capitol, P.O. Box 7863, Madison, Wisconsin 53707 _ (608)266-1212 _ FAX (608) 267-8983