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.
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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