Wisconsin’s real GDP shrank at a 1.9% annualized rate between the first and second quarter, according to data released Friday by the U.S. Bureau of Economic Analysis.
The data puts Wisconsin 37
th in the country for economic growth in the quarter. The U.S. economy was down 0.6%, according to the latest data.
Revised data for the first quarter also saw Wisconsin swing from a 0.2% decline to 0.3% growth. However, the state
went from being ranked fifth in the country to 22
nd based on other revisions.
In the second quarter, Wisconsin saw the greatest positive growth contribution from finance and insurance, which added 0.3 points to growth. Accommodation and food services, which added 0.29 percentage points, was the second biggest positive contributor. The information sector added 0.24 points, management of companies added 0.23 points and professional scientific and technical services added 0.22 points.
On the other hand, nondurable goods manufacturing contributed a 1.33 percentage point decline, construction contributed a 0.92 point drop, wholesale trade ate away 0.49 points from growth, real estate contributed 0.34 points to the drop and agriculture was responsible for a 0.32 point drop.
Only three states saw a greater decline contribution from their nondurable goods manufacturing sector. New Jersey contributed 1.61 percentage points of decline, Louisiana contributed 1.57 and Indiana was off 1.47 points.
Wisconsin’s real GDP has seen a compound annual growth rate of 0.7% since the fourth quarter of 2019, the last measurement before the onset of the COVID-19 pandemic. The state’s growth ranks 36
th in the country over that period.
As a whole, the U.S. has seen an annual growth rate of 1.4% since the end of 2019. Among nearby states, Wisconsin trails Michigan, up 1.7%, Indiana, up 1.5%, and Illinois, up 1%. It is tied with Minnesota at 0.7% and ahead of Iowa, down 0.1%.
