Wisconsin’s real GDP grew at a 0.5% annualized rate in the first quarter, strong enough to outpace most nearby states, but still among the slowest in the country, according to data from the U.S. Bureau of Economic Analysis.
Among nearby states, only Michigan saw stronger growth to start the year at 1.8%. Indiana followed Wisconsin with 0.1% growth.
Other states in the area saw their economies shrink during the first quarter, with Minnesota down 0.8%, Illinois down 1.3% and Iowa down 3.3%.
Across the broader 12-state Midwest region, only Missouri had stronger growth than Wisconsin at 1.6%. North and South Dakota, Nebraska and Kansas were all down more than 3% and Ohio was down 0.3%.
Despite outpacing its neighbors, Wisconsin still ranked 37th in the country for growth in the first quarter. Idaho was the fastest growing state during the first quarter with GDP up 5%. Growth was strongest in the West and South.
Within Wisconsin, construction provided the biggest boost to growth, contributing 0.49 percentage points to GDP. Retail trade added another 0.35, finance and insurance added 0.28, health care and social assistance added 0.26, and wholesale trade contributed 0.24.
Conversely, durable goods manufacturing contributed a 0.47 percentage point drag to GDP growth. Professional, scientific and technical services was a 0.33 point drag, agriculture, forestry, fishing and hunting contributed a 0.28 point drop and real estate, rental and leasing was a 0.23 point drag.
Wisconsin’s economic growth over the past several years has been among the slowest in the country. From the fourth quarter of 2019 to the first quarter this year, the state’s compound annual growth rate is 0.3%, which ranks 46th in the country. Only Delaware, North Dakota, Louisiana and Hawaii have seen worse growth.
Florida and Idaho lead the country with 4.3% and 4.1% compound annual growth rates over the same period.
