WisBusiness: Revenue Department predicts 183K new jobs through 2014
By WisBusiness Staff
The Revenue Department’s latest economic outlook projects Wisconsin will add 183,400 jobs through 2014, which would leave Gov. Scott Walker well short of his promise to create 250,000 during his first term.
The spring outlook projects the state will have an average of almost 2.92 million total nonfarm jobs over the four quarters of 2014. The state had an average of 2.73 million over the four quarters of 2010.
Walker spokesman Cullen Werwie said such projections often don’t take into account the actions being taken to improve the state’s business climate and show the private sector Wisconsin is serious about being a partner in job growth.
“We’re lowering our debt, decreasing our tax burden, regulations -- all those things not only in this budget but in the future as well will help us exceed current Department of Revenue projections,” Werwie said.
The report projects the state’s unemployment rate, which was 7.3 percent in April, should decline to 7.2 percent in 2011 and 6.7 percent in 2012 before hitting 5.5 percent in 2014. That would still be above the state’s pre-recession unemployment rate of 4.3 percent during the first quarter of 2008.
Revenue also projects personal income will grow 4.6 percent in 2011 and 3.4 percent in 2012, behind the national forecasted growth and slower than in previous recoveries.
In the manufacturing sector, employment growth is expected to be 3 percent in 2011, 3.5 percent in 2012 and 3.3 percent in 2013 before pulling back to 1.6 percent in 2014. That would still leave the industry 4.4 percent below its peak employment in 2006.
Read the report