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WMC: Job Growth Predicted; Taxes, Regulations Top Concerns 6/8/2005 MADISON -- Businesses will be creating more jobs in Wisconsin in the next year, but remain concerned about the state’s high taxes and aggressive regulatory climate, reports the WMC 2005 Economic Outlook Survey. Some 51.4 percent said they will add employees in the next year, and 43 percent said they would expand operations in Wisconsin in the next year or two. Cutting taxes and red tape were cited as top policy problems confronting industry in the survey of WMC’s 52-member board of directors. “Wisconsin businesses are creating jobs, but our tax burden and regulatory climate remain top concerns,” said James S. Haney, president of Wisconsin Manufacturers & Commerce. “The Legislature and governor need to aggressively work together to cut taxes and red tape to help keep jobs in our state.” Tax cuts and regulation relief each polled 36.9 percent as “the one thing government could do to help my business.” Cutting taxes ranked first as the top reform to improve the business climate, polling 60 percent, and regulation relief polled 23.3 percent. Haney said a number of pro-business initiatives passed in the last two years were good first steps to making Wisconsin more competitive. The GOP Legislature passed and Governor Jim Doyle signed a no-tax-hike budget, a business tax cut, regulation relief and other reforms aimed at helping industry. Doyle twice vetoed a property tax freeze plan approved by the Legislature. WMC annually surveys its board to determine the direction of the state and national economy for the next year. WMC has over 4,000 members that employ 500,000 Wisconsin workers. Thirty-five executives responded, mostly from large companies employing more than 500 workers. Historically, WMC’s annual survey has reflected trends in the Wisconsin economy. “The business community is very optimistic about Wisconsin,” Haney said. In fact, 78.8 percent said Wisconsin is headed in the right direction. Nearly 83 percent said Wisconsin’s economy will experience moderate to good growth over the next year, that’s up dramatically from two years ago when nearly 70 percent said the economy would be flat or decline. CEOs said they are very confident about their own company, with 23 percent predicting good growth and 54.3 percent predicting moderate growth over 12 months. The CEOs said the national economy will be improving, with 8.6 percent predicting good growth and 80 percent predicting moderate growth. While 43 percent said they would expand in Wisconsin, 67.6 percent said they would be expanding in another state or country. “That’s why Wisconsin needs to be aggressive,” Haney said. “Our top businesses are operating in a global economy and we need to make sure state government does everything possible to help businesses create jobs right here at home.” The survey was conducted by mail in April with responses returned by fax through May. Results were released today in conjunction with the WMC annual summer meeting. For Further Information Contact: James S. Haney, (608) 258-3400 Jim Pugh, (608) 219-0157 The following people answered “yes” to the survey question “Are you willing to speak with the media about the state of the Wisconsin economy?” |
