DOR report: Wisconsin economy continues to grow – slowly

Preliminary estimates of first quarter GDP came in at 1.3 percent, according to a Department of Revenue Wisconsin Economic Outlook report issued today.

Growth will pick up later in the year, and total 2007 growth in GDP is projected to be 2.1 percent.

Wisconsin employment is expected to follow the trend in the national economy this year, growing 0.4 percent, but is expected to show healthier growth in 2008.

In 2008, as the economy starts its recovery in the housing sector, gasoline prices ease, and manufacturing and exports maintain a healthy growth path, employment is expected to rebound showing a growth of 0.9%.

The Professional and Business Services, Education and Health Services, and Leisure and Hospitality sectors are expected to grow, on average, 2.6 percent, 2 percent and 1.2 percent respectively for the next five years (2007-2011).

Wisconsin personal income rose 4.8 percent in 2006 and is expected to maintain steady growth, showing 4.9 percent growth rate in 2007 and 2008.

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