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RISING
Local travel: Although gas prices over the holiday weekend are considerably higher than the same time in 2010 — about $1 on average — Wisconsin business owners aren’t necessarily fretting over their summer prospects. Officials with AAA estimate that some 700,000 Wisconsin residents would travel on the roads over Memorial Day weekend. AAA also estimated that travelers would spend some 14 percent less over the holiday weekend, but retailers in Wisconsin’s northwoods say they’re actually optimistic that Wisconsinites will head north in larger numbers instead of vacationing out of state.
MIXED
Venture capital legislation: Lawmakers rolled out legislation earlier this month aimed at increasing venture capital investment in Wisconsin businesses, but many of the bill’s most ardent backers have already acknowledged that it will need to be changed to move forward. Panelists at a Wisconsin Innovation Network luncheon last week continued to insist that many Wisconsin start-ups desperately need capital to get off the ground and stay in business, and state Rep. John Klenke, R-Green Bay, predicts a “tweaked’ form of the bill will pass this session. Klenke said he wondered whether taxpayers should be responsible for generating some $400 million in state-backed capital, but said he was persuaded that without the funding, Wisconsin would be at a competitive disadvantage to many other states that are creating venture capital funds to attract investment for nascent companies within their boundaries. In addition, the Walker administration says concerns have been raised by a number of legislators and that they’re looking to improve the bill.
FALLING
Home sales: Existing home sales fell significantly in April according to data from the Wisconsin Realtors Association. Sales fell 32.3 percent last month compared to the same month in 2010. The median sale price was also down 8.4 percent to $125,900 between April 2010 and April 2011. The chair of the WRA’s board says no one is surprised by the numbers since the market last year was “overheated” because of the impending end of the federal homebuyer tax rebate program.
