Below is an excerpt from the most recent edition of WisBusiness Tuesday Trends.
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RISING
Exports: Wisconsin exports increased by 4.7 percent in 2012, to $23.1 billion, ranking the state 18th among the 50 states. The Wisconsin Economic Development Corp. reports the top export markets were Canada, Mexico, China, Australia and Japan, with exports to Canada accounting for 32.9 percent of the state’s total. Industrial machinery and agricultural exports were Wisconsin’s two largest export categories, with both sectors increasing in 2012. Ag exports, in particular, set a record last year according to another announcement from the state Department of Agriculture, Trade and Consumer Protection. The state exported more than $2.9 billion worth of agricultural products in 2012, an increase of 3 percent compared to 2011 and its highest value ever. Wisconsin’s most valuable markets for agricultural products in 2012 were Canada, Mexico, China, Korea and Japan. The market showing the biggest growth was China, with a 49 percent increase in 2012.
MIXED
Rent-to-own: The state Assembly backed legislation in the waning days of the 2011-2012 legislative session to open the door to so-called “rent-to-own” companies in Wisconsin, but the measure didn’t go anywhere in the state Senate before time ran out on the session. Similar language, however, is now back before the Legislature, tucked away in the governor’s budget proposal. A provision under the section covering the Department of Financial Institutions would exempt rental-purchase companies from the Wisconsin Consumer Act and the Uniform Commercial Code. It would also gives the companies the option not to disclose annual percentage rates on the rental-purchase agreement. While it’s very early in the budget process, the same arguments that surfaced last spring have returned. Republican Sen. Glenn Grothman of West Bend argues matters of policy, in general, shouldn’t be included in the budget, particularly for companies he argues are “engaged in predatory practices.” A Democratic critic also vows that the party will continue its vocal opposition to the measure.
FALLING
Fort McCoy: The western Wisconsin army facility reports a drop of some $300 million in its impact on the surrounding economy in 2012. But despite changes that reduced the base’s workforce by about 1,100 people last year, Fort McCoy still estimates its overall economic impact at more than $1 billion. The fort still employes 2,874 people — 85 percent of which are civilians — after its effort to train members of the Wisconsin National Guard for overseas missions ended last year. With the threat of the federal sequester looming, however, Fort McCoy officials are preparing to implement pay cuts for its workers to alleviate dramatic cuts. Should the March 1 deadline to avoid sequestration take effect, 1,500 of its civilian employees would be furloughed for one day per week — effectively cutting their pay by 20 percent.
