From WisPolitics.com/WisBusiness.com …
— The research director for the Wisconsin Policy Forum says healthcare is “far and away” the most important sector in the state for driving small business job growth.
Joe Peterangelo was the featured speaker at yesterday’s Milwaukee Rotary Club meeting, where he highlighted some of the latest research insights from the forum.
He noted Wisconsin’s healthcare and social assistance sector eclipsed all others for job growth over a recent study period, captured in the forum’s “Small Business, Big Stakes” report issued late last month.
Between 2010 and 2024, small healthcare establishments in Wisconsin added 38,640 jobs, making up 65% of net growth for private businesses in the state with 500 or fewer employees.
The second-largest category for this measure, encompassing professional, scientific and technical services, added 11,249 jobs over the same period. After an unmarked category labeled “unknown” with 9,109 jobs added, the next largest was manufacturing with 7,913 jobs added.
New establishments — including clinics, home health services, behavioral health services, specialized and outpatient care — made up about 70% of all healthcare job gains during this study period, according to the report. Existing businesses expanding made up the other 30% of that growth.
“Healthcare has been far and away the most critical sector to small business job growth,” Peterangelo said, adding “we’ve seen some declines in other sectors, but healthcare has been really key.”
He argued workforce development efforts should focus on key sectors for the state, referencing both manufacturing and healthcare.
“Those are both key areas to continue to focus our workforce development strategies on, and then as well, having that focus on the professional, scientific, technical services and information, which are where a lot of the tech jobs are,” he said.
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