Advertisement

Wisconsin’s GDP hits record high; unemployment at record low

File photo of money
File photo of money(MGN)
Published: May. 19, 2022 at 4:57 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

MADISON, Wis. (WMTV) - In another sign of the state’s recovery from the COVID-19 pandemic, Wisconsin’s gross domestic product hit its highest point ever – and that’s even with adjusting for inflation.

The latest figures from the U.S. Bureau of Statistics show the state GDP hit $306.7 billion in the first quarter of 2022, up a point-and-a-half from the previous quarter. That total does not reflect the actual size of the Wisconsin economy, however, because federal economists reported all quarters in terms of 2012 dollars so they can account for inflation.

The latest figure eclipsed the high set in the final three months of 2019, also known as the last quarter before COVID-19 reached the Badger State. Over the next six months, through Q2 2020, the state’s GDP plummeted 10 percent as the state fought to contain the virus. It rebounded the next quarter, rising 7.5 percent, and has been ticking up ever since.

In addition to the record GDP, the state’s unemployment rate remains at an all-time low. April’s seasonally adjusted rate sits at 2.8 percent, unchanged from the March figure. It

“Wisconsin’s preliminary unemployment rate… demonstrates the continued strength of the statewide recovery among industries ranging from construction and manufacturing to retail trade and food service,” DWD Secretary-designee Amy Pechacek said.

Pechacek added that her agency has resources for both job seekers and employers available at its in-person job centers or at JobCenterofWisconsin.com.

Copyright 2022 WMTV. All rights reserved.