NEWS
UW business school study details income growth
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Tuesday, February 12, 2002
Wisconsin’s per capita income grew by 54.5 percent during the 1990s, according to a recently released study by Jon Udell, UW-Madison emeritus business professor.
The growth surpassed the nation’s growth rate of 50.4 percent, thanks to an excess of growth during the early part of the decade.
Despite this growth, the study showed per capita income of $28,066 was below the national average of $29,451. The worst year of relative growth was 2000, when national personal income grew 6.79 percent as opposed to Wisconsin’s 4.98 percent.
“This undoubtedly was at least partially caused by the advent of a recession in the manufacturing sector during that year,” Udell said.
The highest growth rate came from Colorado, with 64.7 percent and the lowest was found in Hawaii, with 12.6 percent.
The study shows that while the nation’s personal growth rate slowed during the 90s, Wisconsin slowed less.
However, Udell found that state farmers suffered dramatically during the 90s, when total farm production exceeded receipts. In 2000 alone, state farmers felt a net loss of $273 million.
Udell has been observing Wisconsin’s economy for over 40 years and had several recommendations to boost the state’s economy, including more competitive tax rates, more support of education and protecting the quality of the state’s environment and resources.
