The latest economic forecast update from the Wisconsin Department of Revenue (DOR) expects state personal income to grow 5.4% in 2021 and 1.9% in 2022.
Personal transfer payments in 2021 and inflation explain the disparity of growth rates between the two consecutive years, the November 2021 economic forecast update states.
After adjusting for the increase in prices, the report forecasts Wisconsin real personal income to grow 1.5% in 2021 and to decline by 0.9% in 2022.
The report also projects Wisconsin employment to expand by 2.1% in 2021 and 3.7% in 2022. The forecast expects employment to reach the pre-pandemic level by mid-2022.