The latest economic forecast update from the Wisconsin Department of Revenue (DOR) anticipates state personal income to grow 3.2% in 2022 and 4.9% in 2023, compared to 3.2% and 5% nationwide.
Growth in wages and salaries is partially offset by a decline in transfer payment during 2022 but is not enough to compensate for inflation growth, the report said.
After adjusting for the increase in prices, the report forecasts a 2.8% decline in real personal income in 2022, matching a nationwide decline of 2.9%, and a growth of just 1.5% in 2023. See the DOR report.