The Wisconsin Department of Revenue’s (DOR’s) latest economic forecast update indicates a mild recession of two quarters during the first half of 2023.
Weakening domestic demand and declines of residential investment and inventories will yield declines of GDP during the first and second quarters of 2023, according to the forecast.
The outlook calls for growth of 0.7% of real GDP in 2023 and modest growth of 1.6% in 2024. Residential investment is the main drag in 2023, posting a decline of 17.1%.
The forecast also expects Wisconsin employment to expand by 1% in 2023, decline by 0.9% in 2024 and post minor growth in the following two years. See the DOR forecast.