The Wisconsin Department of Revenue’s (DOR’s) latest economic forecast update predicts a period of below-trend growth that will continue until 2024.
The forecast assumes that the debt limit is raised and calls for growth of 1.2% of real GDP in 2023 and subdued growth of 0.9% in 2024.
Recent financial turmoil and the deterioration in the quality of commercial real estate held by regional banks led to a tightening of lending standards, hampering growth for the rest of the year and into 2024.
The forecast expects Wisconsin employment to grow 1.5% in 2023, then stay almost flat through 2026. The report also expects Wisconsin's unemployment rate to rise to 3.8% by the end of 2025. See the report.