Personal income in Wisconsin increased 4.9% in 2024 and is projected to grow more than 4% annually over the forecast horizon, according to the Wisconsin Department of Revenue’s (DOR) May 2025 Economic Forecast Update.
Wisconsin’s personal income growth in 2024 was above the Great Lakes average of 4.6% and slightly below the national average of 5.3%. Net earnings and personal transfer receipts were key drivers of this growth.
The DOR forecasts Wisconsin’s nominal personal income to increase by 4% in 2025, with a 3.7% rise in wages and salaries and a 4.7% increase in wage supplements. See more projections.