Personal income growth in Wisconsin will slow to 0.2% in 2020 and 1.6% in 2021 due to the COVID-19 pandemic, according to the latest economic forecast update from the Wisconsin Department of Revenue (DOR).
The May 2020 economic forecast expects total personal income to recover its pre-coronavirus status by the second quarter of 2021, both in the state and nationwide.
The DOR forecast also expects state employment to decline by 14.4% this year with recovery to its pre-coronavirus employment level by the end of 2023. Find more economic forecast projections here.