Wisconsin economy grew at an annualized rate of 1.1% in the second quarter, among the 10 slowest growth rates of any state in the country, according to new date from the U.S. Bureau of Economic Analysis. The growth rate is unchanged from the first quarter.
Only one Midwestern state, Indiana, had a slower growth rate in the quarter at 1%. Three other states, Illinois, Iowa and Michigan, had growth rates of 1.1%. Nebraska, Kansas, Minnesota and Missouri all topped 2%, led by Nebraska at 2.4%.
Manufacturing, the state’s largest sector by GDP, saw a slowdown from 2.1% to a 0.4% growth rate. The slowdown was primarily driven by durable goods manufacturing, which dipped from 5.9% to 0.6% and contributed 0.07 percentage points to overall growth.
The major contributors to growth included agriculture, accounting for 0.32 percentage points, utilities, a 0.27 point boost, and management of companies, a 0.26 contributor.