Wisconsin’s income levels and wages should rebound next year after the coronavirus pandemic crippled the state’s economy, according to a report Gov. Tony Evers’ administration released Tuesday.
The analysis from the state Department of Revenue notes that Wisconsin lost 440,000 jobs in April, more than twice the number of jobs the state lost during the Great Recession.
Personal income levels in the state grew 4% in 2019, but that growth will slow to 0.2% in 2020 and 1.6% in 2021. Real personal income grew 2.7% in 2021 and should decline by 0.5% in 2020 but grow by that amount in 2021. In all, total personal income should recover to pre-pandemic levels by the second quarter of 2021.
Wage income, meanwhile, grew 3.2% in Wisconsin last year. It’s projected to decrease 9% this year but after bottoming out in the third quarter should post annual growth rates of 7% next year.
Private employment will post a decline of 16.1% this year and 4.4% growth in 2021. The manufacturing sector is expected to shed 114,000 jobs during the second and third quarters this year but should start adding jobs by the end of the year.