(The Center Square) – Wisconsin has a lower unemployment rate and its gross domestic product is growing faster than other states, according to a new economic scorecard from Marquette’s Center for Applied Economics.
Wisconsin’s GDP was $357.3 billion as of the final quarter of 2024 while the unemployment rate in Milwaukee (3.0%) and in Wisconsin (3.1%) was below the national average of 4.1%.
Through March, the seasonally adjusted overall unemployment in Wisconsin was 3.2% compared to a 4.2% national rate.
The report had a focus on the Milwaukee area, where media home listing prices continue to rise despite a national decline. The average median listing price in the Milwaukee metropolitan area rose 5.56% to $376,991 in 2024 while prices went up 4.5%, reaching $381,281, in the overall state.
“The local labor market in the Milwaukee metro region remains strong since the COVID-19 pandemic rebound, and we see signs of stabilization,” Nicholas A. Jolly, associate professor of economics and a co-author of the scorecard, said in a statement. “Growth in employment is positive, yet slowing; the large declines in manufacturing employment are slowing; and average hourly earnings are projected to rise, but at a slower rate.”
Wisconsin accounts for 1.52% of the national economy. But employment growth is not expected between now and October 2025.
That is in part due to an expected drop in population in the state by 250,000 by 2050 due to an aging population and fertility rates that are lower than the projected death rates in the state as that population ages.
“While the Milwaukee metro area’s economic fundamentals remain strong, signs of moderation are emerging,” co-author Dr. Grace Wang, professor of economics and director of the Center for Applied Economics, said in a statement. “Wage growth is stabilizing. Non-farm employment is growing modestly, suggesting that hiring momentum is slowing even as unemployment remains low. Businesses should continue to monitor housing affordability and workforce availability as important factors.”
