Key state indicators show the Wisconsin economy has entered a recession, according to the quarterly Wisconsin Economic Outlook released by the Department of Revenue.
The DOR's report says total state employment is expected to show a 0.6-percent decrease in 2008 and a 2.2-percent drop in 2009, with recovery beginning toward 2010. Personal income growth, which had grown steadily over the last three years, is expected to stall in 2009.
Looking at the state's housing market, the report says Wisconsin has not yet reached its bottom, although the impact of the real estate bubble isn't as severe in the state because it never saw the "exorbitant growth" seen in other parts of the country.
Existing home sales in the third quarter of 2008 fell nearly 17 percent compared with the previous year and building permits are expected to fall to a low in early 2009.
"The national economic crisis has serious consequences for us all, as we face job losses, declining income growth and a severe state budget shortfall," said Revenue Secretary Roger Ervin. "With Wisconsin's economy worsening significantly, it is more important than ever that we work together to meet the challenges ahead."
Click here to read the executive summary of the report.
State forecasts continued recession for 2009
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