general economic trends

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General Economic Trends Steven Deller Department of Agricultural and Applied Economics University of Wisconsin – Madison/Extension

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General Economic Trends. Steven Deller Department of Agricultural and Applied Economics University of Wisconsin – Madison/Extension. 12%. 55%. “Clusters” for Southwest Wisconsin.  LQ. Forestry Fishing, Related Activities. Farming. LQ. - PowerPoint PPT Presentation

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Page 1: General Economic Trends

General Economic Trends

Steven DellerDepartment of Agricultural and Applied Economics

University of Wisconsin – Madison/Extension

Page 2: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

201095

100

105

110

115

120

125

130

135

Overall Population Growth

Southwest Wisconsin WisconsinGreat Lakes States

12%

Page 3: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

201095

105

115

125

135

145

155

165

175

185

195

Overall Employment Growth

Southwest Wisconsin WisconsinGreat Lakes States

55%

Page 4: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

20101.4

1.6

1.8

2.0

2.2

2.4

2.6

Population / Employment Ratio

Southwest Wisconsin WisconsinGreat Lakes States

Page 5: General Economic Trends
Page 6: General Economic Trends

0 1 2 3 4 5 6 7 8 9

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

“Clusters” for Southwest Wisconsin

LQ

LQ

Farming

Forestry Fishing, Related Activities

Page 7: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

201050

60

70

80

90

100

110

Farm Employment Growth

Southwest Wisconsin WisconsinGreat Lakes States

High employment dependency on a declining (jobs) industry?

Page 8: General Economic Trends

0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8

-0.2

0.0

0.2

0.4

“Clusters” for Southwest Wisconsin

LQ

LQ

Retail

State/Local Government

ConstructionManufacturing

Page 9: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

201095

115

135

155

175

195

215

Retail Employment Growth

Southwest Wisconsin WisconsinGreat Lakes States

Page 10: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

201050

100

150

200

250

300

Manufacturing Employment Growth

Southwest Wisconsin WisconsinGreat Lakes States

Page 11: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

201095

105

115

125

135

145

155

165

175

State and Local Govt Employment Growth

Southwest Wisconsin WisconsinGreat Lakes States

Page 12: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

201095

105

115

125

135

145

155

165

Southwest Employment Growth

State & Local Govt Total Employment

Page 13: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

201050

100

150

200

250

300

Southwest Wisconsin Employment Growth

State & Local Govt FarmManufacturing Retail

Page 14: General Economic Trends

19701973

19761979

19821985

19881991

19941997

20002003

20062009

10000

15000

20000

25000

30000

35000

40000

Real Per Capita Income Growth (2005$)

Prosperity Southwest Wisconsin WisconsinGreat Lakes States

Page 15: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

20100.60

0.65

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

Real Per Capita Income Compared to the Great Lakes (2005$)

Southwest Wisconsin Wisconsin

Page 16: General Economic Trends

Wages and Salaries

Other Labor Income

Proprietors Income

Dividends, Interest and Rental Income

Government Transfer Payments to Persons

0 0.1 0.2 0.3 0.4 0.5 0.6

Sources of Income 2010

Great Lakes States Wisconsin Southwest Wisconsin

Page 17: General Economic Trends

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

20062008

20100%

10%20%30%40%50%60%70%80%90%

100%

Sources of Income For Southwest Wisconsin

Wages and Salaries Other Labor Income Proprietors Income Dividends, Interest and Rental Income Government Transfer Payments to Persons

Aging Population

Small Businesses

Page 18: General Economic Trends

Agriculture, Forestry, Fishing and Hunting

Mining, Quarrying, and Oil and Gas Extraction

Utilities

Construction

Manufacturing

Wholesale Trade

Retail Trade

Transportation and Warehousing

Information

Finance and Insurance

Real Estate and Rental and Leasing

Professional, Scientific, and Technical Services

Management of Companies and Enterprises

Administrative and Support and Waste Management and Remediation Services

Educational Services

Health Care and Social Assistance

Arts, Entertainment, and Recreation

Accommodation and Food Services

Other Services (except Public Administration)

0% 20% 40% 60% 80% 100%

50 to 249 10 to 49 1 to 9

Wisconsin Firms by Employment Size (2010)

Page 19: General Economic Trends

LESS T

HAN $10,000

$10,000 to $19,999

$20,000 to $29,999

$30,000 to $44,999

$45,000 to $59,999

$60,000 to $74,999

$75,000 to $99,999

$100,000 to $124,999

$125,000 to $149,999

$150,000 to $199,999

$200,000 or MORE

0%

5%

10%

15%

20%

25%

Southwest Wisconsin Wisconsin Great Lakes

Income Distribution of Southwest Wisconsin Households (2005$)

Page 20: General Economic Trends

LESS T

HAN $10,000

$10,000 to $19,999

$20,000 to $29,999

$30,000 to $44,999

$45,000 to $59,999

$60,000 to $74,999

$75,000 to $99,999

$100,000 to $124,999

$125,000 to $149,999

$150,000 to $199,999

$200,000 or MORE

0%

5%

10%

15%

20%

25%

Income Distribution of Southwest Wisconsin Households (2005$)

1990 2010

Page 21: General Economic Trends

19671969

19711973

19751977

19791981

19831985

19871989

19911993

19951997

19992001

20032005

20072009

0.30

0.32

0.34

0.36

0.38

0.40

0.42

U.S. Wage Income Inequality (Gini Coefficient)

Widening Income Gap

Page 22: General Economic Trends

OccupationTotal

Annual Openings

Avg WageEntry Wage

Total, All Occupations 3110Food Preparation and Serving Related Occupations 430 20,120 16,930 Offi ce and Administrative Support Occupations 420 30,260 19,720 Sales and Related Occupations 390 28,870 17,090 Production Occupations 280 31,640 20,640 Healthcare Practitioners and Technical Occupations 230 63,340 31,140 Transportation and Material Moving Occupations 230 34,660 23,170 Education, Training, and Library Occupations 190 43,580 25,930 Personal Care and Service Occupations 150 22,940 17,010 Business and Financial Operations Occupations 130 53,890 31,440 Healthcare Support Occupations 120 27,370 20,380 Management Occupations 110 79,550 39,950 Protective Service Occupations 110 37,650 23,230 Installation, Maintenance, and Repair Occupations 100 40,130 25,800 Construction and Extraction Occupations 90 41,170 26,020 Computer and Mathematical Occupations 60 60,930 38,480 Building and Grounds Cleaning and Maintenance Occupations 60 24,310 16,980 Community and Social Services Occupations 50 41,410 25,580

Poverty level for family of four (two children): $22,811

Page 23: General Economic Trends