Wisconsin GDP growth 1%, U.S. 2%

New estimates released today by the U.S. Bureau of Economic Analysis show that Wisconsin’s economy grew by 1 percent in 2007, half of the U.S.’ growth rate of 2 percent.

Real Gross Domestic Product growth slowed in 36 states, with declines in construction and finance and insurance restraining growth in many states. Nationally, real economic growth slowed from 3.1 percent in 2006 to 2.0 percent in 2007, one percentage point below the average growth of 3.0 percent for 2002 to 2006.

All but three states — Delaware, Michigan and New Hampshire — had positive economic growth in 2007. Wisconsin’s growth rate of 1 percent was 39th of the 50 states; Utah had the most growth, 5.3 percent, and Delaware had the lowest rate, –1.6 percent. Wisconsin’s growth rate was lower than Minnesota (2.2 percent), Iowa (1.7 percent) and Illinois (1.5 percent), but higher than Ohio (0.4 percent), Indiana (0.3 percent) and Michigan (–1.2 percent).

Wisconsin’s GDP growth came from utilities (+0.6 percent); durable goods manufacturing (+0.37 percent); information technology (+0.37 percent); retail (+0.26 percent); nondurable goods manufacturing (+0.06 percent); and agriculture, forestry, fishing and hunting (+0.12 percent). Negative growth was found in construction (–0.52 percent), finance and insurance (–0.14 percent), wholesale trade (–0.09 percent) and mining (–0.05 percent).