Wisconsin's economy is vibrant despite national financial issues, according to a statement from the state Department of Revenue.
Through investments in agriculture, energy, technology and education, the economic outlook for Wisconsin industries is optimistic, said Revenue Secretary Roger Ervin in the release.
Personal income in the state grew over 5 percent in 2006 and is expected to grow an additional 5 percent in 2007.
Wisconsin has continued to out-perform other Midwest states' levels of personal income, ahead of Ohio, Indiana and Michigan, according to the release.
The state's employment grew as well with a combined 1.2 percent growth for 2006 and 2007. The release said over 2,200 manufacturing jobs have been created in the past three years in Wisconsin regardless of a 100,000 national manufacturing job decrease.
Wisconsin exports lots of machinery, so we're in a very good position to participate in the export boom,"" said Donald Nichols, UW-Madison professor of economics and public affairs.
High levels of Wisconsin exports create not only direct manufacturing jobs, but the economic boom would also have a trickle down effect to many career fields, Nichols said.
Dick Burgess, former director of the UW-Madison Biotechnology Center said jobs in the biological science fields have become much more accessible to recent graduates than previous decades.
""There are 60 to 80 biotech companies in Madison alone and there are quite a few job opportunities,"" said Burgess. ""I know quite a few students who have recently graduated and found jobs here in [Madison].""
Although the release predicts Wisconsin will continue to see economic growth into 2008, the state of the national economy might have a negative impact on the state.
According to Nichols, it will be difficult to retain economic growth if the national economy enters a recession, regardless of Wisconsin's strong economy.
Both Nichols and the Department of Revenue cited the downturn in the national housing market as the foremost problem facing the national economy.
""Wisconsin had its housing problem a year early so the outlook for Wisconsin is going to be better than the outlook for the nation,"" said Nichols.
