Gov. Scott Walker announced in a press release Tuesday that Wisconsin is now ranked second in economic growth for the first time in the state’s history, according to data from the Federal Reserve Bank of Philadelphia’s coincident index.
The coincident index utilizes four state variables—the employment and unemployment rate, wage and salary data and average hours worked in manufacturing—to calculate economic growth in all 50 states.
The organization’s most recent report indicated Wisconsin’s job development rate from April to July was the strongest it had been since 1990 with the total growth approaching 32,000 new jobs.
Additionally, Wisconsin’s current unemployment rate stands at 6.7 percent, a full 0.6 percent below the national average.
Walker said in the statement this “history-making ranking” shows Wisconsin’s economy is improving.
“A better economy means a better quality of life for all Wisconsinites, and that is why it is my top priority,” Walker said in the statement.
The index’s next report is scheduled for release Oct. 24.
