Thursday, June 21, 2012

State Budget still on track to meet forecast

WASB Update:

Wis. Economic Forecast Says Recovery Has Slowed

The latest (June 2012) economic outlook from the Wisconsin Revenue Department says the economy continues to recover but the pace has slowed in recent months.

The forecast released Wednesday (June 20) says employment in the state is projected to increase 1 percent in 2012 and 1.7 percent in 2013. The state is projected to return to its peak 2008 employment levels of 2.9 million by early 2015. Nationally, all the jobs lost during the recession are projected to be filled by the third quarter of 2014.

The report says Wisconsin's unemployment rate should be 6.5 percent this year and drop to 6.1 percent in 2013. It's projected to drop to 4.7 percent by 2015.

Wisconsin personal income grew 5.2 percent in 2011, slightly outpacing the 5.1 percent growth rate nationwide. It is projected to grow 2.9 percent in 2012 and 4.1 percent in 2013. Individual income tax collections are up 5.7 percent from their year-ago levels, outpacing sales tax revenues, which are up 4.8 percent above last year’s level.

Total state general purpose revenues (GPR) through May of 2012 are 5.0 percent above their year-ago levels, reflecting an increase of $530.6 million. This puts the state on a pace to meet or exceed the forecasted fiscal year 2012 (FY12) total collections of just under $13.2 billion, projected by the Legislative Fiscal Bureau in February of 2012.

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