Civil and Municipal - Mar 2023

13 CIVIL AND MUNICIPAL VOLUME 4, ISSUE 3 WISCONSIN ECONOMIC DEVELOPMENT CORPORAT ION (WEDC) The numbers tell the story with the state’s financials the best they have been to date. The 2022 fiscal year ended on a high with a general fund balance of nearly $3 billion and 2023 is looking to be just as strong with projections nearing close to $4 billion. Wisconsin allocated a total of 1.1 billion in federal pandemic relief which represents $ $363.3 million towards general economic development, $130 million toward workforce development, and assists businesses by allocating $6741.7 million. Matching the impressive financial assistance numbers, Wisconsin is enjoying low unemployment rates. Thirty-six thousand more people are working now than before the pandemic, Wisconsin continues to lead the nation with a rate 4.3 percentage points higher than With a current economic climate that is somewhat uncertain across the county, the powers of WEDC have become even more essential to the lifeblood of the local economies of Wisconsin. Just like their national counterparts, Wisconsin- based businesses are grappling with supply chain disruptions issues and the rising cost of labor and materials as well as trying to find innovative ways around the current high-rate environment. Despite these challenges, the state of the Wisconsin economy is at a record high as businesses are flourishing across major sectors including manufacturing and tourism throughout the state. The path to economic success did take a detour during COVID, WEDC acknowledges, and assistance was paramount during this time. With the height of the pandemic over, WEDC is now turning its attention to business attraction to the state, while continuing to help where necessary to businesses that may have felt the pandemic punch. Business View Magazine had the chance to sit down with executives with WEDC to discuss the state of the local business climate as well as the important role it plays overall in the State’s economy. Business View: What is the State of Wisconsin’s economy? WEDC: “There are many reasons to celebrate the progress our state has made. Wisconsin’s economy continues to grow robustly in every corner of the state,” states WEDC Secretary and CEO Missy Hughes. “Unemployment has dropped from double- digits in the early days of the pandemic to the lowest levels in decades, while participants in the labor force reach new highs. Wages are also increasing and new businesses are emerging,” Hughes comments.