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State’s Revenue Department forecasts moderate growth

MADISON, Wis. (AP) – The Wisconsin Department of Revenue is forecasting that the state’s economy will grow at a moderate pace this year, with 31,000 jobs added by the end of the year.

The Revenue Department released its latest economic outlook Friday. It predicts statewide unemployment will be 6.9 percent this year and then drop to 6.5 percent next year. The rate was 6.8 percent in June. It has steadily declined since peaking at 9.2 percent in mid-2009.

The report also predicts that personal income will grow 1.9 percent this year, with stronger growth of 4.6 percent in 2014.

According to the report, the housing market is showing signs of a recovery both at the state and national levels. Moderate growth is predicted in Wisconsin the remainder of this year.

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