Wisconsin residents will receive an estimated $2.1 billion in federal economic stimulus payments, according to a special report in the state Department of Revenue's quarterly economic outlook.
A total of 2.4 million federal rebates, averaging $877, will be issued to Wisconsin residents, boosting consumer spending in the third and fourth quarters of 2008.
Wisconsin economic growth will follow the slowdown of the national economy as housing market concerns and tight credit markets spread to other economic sectors, but state employment will hold, with 0.5 percent employment growth in 2008 and 0.6 percent in 2009, according to the report. The forecast shows that about 15,000 jobs will be added state-wide over the two-year period.
Wisconsin personal income growth will slow, compared to previous forecasts, but will still post increases of 3.8 percent in 2008 and 4.0 percent in 2009. Wisconsin continues to outperform other states in the region in personal income growth.
The U.S. economy faces a slowdown through the first two quarters of the year, as high energy and food costs join with housing and credit market troubles.
The national forecast shows exports will be the bright spot, increasing 7.9 percent in 2008. Wisconsin continues to hold a competitive advantage for exports as the dollar continues to weaken, particularly against the Canadian dollar.