On May 27th, the Wisconsin Department of Workforce Development (DWD) announced the preliminary April 2020 unemployment rates for Wisconsin’s 72 counties and the 34 cities with populations greater than 25,000 residents. St. Croix County’s April rate was estimated at 17.8%, which is substantially higher than the final rate of 4.0% for March and February’s rate of 4.8%. One year ago, the county’s unemployment rate was estimated at 3.5%.

DWD said preliminary unemployment rates from March to April and year-over-year increased in all 72 counties. The rates ranged from 9.7% in Lafayette to 26.2% in Menominee.

Preliminary unemployment rates increased in all of Wisconsin’s 34 largest municipalities from March to April as well as year-over-year. Rates ranged from 9.9% in Fitchburg to 21.1% in Superior.

The five counties with the lowest unemployment rates in April include Lafayette (9.7%), Clark (10.0%), Kewuanee (10.2%), Taylor (10.9%), and Dane (11.3%). Menominee County had the highest rate in April at 26.2%, followed by Iron (also at 26.2%), Bayfield (24.1%), Burnett (23.5%), and Douglas (23.3%).

St. Croix, Pierce, Polk, and Dunn counties comprise Wisconsin’s Greater St. Croix Valley. In addition to St. Croix’s rate of 17.8%, April’s preliminary rate in Dunn is 12.3%, while Pierce reported 17.4% and 17.7% in Polk.

St. Croix and Pierce counties are included in the 15-county Minneapolis-St. Paul-Bloomington MN-WI metro area. The April 2020 unemployment rate for the Twin Cities was estimated at 9.2%, which is higher than the final rate of 3.1% for both March and February. The unemployment rate in the Twin Cities was 2.9% in April 2019.

The preliminary (seasonally adjusted) unemployment rate for Wisconsin in April was estimated at 14.1%, which is significantly higher than March’s final rate of 3.1% and February’s final rate of 3.5%. One year ago, the state’s seasonally adjusted rate was 3.3%.

The preliminary (seasonally adjusted) unemployment rate in Minnesota in April was estimated at 8.1%, which is significantly higher than March’s final rate of 2.9% and February’s final rate of 3.1%. Minnesota’s seasonally-adjusted rate one year ago was 3.2%.

The preliminary (seasonally adjusted) unemployment rate in the U.S. for April was estimated at 14.7%, which is significantly higher than March’s final rate of 4.4% and February’s final rate of 3.6%. One year ago, the U.S. rate (seasonally adjusted) was estimated at 3.6%

Wisconsin’s preliminary (seasonally adjusted) labor force participation rate for April was 66.6%, which is higher than March’s final rate of 66.4% but lower than February’s final rate of 66.9%. One year ago, Wisconsin’s labor force participation rate was 67.0%. The preliminary (seasonally adjusted) labor force participation rate for the U.S. in April was estimated at 60.2% which is lower than March’s final rate of 62.7% and February’s final rate of 63.4%. One year ago, the labor force participation rate in the U.S. was 62.8%.

April’s estimates are preliminary and are subject to revision within the next few weeks.

(Released Monday, May 18, 2020)

The Wisconsin Economic Development Corporation (WEDC) will establish a $75 million grant fund to help businesses struggling due to the COVID-19 pandemic.

Governor Tony Evers’ announced the program, entitled We’re All In, in a press release distributed Monday morning, May 18, 2020.

An estimated 30,000 businesses with 20 or fewer full-time employees will qualify for the $2,500 grants.

These cash grants will assist with the costs of business interruption or for health and safety improvements, wages and salaries, rent, mortgages, and inventory.

We’re All In was largely by federal dollars received by Wisconsin through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The governor’s office promised more details later in May.

WEDC will begin accepting grant applications in June.

Read more here: https://content.govdelivery.com/accounts/WIGOV/bulletins/28c2d0c (link to Ever’s press release).

Updated March 23, 2020

The coronavirus pandemic (COVID-19) continues to negatively impact business and industry.

In Wisconsin, it is a rapidly-changing landscape, given restrictions on public and private mass gatherings of ten (10) or more people as well as the mandatory 5:00 p.m. closure of bars and restaurants (except for take-out orders), school closures, and the strong encouragement of remote working, etc. These are dramatic steps to curb the spread of the coronavirus.

To assist small businesses incurring losses due to the crisis, action is underway on several fronts, including the Governor’s office and Wisconsin Economic Development Corporation (WEDC), the state’s lead economic development organization.

On March 20, 2020 the Small Business Administration (SBA) approved Governor Tony Evers’ request for Economic Injury Disaster Loan assistance. As a result, severely impacted Wisconsin businesses can access targeted, low-interest loans through the SBA. The loans provide necessary working capital for businesses to operate until normal obligations resume. Businesses can use the loan funds to satisfy payment obligations in which they are unable to meet due to the COVID-19 disruption. Each business may qualify for up to $2 million. The interest rate is 3.75 percent for for-profit businesses and 2.75 percent for non-profits. Repayment is deferred for four months and the term is determined by the business’s ability to repay, with long-term options up to 30-years.

Business and industry may apply online at the SBA’s website, https://disasterloan.sba.gov/ela . It is a three-step process, Eligible Disaster Areas (Wisconsin is confirmed), Apply Online (requires the set-up of User Name and Password), and Check Application Status.

On March 17th, WEDC’s board of directors met and approved $5 million in funding for its special program known as Small Business 20/20 (SB20/20). SB20/20 will provide grants of up to $20,000 to targeted businesses with no more than 20 employees to cover rent and to meet payroll expenses, including paid leave (including sick, family and other leave related to COVID-19). WEDC Secretary and CEO Missy Hughes announced the program. The grants will be deployed by WEDC partnering with state’s 23 community development financial institutions (CDFIs) because CDFIs have pre-existing relationships with many of these small businesses.

Secretary Hughes’ announcement and outline of SB20/20 can be found here
https://wedc.org/blog/wedc-announces-targeted-grants-to-small-businesses-suffering-losses-due-to-coronavirus-emergency/

The link to WEDC’s summary of SB20/20, including downloadable program information can be found here
https://wedc.org/programs-and-resources/small-business-2020/

Summary

As always, business and industry are encourage to utilize advisors like banks and credit unions, accountants, attorneys, local and county EDCs, and chambers of commerce.

St. Croix EDC can be reached at (715) 381-4383 or by email at bill@stcroixedc.com.

2019 traveler spending in St. Croix County increased to $119.6 million (up +1.6% from 2018) according to an annual analysis released May 4th by the Wisconsin Department of Tourism. The 2019 traveler spending in St. Croix resulted in total business sales of $197.6 million, reflecting a +2.4% increase from 2018. This spending supported an estimated 2,073 jobs in the county (up +1.8% from 2018) and generated $14.8 million in state and local tax revenues (up +1.05% from 2018).

Statewide, travelers spent an estimated $13.667 billion in 2019, a +2.62% increase from 2018.  Total business sales from tourists in Wisconsin were estimated at $22.223 billion (a +3.02% increase from 2018).  Tourism and traveler-supported employment in Wisconsin in 2019 topped the 200,000 milestone for the first time and was estimated at 202,217 jobs (a +1.58% increase from 2018). Tourism also provided the state with tax revenues of $1.61 billion in 2019 (a +1.79% increase from 2018).

The traveler spending news for 2019 comes ahead of the challenges faced by Wisconsin’s tourism sector in 2020 due to the COVID pandemic.

St. Croix, Polk, Pierce, and Dunn counties comprise the Greater St. Croix Valley. Visitor spending in 2019 for the 4-county region was estimated at $299.1 million compared to $292.0  million in 2018 (a +2.43% increase). 2019 spending in the Greater St. Croix Valley includes St. Croix’s estimated $119.6 million, $95.4 million in Polk, $53.3 million in Dunn, and $30.8 million in Pierce. Because of the Greater St. Croix Valley’s close proximity to the Twin Cities metro area, many visitors from Minnesota enjoy day trips to the Valley and return to their homes without incurring lodging expenses. Local overnight stays would greatly increase traveler spending in the Greater St. Croix Valley.

Total business sales from travelers and visitors to the Greater St. Croix Valley in 2019 were estimated at $491.6 million compared to $477.9 million in 2018 (a +2.87% increase). Business sales per county include $197.6 million in St. Croix, $143.5 million in Polk, $93.0 million in Dunn, and $57.5 million in Pierce.

Tourism-related employment in the Greater St. Croix Valley for 2019 was estimated at 4,601 jobs (up +2.15% from 2018) and include 2,073 in St. Croix, 1,172 in Polk, 892 in Dunn, and 464 in Pierce.

2019 state and local tax revenue attributable to visitors and travelers in the Greater St. Croix Valley was estimated at $34.5 million (up +1.77% from 2018) and includes $14.8 million from St. Croix, $9.7 million from Polk, $6.5 million from Dunn, and $3.5 million from Pierce.

Milwaukee is the state’s top county for visitor spending estimated at $2.192billion. The other counties in the Top 10 include Dane ($1.361 billion); Sauk ($1.145 billion); Waukesha ($847.9 million); Brown ($717.9 million); Walworth ($584.5 million); Outagamie ($375.2 million); Door ($374.4 million); La Crosse ($281.4 million); and  Rock (263.6 million).

Tourism is one of Wisconsin’s top three industries along with manufacturing and agriculture.

For additional information, or to read the 2019 Economic Impact of Tourism in Wisconsin go to http://industry.travelwisconsin.com/research/economic-impact and select the topic: “County Total Impact”.

On April 22nd, the Wisconsin Department of Workforce Development (DWD) announced the preliminary March 2020 unemployment rates for Wisconsin’s 72 counties and the 34 cities with populations greater than 25,000 residents. St. Croix County’s March rate was estimated at 4.2%, which is lower than the final rate of 4.8% for both February and January. One year ago, the county’s unemployment rate was estimated at 4.1%.

The one-month delay in data reporting is not indicative of Wisconsin’s current economy and labor market.

DWD said preliminary unemployment rates from February to March declined in all 72 counties. The rates ranged from 2.2% in Dane to 7.1% in Burnett.

Preliminary unemployment rates decreased in all of Wisconsin’s 34 largest municipalities from February to March. Rates ranged from 2.0% in Madison to 5.2% in Racine.

The five counties with the lowest unemployment rates in March include Dane (2.2%), Ozaukee (2.6 %), Calumet (2.7%), La Crosse (2.8%), and Marathon (also at 2.8%). Burnett County had the highest rate in March at 7.1%, followed by Bayfield (6.7%), Iron (6.6%), Adams (6.5%), Menominee (6.1%).

St. Croix, Pierce, Polk, and Dunn counties comprise Wisconsin’s Greater St. Croix Valley. In addition to St. Croix’s rate of 4.2%, March’s preliminary rate in Dunn and Pierce was also estimated at 4.2% while was Polk at 5.8%.

St. Croix and Pierce counties are included in the 15-county Minneapolis-St. Paul-Bloomington MN-WI metro area. The March 2020 unemployment rate for the Twin Cities was estimated at 3.4%, which is higher than the final rate of 3.1% for both February and January. The unemployment rate in the Twin Cities was 3.6% in March 2019.

The preliminary (seasonally adjusted) unemployment rate for Wisconsin in March was estimated at 3.4%, which is lower than the final rate of 3.5% for both February and January. One year ago, the state’s seasonally adjusted rate was 3.2%.

The preliminary (seasonally adjusted) unemployment rate in Minnesota in March was estimated at 3.1%, which is lower than February’s final rate of 3.2% and January’s final rate of 3.3%. Minnesota’s seasonally-adjusted rate one year ago was 3.2%.

The preliminary (seasonally adjusted) unemployment rate in the U.S. for March was estimated at 3.5%, which is lower than February’s final rate of 3.6% and the same as January’s final rate. One year ago, the U.S. rate (seasonally adjusted) was estimated at 3.8%

Wisconsin’s preliminary (seasonally adjusted) labor force participation rate for March was 66.8% which is lower than the final rate of 66.9% for both February and January. One year ago, Wisconsin’s labor force participation rate was 67.0%. The preliminary (seasonally adjusted) labor force participation rate for the U.S. in March was estimated at 62.7% which is lower than the final rate of 63.4% for both February and January. One year ago, the labor force participation rate in the U.S. was 63.0%.

March’s estimates are preliminary and are subject to revision within the next few weeks.