01 Jul Full recovery from pandemic will take more than 2 years in Wisconsin, WEDC says
According to a new report released Tuesday by the Wisconsin Economic Development Corp., wage and salary income across Wisconsin and the nation will fall by 9% in 2020 due to the Covid-19 pandemic, which will be detrimental to the state’s economic activity.
The report, “Wisconsin Tomorrow – An Economy For All,” was submitted to lawmakers and Gov. Tony Evers on Tuesday. The report paints a picture of the challenges various sectors and the state’s economy will face because of the virus outbreak, but also solutions for getting the economy back on track. Solutions include re-skilling and training the current unemployed for jobs that are essential to the economy, creating better access to computers and high-speed internet and supporting innovation.
According to the report, it will take slightly more than two years for Wisconsin and the U.S. to recover to the pre-Covid-19 level of employment. The economic forecast included in the reports shows Wisconsin can expect to recover close to 25% of the jobs lost by the third quarter of 2020, and close to three-quarters of the employment loss by the second quarter of 2021.