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Wisconsin IDEA
Insight • Data • Economics • Analysis
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Earnings, Transfer Receipts, and Demographic Shifts in WI
Wisconsin has an Increased Reliance on Social Security and Medicare Amidst Aging Demographics
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Local area personal income is the total income in an area received by individuals from three primary sources: 1) earnings; 2) dividends, interest and rent; and 3) personal current transfer receipts. Income from earnings includes payments in the forms of wages and salaries, certain employer-paid benefits, and proprietor’s income. Personal income in the form of dividends, interest and rent is income obtained through investments, interest-bearing accounts, and income gained through the rental of property, copyrights, patents, and natural resource rights. Personal transfer receipts include payments from a variety of government social benefit programs such as retirement (e.g. Social Security), disability payments, medical benefits (e.g. Medicare and Medicaid), income maintenance payments (e.g. Supplemental Security Income, Earned Income Tax Credits, and Supplemental Nutrition Assistance Program payments), unemployment insurance, veterans benefits and education assistance.
An area’s share of income from different sources is influenced by a variety of factors. For instance, income from earnings is typically an area’s largest source of income, but the share of income from earnings can be influenced by economic cycles and local economic conditions. Accordingly, the share of income from earnings may decline during economic downturns with a corresponding increase in the share of income from certain personal transfer payments such as unemployment insurance. In 2022, 61.7% of Wisconsin’s personal income was derived from earnings; 19.4% was gained from dividends, interest and rent; and the remaining 18.9% was attributed to personal current transfer receipts. Social Security benefits were the largest source of transfer receipts (6.9% of personal income), followed by Medicare (4.5%), and public assistance medical care (3.3%). The remaining shares of transfer receipts include income maintenance payments, unemployment insurance and a combination of several smaller categories.
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Econ Quiz: Small Business Job Creation
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As we prepare for Wisconsin’s first Connecting Entrepreneurial Communities on May 30 and 31 in Platteville, we are thinking a lot about the contributions that small firms make to employment.
Over the past ten years, from 2013 through 2023, businesses with fewer than 249 employees accounted for roughly 46% of the workforce and created about 55% of all new jobs in the U.S. Aside from the quarters ending September 2017, September 2018, September 2019, March 2020, and June 2020, in which small firms experienced an overall loss in jobs, job creation for small firms ranged between 108,000 and 2,047,000 jobs each quarter. Large firms experienced overall losses in jobs for the quarters ending in March 2015, March 2020, and June 2020. In quarters other than those, job creation for large firms has ranged between 4,000 and 1,973,00 jobs each quarter.
That brings us to today’s question. In total, small firms and large firms have created a combined average of 400,463 jobs per quarter from 2013 through 2023. On average, how many of those jobs were created by small firms each quarter during that time period?
A. 180,524
B. 100,001
C. 220,119
D. 301,074
E. 390,213
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Join us in Platteville for Wisconsin’s FIRST Connecting Entrepreneurial Communities Conference. Gathering economic developers, municipal leaders, and entrepreneurs, the CEC Conference is a statewide conversation about supporting entrepreneurship in rural Wisconsin. Come to the Driftless Region for presentations and tours to learn how to build an entrepreneurial ecosystem in your own community! The summit is filling up fast, and we have limited space. Register now to reserve your spot!
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INTRODUCTION
Every five years the United States Department of Agriculture (USDA) undertakes a detailed inventory of farming operations across the country. The most recent, the 2022 Census of Agriculture, aims to provide a detailed snapshot of the nation’s farming economy, including information on farm demographics, production practices, land use, and economic trends. The intent of this issue of WIndicator is to provide an overview of recent trends in Wisconsin farming using the Census of Agriculture. We pay particular attention to the changes since the last Census in 2017 to understand trends in key metrics for Wisconsin agriculture with some references to longer term trends (1997 to 2022).
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Getting Ready for BEAD Funding: Permitting, Engagement, and Learning from Experience
Join us for a broadband regional workshop on Getting Ready for BEAD Funding: Permitting, Engagement, and Learning from Experience. We will hold nine workshops in convenient locations across the state. This event focuses on equipping attendees with the essential knowledge and tools required to successfully navigate the complexities of broadband expansion. This event is ideal for elected officials, community leaders, and volunteer committee members involved in broadband expansion efforts, as well as organizations supporting broadband planning and permitting authorities. Register today to secure your spot!
The nine regional workshops will be held:
- May 14, CESA 10 Offices in Chippewa Falls
- May 22, Northcentral Technical College in Antigo
- May 29, Fireman’s Park Pavilion in Waterloo
Registration for each session is $25 and covers lunch, refreshments and materials. public.
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Business Owners of Color in Wisconsin: Trends & Outcomes
Tuesday, May 28, 2024 | 12:00 pm - 1:00 pm (CST)
In recent years Wisconsin has seen massive spikes in business ownership among nonwhite entrepreneurs yet the state continues to have an overall low number of businesses owned by people of color. These findings are among those compiled in a new report “Business Owners of Color in Wisconsin: Representation, Profitability, and Growth”. Join us to learn more about trends and outcomes for business owners of color in Wisconsin. This event is virtual and free to the public.
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Business Owners of Color in Wisconsin: Strategies for Growth
Tuesday, June 11, 2024 | 12:00 pm - 1:00 pm (CST)
In recent years Wisconsin has seen massive spikes in business ownership among nonwhite entrepreneurs yet the state continues to have an overall low number of businesses owned by people of color. These findings are among those compiled in a new report “Business Owners of Color in Wisconsin: Representation, Profitability, and Growth”. Join us to learn more about trends and outcomes for business owners of color in Wisconsin. This event is virtual and free to the public.
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(Ashland Daily Press - 4/1/2024)
(WSAW-TV - 3/27/2024)
(The Daily Cardinal - 3/21/2024)
(Wisconsin Public Radio - 3/1/2024)
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Equal Employment Opportunity & Affirmative Action Statements
An EEO/AA employer, the University of Wisconsin-Madison Division of Extension provides equal opportunities in employment and programming, including Title VI, Title IX, the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act requirements. Please make requests for reasonable accommodations to ensure equal access to our educational programs as early as possible preceding the scheduled program, service, or activity.
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