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Wisconsin IDEA Insight • Data • Economics • Analysis
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Nearly 500 New Businesses Formed Per Month in Wisconsin
The Rate of Success Among New Businesses is Declining
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New business formations in Wisconsin increased during the pandemic. Nearly 500 new businesses formed per month since the summer of 2020, based on projections from the U.S. Census. In a typical month before the pandemic new business formations were between 300 and 400 per month. Businesses are counted as newly formed when they hire their first employees and begin filing payroll taxes. These employer businesses are important to economic recovery and growth as they provide jobs and income in their communities. Though the number of new businesses seems to have increased during the pandemic, the rate of successful business formation has been declining.
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Econ Quiz: SNAP Redemptions
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In 2019, the USDA Economic Research Service (ERS) released a report which found that Supplemental Nutrition Assistance Program (SNAP) redemptions had a positive impact on local employment as well as access to food. In nonmetro counties between 2001 and 2014, each additional $10,000 of SNAP redemptions resulted in an increase of 0.4 additional local jobs, or 1.0 jobs for every $25,000 redeemed.
The effect is fairly logical: SNAP increases the dollars spent on food in local communities, and a local increase in spending on food leads to a local increase in food-related jobs and economic activity. In high poverty areas, where annual SNAP redemption per capita can be around $500 annually, the economic stimulus effect of SNAP may be greater than the effects of economic development grants or loans. According to the Wisconsin Department of Health Services, 703,488 residents in our state were enrolled SNAP benefits in the first 11 months of 2022, receiving an average of $249 per month per recipient.
In addition to providing crucial access to food for these residents, how many jobs in Wisconsin could be attributed to SNAP redemptions in 2022?
A. 37,291
B. 15,642
C. 84,163
D. 72,445
E. 42,384
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Ag Producers & Rural Businesses: Clean Energy Series
Tuesday, February 28, 2023 | 12:00 pm - 1:00 pm (CST)
Every other Tuesday, starting on February 28th, the Community Economic Development Program will host an hour long webinar related to clean energy funding opportunities for Wisconsin communities.
This first webinar in the Clean Energy Funding Series will focus on agricultural producers and rural small businesses because Rural Energy for America (REAP) guaranteed grants and loans of $2 billion over the next decade is available to the ag sector now. Round 1 grants for energy efficiency and renewable energy projects are due March 31, 2023. You will learn about funding available at the federal and state levels through USDA, Focus on Energy, and PACE Financing and what you need to do to put together successful applications.
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Using the latest research and data specific to Wisconsin’s rural communities and regions, we will focus on the Wisconsin rural economy. The Wisconsin Rural Economic Summit is a virtual event and includes presentations of the latest economic and demographic trends across rural communities, an examination of entrepreneurship, and a discussion of what rural communities can do to foster economic growth and development. The summit will include presentations on:
- Status of the Wisconsin Rural Economy
- Status of the Rural Wisconsin Labor Market
- Rural Wisconsin Entrepreneurship
- Stories of Success in Rural Communities: Panel of State Partners
- Innovative Approaches to Rural Economic Development
This event is virtual and free to the public.
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Contributions of Veterans to the Wisconsin Economy
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OVERVIEW
One long-held strategy to foster economic growth and development is to recapture tax dollars that flow to higher units of government. Paying taxes to higher units of government, such as the state and/or federal government, is a leakage from the local economy. In a sense, these leakages are akin to a local business buying inputs from vendors outside of the community or local residents shopping outside of the community. While many communities strike to close these leakages by encouraging firms and shoppers to buy locally, such an approach does not apply to state and federal taxes. Rather, communities often strive to have those dollars returned to the community through local state and federal government spending. One source of federal dollars that flows back to the states and local communities that tends to draw less attention is linked to veterans and the U.S. Department of Veteran Affairs.
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Broadband Equity, Access, and Deployment (BEAD) Funding for Wisconsin Counties & Tribes
In today’s world, having access to high-speed internet is essential for full participation. This includes how we work, learn, live, access healthcare, and participate in democracy. To ensure prosperity in Wisconsin communities, local and regional partners need to plan for broadband access thoughtfully. In this webinar, we discuss the Broadband Equity, Access, and Deployment (BEAD) program and provide an overview of state-wide broadband planning efforts and funding opportunities for local county and Tribal broadband planning.
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Learn tips for running and growing a successful food business from specialists and entrepreneurs! This no-cost series of online trainings is for food entrepreneurs and farm-based food businesses.
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(The Herald Badger - 2/8/2023)
(The Herald Badger - 2/7/2023)
(Fortune - 1/27/2023)
(The Federal Reserve Bank of Minneapolis - 1/19/2023)
(Wisconsin Public Radio - 1/12/2023)
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