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Wisconsin IDEA
Insight • Data • Economics • Analysis
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Exploring Poverty as a Crucial Economic Performance Measure
Wisconsin Lags Behind Neighboring States in the Recovery from the Great Recession
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There are numerous measures of economic performance ranging from population and employment growth, and relative income levels, to new business formation. One important measure that tends to receive less attention in policy discussion is poverty. The share of the population living below the Census Bureau-defined poverty threshold is a common measure of not only the economic performance of a region but also general community well-being. In addition, the poverty rate is used for administrative purposes determining financial eligibility for certain government programs such as food, housing, and childcare assistance. From the perspective of broader economic trends, the change in the poverty rate over time can provide powerful insights.
By analyzing the period from 1993 to 2021 and considering the neighboring states of Wisconsin, several patterns become apparent. First, over time Wisconsin’s poverty rate largely mimics our neighbors and tracks the overall economy. For example, the jump in poverty during the Great Recession is evident, but for the seven years before the Great Recession Wisconsin poverty rates were trending upward. Second, Wisconsin lagged behind our neighboring states in the recovery from the Great Recession. Wisconsin's poverty rate has not returned to its low of 8.1 percent in 2000/02. The impact of the COVID-19 pandemic on poverty is evident. Third, Wisconsin’s poverty most closely tracks Iowa but consistently has lower poverty rates than Illinois or Michigan, but is above Minnesota. A simple mapping of the most recent poverty data (2021) for Wisconsin counties reveals familiar patterns.
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Econ Quiz: Household Wealth
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The Survey of Consumer Finances has some interesting information about how U.S. households accumulate and hold both wealth and debt. Today’s quiz focuses on non-financial assets held by U.S. families.
Nonfinancial assets include vehicles, residential property, non-residential property, and equity in a business. Roughly 91% of U.S. families report owning at least one non-financial asset. In 2019, the most recent year for which data is available, 65% of families in the Survey of Consumer Finances reported owning their primary residence,13% reported owning a second residence or time share, 13% reported owning a business or part of a business, and 6.7% reported owning non-residential property.
Among those who owned each type of asset in 2019, the median value of a primary residence was $255,000. The median value of a business was $89,000 and the average value was $1.2 million. The median value of a second residence was $70,000 and the average value was $375,000.
Vehicles were the most commonly held non-financial asset. Roughly 91% of respondents reported owning at least one vehicle. What was the average value of a vehicle reported?
A. $10,000
B. $21,000
C. $4,5000
D. $17,000
E. $26,500
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OVERVIEW
In late 2022, the UW-Madison EDA University Center conducted a statewide survey of Wisconsin residents on broadband access and affordability, with the goal of estimating the willingness to pay for broadband. As the state makes significant investments in broadband infrastructure, attention is shifting to the willingness, or ability, of people, particularly lower-income people, to pay for broadband subscriptions.
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OVERVIEW
This Broadband Toolkit prepares Wisconsin communities to increase broadband access for all by engaging local stakeholders in the planning process and developing a comprehensive implementation strategy. The Toolkit is designed to provide maximum flexibility to users – it can be utilized either sequentially, by starting at the beginning and working through each module in order, or selectively, by choosing individual modules based on specific needs and interests.
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| Regional Broadband Workshops
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This event will provide valuable insights into broadband expansion and digital equity strategies. Day 1 features discussions on the role of local government in broadband, the BEAD plan timeline, utilizing data for effective storytelling, and workforce development through broadband. Day 2 covers financing options, legal considerations, and public-private partnerships. Engage with experts and participate in conversations that can help your community access funding and build successful partnerships for a connected future. Don't miss this opportunity to make a significant difference in your broadband initiatives. Join us and be a part of the journey toward "Internet for All". Dates and locations include:
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The Small Community Forums provide resources and a venue for everyone who cares about the future of Wisconsin’s small (and mighty) communities. The forums bring together residents, community leaders, elected officials, business leaders and civic-minded individuals to share best practices and discuss strategies to address the unique opportunities and challenges facing our communities. Dates and locations include:
Thursday, October 26, 2023 | 7:30 am - 1:00 pm
Wednesday, November 1 | 7:30 am - 1:00 pm
Tuesday, November 14 | 7:30 am - 1:00 pm
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(Market Place - 9/12/2023)
(WisBusiness.com - 9/8/2023)
(Capital Times - 8/31/2023)
(Wisconsin Public Radio - 8/23/2023)
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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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