|
|
Wisconsin IDEA
Insight • Data • Economics • Analysis
| |
Labor Availability Will Continue to be a Challenge for Many Wisconsin CommunitiesShifts in Number of Working-Age Residents Started Before Pandemic
| |
As the economy continues its recovery, many employers cite challenges with finding the workers they need. While factors attributed to the pandemic certainly impact labor availability, we should also recognize shifts in the number of working-age residents that started well before 2020.
| |
|
The Federal Reserve Bank of Cleveland’s research analyst Kristen Tauber and economist Willem Van Zenweghe recently noted that consumer purchases of durable goods have increased during the COVID-19 pandemic. Durable goods -- such as refrigerators, cars, or televisions – are goods that do not wear out quickly.
Increases in disposable income during the pandemic accounted for about half of spending on durable goods. Total disposable income rose by about $1.8 trillion in 2020 as compared to 2019, with about $957 billion of the increase attributed to fiscal policy to stimulate the economy. Indeed, there were sharp increases in consumer spending on durable goods after each round of stimulus payments in April/May 2020, January 2021, and March/April 2021 that seem to support this observation.
In order to measure the effect of increased income on consumer spending on durable goods, Tauber and Van Zenweghe calculated the marginal propensity to consume (MPC). The MPC for durable goods is a statistic that estimates an increase in spending on durable goods for every $1 increase in income. An MPC of 0.05 for durable goods would indicate that a one dollar increase in income resulted in a corresponding increase of 5 cents in consumer spending on durable goods.
During the COVID-19 pandemic, what was the MPC for durable goods?
A. 1.00
B. 0.85
C. 0.33
D. 0.66
| |
Entrepreneurship in Economic Development: What Practitioners Need to Know (Parts 1, 2, and 3)
Wednesday, August 11, 18, and 25, 12-1 pm
Join Tessa Conroy, Assistant Professor of Agricultural and Applied Economics and Community Economic Development Specialist, for 3-part series on the importance of entrepreneurship in economic development.
| |
According to data from the U.S. Census, business owners of color are more likely to own businesses without any employees, suggesting that the rise of nonemployer businesses may be linked to the non-white population. According to a new state-level data set, in Wisconsin, 85% of minority-owned businesses were nonemployer businesses, compared to 77% for the nonminority population. As a share of Wisconsin’s total businesses, 10% of nonemployer businesses are minority-owned while just 6% of employer businesses are owned by ethnically and racially diverse populations. Taken together, it suggests that, especially for entrepreneurs of color, nonemployer businesses offer an important path to owning and growing a business.
Key Points- Businesses without any paid employees, or nonemployer establishments, were 77% of U.S. businesses in 2018.
- Nonemployer businesses offer an important path for owning and growing a business for entrepreneurs of color in Wisconsin.
- Racial and ethnic diversity is associated with nonemployer growth from 2010 – 2018 in Wisconsin.
| |
Expanding Broadband Access in Iowa County
Last fall (2020), with the help of UW-Extension Community Development Educator, Barry Hottmann, Iowa County completed a comprehensive broadband survey of over 1,350 county residents. This effort helped Iowa County develop a County-wide plan and illuminate a path forward for expanding broadband access in the county. And now with the availability of American Rescue Plan Act (or ARPA) funds and long-term capital budget commitments through the County, this plan is starting to take form and support efforts with several local ISPs. While this is only the beginning, the work completed to date – particularly the relationships developed between county officials, ISPs, county residents, among others – will ensure more projects are planned and developed.
| |
Supporting Entrepreneurs in Northeast Wisconsin
Over two years, Community Development Educators, Mia Ljung and Diana Hammer, began work in partnership with the ColorBold Business Association (ColorBold). The goal of this partnership was to strengthen entrepreneurship in Northeast Wisconsin by building internal capacity, expanding access to business development resources, and providing networking opportunities for Entrepreneurs of Color (EoC) in Northeast Wisconsin. Extension’s work with Entrepreneurs of Color in Northeast Wisconsin has resulted in many trusted relationships, innovative collaborations, community-engaged research, grants and awards, and an increase in BIPOC participants in Extension programs.
| |
Green County Launches Child Care Business Accelerator Program
In early March, Community Development Educator, Victoria Solomon, worked closely with Green County Development Corporation and United Way Green County to help organize and launch the Child Care Business Accelerator Program in Green County. This program was designed to build capacity in Green County for child care entities and targeted a crucial need for increased child care in the county.
| |
(Milwaukee Journal Sentinel - 7/19/2021)
Part 2… Are Water Systems Vulnerable to Cyberattacks?
(Plymouth Review, Random Lake Sounder, Sheboygan Beacon, and Kohler Villager - 7/1/2021)
(Wisconsin Rapids City Times - 6/8/2021)
(Kenosha News - 6/6/2021)
| |
|
|
|
|
