Exclusively for WisBusiness Subscribers
The Phelps Hamus Group I Ameriprise Financial
— A Department of Revenue economist expects a full economic recovery this quarter, but leisure and hospitality will lag.
In April 2020, about 20 years worth of job gains were wiped out in a single month, DOR’s John Koskinen reminded viewers at an economic update to St. Norbert College’s School of Business and Economics.
“We’re now starting to see all of that recovery, but there has been a fault line in the recovery, and that is between the goods side and the service side,” he explained. “People have actually returned to buying goods and investing. But the purchase of services that require direct interaction in particular, especially leisure and hospitality, have not returned to full activity yet.”
The largest job losses in Wisconsin were seen in leisure and hospitality, followed by local education, according to the DOR.
The good news, Koskinen said, is that it’s changing rapidly. The change started when all Wisconsin residents 16 and older became eligible for the COVID-19 vaccine, he said.
“That has been the pivotal time that things changed for the rapid expansion,” he said. “The key to recovery is the progress we’ve made on COVID.”
According to data from the Department of Health Services, nearly 41 percent of Wisconsinites are fully vaccinated. Almost 47 percent have at least started their vaccination series. The seven-day average for daily confirmed cases has declined for 21 straight days and was at 324 yesterday. That’s a fraction of the 6,563 daily case average on Nov. 18.
“This improved situation, because of COVID, is bringing back those very industries that were set aside prior to April 5,” Koskinen said. “It’s a combination in foods, it’s arts and recreation, it’s pro sports, local education as more schools are coming back to full time.”
This is due to pandemic restrictions lifting, he noted. Milwaukee and Dane County are lifting capacity limits on June 1 and June 2, respectively.
“Wisconsin summer is going to look a whole lot better in 2021 than it did in 2020,” he said. “All those events that were canceled are actually back online.”
But it may take a few years for leisure and hospitality to fully rebound, Koskinen said. That’s because people will have to get used to returning to activities and there will be delays in business travel restart.
See more on the state of the tourism industry: https://www.wisbusiness.com/2021/jfc-continues-state-tourism-investment-ahead-of-expected-record-year/
— Save the date of June 15 for the second WisBusiness.com – Wisconsin Technology Council trade policy event.
The June 15 event will focus on trade implications of immigration reform. Full event details will be announced soon.
“Talking Trade” is back for a second season with a new episode featuring Joe Glauber, a former top USDA economist who now is a senior research fellow at the International Food Policy Research Institute. Watch the episode: https://www.wisbusiness.com/2021/talking-trade-trends-in-u-s-china-agricultural-trade-affecting-the-midwest/
— WisBusiness.com has a new trade policy page to help you track events, news and developments that affect trade and the economy in Wisconsin and the Midwest.
See it here: https://www.wisbusiness.com/trade-policy/
— After a year of historic social and racial turmoil, many corporations have committed to creating an inclusive and diverse workplace.
But those pledges can fall short of accomplishing company goals due to a lack of diversity-focused hiring resources.
Morgan Phelps, founder and CEO of Colorful Connections, aims to overcome these challenges by creating a social enterprise and full-service diversity talent agency to represent skilled, diverse individuals.
Founded in 2019, Colorful Connections matched 10 clients to jobs and organized 11 workshops and training events in its first year.
— U.S. Rep. Ron Kind, D-La Crosse, joined three Dems and four Republicans in urging leaders to move forward with enforcement measures negotiated in the USMCA to support U.S. dairy farmers.
In a letter to U.S. Trade Representative Katherine Tai and Ag Secretary Thomas Vilsack, the bipartisan coalition says it’s crucial the Biden administration hold neighboring trade partners accountable to their trade commitments. The group says Canada has not taken actions to alter its dairy tariff-rate quotas to bring them to compliance with USMCA, undermining the ability of dairy farmers and producers to sell products to Canadian consumers.
Kind, who serves on the Ways and Means Committee, and his colleagues are asking for immediate use of USMCA’s enforcement measures.
“I’ve long said trade agreements are only as strong as their enforcement and we need to make sure our trading partners live up to their end of the deal,” Kind said. “It’s critical that the Administration advances enforcement action to fulfill the promises made to our dairy farmers and send a clear message that the agreements our nation signs into law will be fully implemented.”
— U.S. Rep. Gwen Moore has introduced legislation to increase Work Opportunity Tax Credit reimbursement for businesses.
The Hiring Incentive to Return Employment act would increase the credit to 50 percent for the first $10,000 in wages for two years for all eligible hires. The legislation has support from at least three other House Dems.
The WOTC program is designed to help unemployed people who face significant long term barriers to employment, according to the IRS. Veterans, formerly incarcerated people and those on food assistance programs and others qualify to be hired under WOTC.
Moore, D-Milwaukee, said those people were hurting before the pandemic and could get locked out of the job market even longer without help.
“These are people who too often face multiple barriers to employment, including stigma,” she said.
International Franchise Association executive Matt Haller added the legislation could help with labor shortages, something Wisconsin is experiencing right now.
“Not only will the bill help get more Americans back to work, it will go a long way to alleviating the labor demand issue facing employers as businesses grow and customers return,” Haller said.
— The Department of Workforce Development is reminding employers it has resources to help train and recruit staff.
Wisconsin has experienced historically low unemployment in recent years, creating a more competitive labor market. Employers who want to find talented new job candidates or train and upskill their existing workforce can take advantage of DWD’s resources.
“DWD and our local workforce partners are eager to help Wisconsin employers thrive, especially as our state’s economy looks to bounce back better than ever after the pandemic,” DWD Secretary Amy Pechacek said. “We want employers to understand all of the resources that are available to help them attract and develop a hardworking, talented workforce.”
See the resources page: https://dwd.wisconsin.gov/press/210521-employer-resources.htm
University of Wisconsin-Madison
Advocate Aurora Health will make remote work permanent for 12,000 employees
Packers lift mask requirements for those vaccinated against COVID-19
Mercury Marine $50 million loan will be paid off this year. How much did it cost taxpayers?
Downtown Milwaukee convention center expansion site work starts in July
Milwaukee Tool closes on purchase of downtown Milwaukee office site
– State & National Milk Output Were Up in April
– UW-Madison Collegiate Farm Bureau Elects Officers
– Daun to Coordinate WFU’s Farmer-led Watershed Efforts
– Erf Tapped as 2021 WDE Communications Intern
– FFA Tractor Operators Contest to be Held at Farm Tech Days
– 2021 Elk Hunt Application Period Closes May 31
– Wisconsin Center expansion design team reveals facility interior concepts
– Interior views of expanded Wisconsin Center revealed in dramatic new video
– Madison mayor pledges better communication on PFAS, resists call for task force, health study
HEALTH CARE ^top^
– Advocate Aurora moves 12,000 employees to remote work permanently, vacates multiple offices
– SHINE Medical says it will produce 70% of global demand for medical isotope moly-99
– ProHealth Care finalizes lease with Dallas company that bought its headquarters
– At Seahorse Healing, Nelle Rogers and Magic harness horse power
– Canning plant workers faced one of the deadliest COVID outbreaks in the U.S. food industry
– Beloit battery startup raises $1.5 million
REAL ESTATE ^top^
– 10 charts that show the state of the real estate market in Madison
– Hines’ 32-story 3rd Ward apartment tower gets early height endorsement
– With low interest rates, financing offers are means to cut costs, carbon footprint
– Investor buys U.S. immigration services office building in downtown Milwaukee
– Southridge Mall base rents dropped 99% because of Covid-19 deferrals
– 3rd Street Market Hall downtown will have an open house for vendors
– Racine County businesses and citizens wrestle with new mask guidance
– ‘We’re fired up’: Kmart redevelopment one step closer with focus on community input
– Pandemic brings new focus for Fish Creek’s Interfibers Studio Gallery
– Bucks sell jersey patch sponsorship to Motorola
– State Fair, Summerfest mean it’s back to cream puffs and live music
– Check out these Wisconsin summer tribal tourism destinations and activities
– Madison water utility considering citywide rationing strategies
University Research Park
PRESS RELEASES ^top^
See these and other press releases:
– Wisconsin Historical Society: Rock School and Hanmer Robbins School Complex listed in the State Register of Historic Places
– Associated Bank: Announces redemption of Senior Bank Notes due 2021
– Road America: Marwin Sports joins as official race apparel provider
Wisconsin REALTORS Association