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.
Using 2021 county sales tax data, we examine the strength and weaknesses of Wisconsin retail and service markets through the application of the tools of Trade Area Analysis. Only those counties that have elected to collect the optional county sales tax are included in the analysis. Because sales tax data are used one must keep in mind that the analysis focuses only on taxable sales and may not reflect the total level of activity in the county. Using Pull Factors and measures of Surplus and Leakage the relative strengths, and weaknesses, of local retail and service markets are identified.
People of color are starting and growing businesses at high rates in Wisconsin. This study explored the experiences of BIPOC entrepreneurs in Fond du Lac County through 1-1 interviews and the Community Capitals Framework (CCF). Business owners expressed satisfaction with the natural beauty and safety of the area while describing limited technical knowledge (human capital), networks (social capital), and financial capital in the critical startup phase of their entrepreneurship. Business development technicians and educators can use this study to better support entrepreneurs of color in their Wisconsin communities.
As we near the third anniversary of its start, the COVID‐19 pandemic has been a global health challenge with
far‐reaching political, economic, and sociological implications. The loss of life and health has been immense. The U.S. death toll from COVID‐19 exceeded one million in May 2022, and research indicates that roughly 20% of adults have at least one health condition related to a previous COVID‐19 infection.
With rising costs to students and soaring debt levels, many people are questioning the value of pursuing higher education. Nationally, a person with a bachelor’s degree will earn about $560,980 or 37.8% more than a person with a high school degree, even while accounting for lost years of work while obtaining the degree.
As a growing number of Wisconsin farms struggle to survive, many farm households (families) are dependent on off farm income to offset weak and unstable farm sourced income. Over the five-year average (2016-2020) average household income for Wisconsin farm operators is $98,353of which $20,210 comes from farming activities, and the remaining $78,143 comes from off farm sources. One strategy to ensure the continued operation of most Wisconsin farms is to focus on enhancing off farm employment opportunities.
May 2022 — Innovation moves the economy forward. Innovations are new products, processes, or services that create value for customers. Innovations often signal an improvement over a past model or way of doing things. Innovations can be significant, disrupting the status quo. Many innovations, however, are modest, offering small increases in quality of life or […]
Hotels provide an important service to our communities and represent a significant economic engine for jobs, business revenue, and taxes. Plus, they often serve as a gateway to a community, influencing perceptions of the broader community.
Entrepreneurial activity increased sharply in Wisconsin in 2020 and 2021 during the COVID-19 pandemic. Entrepreneurship is a key part of any healthy economy but ensuring that new business activity leads to significant economic impact by creating high quality jobs can be difficult. Communities can take a lead role in a range of strategies that help entrepreneurs grow and be successful to make the most of this opportunity to improve their economies.
The development of seasonal and recreational housing units in Wisconsin reflects the economic transitions of many counties that were formerly dependent on natural resource extraction to a current reliance on services, hospitality, and recreation. With these transformations also come regional opportunities and challenges related to the growth of seasonal and recreational housing.
Since its inception, members of the American Downtown Revitalization Review’s (ADRR) Board have engaged in a near-continuous e-mail dialogue about a wide range of issues, trends and opportunities that do not, in our opinions, always receive the attention they need and deserve in other media outlets and industry publications. The vitality of these conversations is evident in the number who join and/or read these back-and-forths more than two years after the ADRR’s launch; indeed, over time, non-Board members have added to the ferment with their own observations and insights.
From local angel investment groups to retail condos, communities are experimenting with new economic development tools (and putting a new spin on some old ones) to stimulate and support commercial district business and property development. This article summarizes a recent presentation by Kennedy Smith that highlights a number of promising tools. Also presented here are strategies for putting them to work in your revitalization program.