Standings in talent, global engagement, government effectiveness, life quality and entrepreneurial spirit also land middle of the pack
(Madison, WI) While Wisconsin ranks 30th in entrepreneurial spirit, the state sits ahead in the area of business competitiveness where it ranks in 23rd place. In the same areas where Wisconsin struggles compared to the other 49 states, there are also categories where the state soars beyond the others. These are the outcomes of Wisconsin’s Competitive Benchmarks compiled and released by the Wisconsin Manufacturers & Commerce (WMC) Foundation.
The WMC Foundation along with its seven state partners is working on a 20-year strategic plan for Wisconsin titled The Future Wisconsin Project. This plan aims to address issues facing Wisconsin over the coming years-a changing workforce, new and innovative technologies, infrastructure demands and more. Attendees of the 2014 Future Wisconsin Economic Summit identified six quality competitiveness indicators to indicate where Wisconsin stands. Over 45 benchmarks of those indicators were released today at the second annual Future Wisconsin Economic Summit which shows Wisconsin ranks middle of the pack in the overall categories.
Although workers’ compensation costs in Wisconsin rank 42nd in the country, the number of the state’s workforce employed in quality manufacturing jobs as a percent of total non-farm jobs is second. Wisconsin’s ability to retain, create and attract good-paying jobs is dependent on the competitiveness in the state’s overall business climate which stands slightly ahead of dead-center at 23rd.
“While Wisconsin ranks high on post-high school educational attainment at 12th place, we lag behind in net migration with a placement of 24th,” said WMC Foundation President Jim Morgan. “We are making progress but we have a lot of work to do to make Wisconsin irresistible to future generations of workers.”
With a high focus on venture capital investments, academic and industrial research and development, there is a hope that Wisconsin will come out of last place in the country in terms of number of start-ups. The fact that Wisconsin is number one in the country in funding the state pension means a positive business environment for future entrepreneurs.
Even though the data coming from these benchmarks shows Wisconsin is average across the board, there are several key areas where Wisconsin beats out other states. The Future Wisconsin Project is in a good position to ensure that 20 years from now, Wisconsin continues to be a state with a talented workforce and a thriving economy.
To view the complete list of competitive benchmarks, please click here.
