While many have felt the effects of the economic recession, Madison Wisconsin's economy has remained strong through national turmoil - so much so that it was recently ranked the ninth strongest economy in the U.S. out of 366 metropolitan statistical areas that it analyzed.
The recent loss of jobs throughout the nation has been detrimental to the economy but the Madison area has remained consistent throughout the recession. Madison has remained among the top 20 metropolitan areas in the last three years Policom rankings. In 2009, Madison’s economy was ranked sixth strongest and in 2008 it was ranked 15th. It is reassuring to know that Madison has remained within the top 20 rankings in the last three years, given what a difficult period in U.S. economic history it has been. The President of Policom, William H. Fruth, said, “while most communities have slowed or declined during this recession, the strongest areas have been able to weather the storm.”
There are many contributing factors as to why Madison has been able to stay afloat in a sinking economy. Among the most frequently cited are Madison's highly diversified job base with the state capital, the U.W.-Madison and employment strength in insurance, banking, high-tech and meat processing. If one industry goes down, there are others to keep the economy up, says Fruth.
Contributing to the negative factors of the rankings is the increased amount of welfare and Medicaid, which Fruth says to be traditionally low within the Madison area.
"It's not the fastest growing area in jobs and wages; not even in the top 20. But there's been consistent growth over a long period of time. That's why I say you have economic strength," says David J. Ward, president of NorthStar Economics. Then he added, “it isn’t surprising that Madison has ranked well in that there is a dynamic economic presence throughout Dane County in general.”
Though it may be hard to find optimism during this recession, it can be comforting to know that you may be living in an area that has remained cool, calm, and collected through the storm. Moreover, the relative economic stability that Madison offers makes it a great place to buy a home. To discuss your specific requirements, call Lake & City Homes Realty broker|owner Jolenta Averill at (563) BUY-SOLD today.
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Jolenta Averill, Principal
Lake & City Homes Realty