— Wisconsin’s projected job loss from the recession has improved slightly since June. But a new economic forecast from the Department of Revenue still projects a peak-to-trough job loss of 143,000, about 5 percent of total employment in the state. That’s down slightly from the projection of 155,300 lost jobs that was released this summer. The report also projected the state’s adjusted unemployment rate would peak at 9.3 percent during the first quarter of 2010 before beginning to recover. It projects the state to return to its pre-recession job numbers by the end of 2012. Personal income is expected to drop 3.3 percent in 2009 before increasing 2.1 percent in 2010, 3.8 percent in 2011 and 5 percent in 2012. See the report for more: http://www.revenue.wi.gov/ra/0911/0911.html — An announcement from Republic Airways that the company plans to establish a major airline hub in Milwaukee and create 800 jobs drew praise from state elected officials Tuesday. “We worked hard in our last budget to move Wisconsin forward towards a strong recovery that continues our commitment to Wisconsin businesses and will create jobs and lead to future growth. Today’s announcement would have not been possible without those efforts,” Gov. Jim Doyle said in a statement. Milwaukee Co. Exec. Scott Walker also hailed the news. “I gave Republic CEO Bryan Bedford my personal commitment to run a quality and cost-effective airport,” said Walker, a Republican candidate for governor. “Our rates are much lower than the national average and our passenger levels are growing.” See more: http://www.wisbusiness.com/index.iml?Article=176412 — The number of deals being done by angel investors and venture capital firms to fund start-ups has fallen by 30 to 50 percent in the past 18 months, but that doesn’t mean entrepreneurs should despair, a panel of experts said Tuesday at the 2009 Early Stage Symposium in Madison. However, people starting new companies will likely have to accept lower valuations, so investors will end up owning more of the nascent firms, said serial entrepreneur Ralph Kauten. He is chairman and CEO of Quintessence Biosciences,a Madison-based biopharmaceutical company. See more in a new WisBusiness story: http://www.wisbusiness.com/index.iml?Article=176483 — Wick Building Systems has filed notice with the state about nearly 500 potential layoffs in Mazomanie and Marshfield. The company is closing a Marshfield factory, leading to 142 job losses. The company filed three separate notices about a total of 352 layoffs in Mazomanie, but those filings call the layoffs “provisional” and the company says it will work to preserve as many jobs as possible through restructuring. The Mazomanie filings also say “not everyone receiving this notice will be separated from the company.” See links to the state filings: http://www.wisbusiness.com/index.iml?Article=176488 TOP STORIES Mazomanie bears brunt of Wick layoffs : Wick Building Systems has told state officials it intends to eliminate up to 500 jobs at its three divisions in Mazomanie and Marshfield. The state Department of Workforce Development said as many as 352 of the jobs would be lost in Mazomanie, home of custom home builder John Wick Homes and Wick Buildings, which makes agricultural and commercial buildings. Kolbe & Kolbe lays off 334: Kolbe & Kolbe Millwork Co. laid off 334 of its production and office employees Tuesday — most at the company’s Wausau facility — and attributed the move to the struggling construction industry. The layoffs, which consist of about 24 percent of Kolbe’s work force in Wausau, are expected to be temporary; the company plans to call back as many of the workers as possible in early spring, said Cindy Bremer, the company’s director of marketing. Dairyland Greyhound Park to be shut down: The last of the state’s five original greyhound racing parks will soon be shut down. Dairyland Greyhound Park will discontinue operations after its last race on Dec. 31, the owners announced Tuesday. The closing will cost both people and dogs their jobs. Wisconsin 3Q home sales rise: Wisconsin home sales increased for the first time since the recession began nearly two years ago, according to data reported by the Wisconsin Realtors Association Tuesday. 1st RateMortgage fined for violations: The U.S. Department of Housing and Urban Development fined 1st Rate Mortgage Corp., 3159 Voyager Drive, $20,000 for violation of various regulations.
************************************************************ See commentary from around the state and columns from WisBusiness contributors Jennifer Sereno, Kevin McKinley, Tom Burzinski, Gregg Hoffmann, Tom Still and Steve Jagler: ************************************************************ TECHNOLOGY (back to top) – MedPro Imaging buys Chicagoland firm
ECONOMY (back to top) – M7 starts $7 million fundraising effort – Profits for Saga, owner of ‘KLH, drops 19%
MANUFACTURING (back to top) – Neenah Paper expects economic turnaround – NewPage Paper Co. Reports Smaller Earnings in Third Quarter
LABOR (back to top) – Employment will rebound in 2011, state says
SMALL BUSINESS (back to top) – Early stage companies hope to get noticed at Madison symposium
INVESTING (back to top)
REAL ESTATE (back to top) – Home sales increase in Dane County and Wisconsin – UWM water school at Greenfield Ave. site to cost $50 million
TRANSPORTATION (back to top)
RETAIL (back to top)
REGULATION (back to top) – Associated Bank told to improve loans, capital – Feds allege Ponzi scheme
TOURISM (back to top)
UTILITIES (back to top) – Wood chips, grasses to be burned in coal plant test
HEALTH CARE (back to top) – Oncology Alliance physicians joining Aurora – Imaging firm tops grant list
PRESS RELEASES (back to top) For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82 |
Quick links
WisBusiness sponsors Media partners National business round-ups |
(c)2009 WisBusiness.com.
All rights reserved. Reproduction or retransmission of this
publication, in whole or in part, without the express permission of
WisBusiness.com is prohibited. Unauthorized reproduction violates
United States copyright law (17 USC 101 et seq.), as does
retransmission by facsimile or any other electronic means, including
electronic mail.
