— State medicine exports have risen substantially in recent years, according to a recent UW-Madison report.
The report, from the university’s Division of Extension, highlights the state’s major export categories. It was written by Steven Deller, a professor in the Department of Agricultural and Applied Economics.
Over the past two decades, the state’s fastest-growing export sector was pharmaceuticals and medicines, with an average annual growth of 80.8 percent, the report shows. Deller notes much of that growth was seen in the past 10 years or so.
According to the report, the sector exported $100.2 million per year on average between 2002 and 2004. But by the period between 2020 and 2022, that figure had risen to an average of $1.51 billion.
Businesses in the state last year exported more than $27.4 billion to 182 different countries, Deller wrote, noting the “ability of Wisconsin businesses to export to foreign markets remains an important part” of the state economy.
The top export sector for 2022 was agriculture, construction and mining machinery manufacturing, with $1.9 billion in total exports. The next largest — navigational, measuring, electromedical and control instruments manufacturing — exported $1.7 billion, the report shows.
“While these sectors have tended to remain the largest foreign exporters over the past two decades, and there has been some growth in their exports, there are other sectors that have seen stronger export growth,” Deller wrote.
As examples, he points to dairy products, which have seen an average annual increase of 38.9 percent since 2002, and plastic products with 17.7 percent.
See the full report: https://economicdevelopment.extension.wisc.edu/2023/09/07/wisconsins-leading-export-industries/
<br><b><i>Top headlines from the Health Care Report…</b></i>
— The number of abortions performed by health care providers in every state bordering Wisconsin rose between 2020 and 2023, with the largest increase by far seen in Illinois.
And a treatment provider for patients with eating disorders called Inner Haven Wellness has launched a program in Madison.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
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— This week’s episode of “WisBusiness: the Podcast” is with Patrick Sullivan, CEO, co-founder and co-inventor at Flux XII.
Sullivan has spent the last few years as a graduate student researcher at UW-Madison, with a focus on battery chemistry, energy analysis and policy.
“What I realized early on is that we’re often just trading one problem for another in the clean energy transition,” he said. “So my goal is really to build sustainable solutions.”
The company has developed a new “flow battery” technology for grid-scale energy storage, as an alternative to the standard lithium-ion batteries. Sullivan argues lithium-ion batteries were “really never meant for” such large-scale applications.
“When I’m talking about grid energy storage, I’m talking about shipping container-sized battery systems going out next to wind farms, next to solar farms … What we’ve developed is called a flow battery technology,” he explained. “This is a technology where you dissolve your battery materials in water, so it’s non-flammable, and it can be a lot more scalable.”
While others have previously developed flow battery technology, Flux XII’s solution is a new form of battery chemistry that can improve the performance of these batteries, Sullivan said.
The company is currently finalizing its pre-seed round of financing for about $1 million, he said.
“What we’re looking to do in the near-term, in 2024, is use these funds to build out the team further and to also get toward a prototype which could roughly power a house … to show this technology works on practical systems,” he said.
Listen to the podcast here: https://www.wisbusiness.com/2023/wisbusiness-the-podcast-with-patrick-sullivan-flux-xii/
See the full list of WisBusiness.com podcasts: https://www.wisbusiness.com/category/podcast/
— Wisconsin bank lending increased across every loan category in the second quarter, according to the latest federal figures.
In a release on the second-quarter Federal Deposit Insurance Corporation data, Wisconsin Bankers Association President and CEO Rose Oswald Poels said banks in the state have shown “continued strength and profitability.”
“Deposits have held steady, and delinquencies remain low,” she said. “While inflation, interest rates, and geopolitical issues remain concerns for the remainder of 2023, banks are prepared for future risks and are poised to support their communities through possible economic challenges.”
According to the WBA release, residential loans rose 14.19 percent over the year and 3.26 percent over the quarter as homes in the state are selling quickly.
Meanwhile, commercial lending rose 6.38 percent over the year and 3.06 percent over the quarter, “showing increased confidence of business owners,” WBA noted.
And farm loans rose 8.5 percent over the year and 26.16 percent over the quarter.
Still, the release also shows credit quality “weakened slightly” as inflation and rising interest rates have made it harder for borrowers to pay back loans.
See the release: https://www.wisbank.com/q2-2023-fdic-numbers-show-wisconsin-banks-in-good-health/
#TOP STORIES#
# 5 Republican child care bills aim to improve daycare shortage by loosening some restrictions on providers
# How luck helped Microsoft, Packers launch $95M venture capital fund
# Harley-Davidson signs with talent agency after Post Malone, Jason Momoa apparel launches
#TOPICS#
# AGRIBUSINESS
– Dairy Hub supports innovation in Wisconsin
http://wisconsinagconnection.com/story-state.php?Id=828&yr=2023
– Wisconsin dairy processors: Apply for grants to innovate
http://wisconsinagconnection.com/story-state.php?Id=829&yr=2023
# CONSTRUCTION
– Potawatomi Hotel and Casino opens new areas, starts next phase in $190M renovation
– First look at Potawatomi Casino Hotel’s next phase of $190M renovation
– AGC advises ‘zero tolerance’ for cannabis on construction sites
– Leaders celebrate Couture’s progress, workforce development
# EDUCATION
– Richard Davis, legendary jazz bassist and UW professor, dies at 93
# ENVIRONMENT
– Leah Evans stitches intricate maps of environmental consequences
– Wild rice drew Ojibwe to this river. Now, it’s making an amazing comeback.
# HEALTH CARE
– Sift Healthcare names chief technology officer
# LEGAL
– Northern Wisconsin sawmill fined nearly $200K following death of a teen this summer
– Florence sawmill to pay fines, follow child labor laws after 16-year-old’s death
# MANUFACTURING
– Regal Rexnord expected to shutter West Milwaukee plant by end of year
# MEDIA
– ‘Top Chef’ filming in Milwaukee will highlight the city’s ‘exploding’ food scene
# REAL ESTATE
– Irgens secures new tenants for Wauwatosa office as it refinances properties
– Pabst Farms development unveiled with town center, innovation hub, food hall and apartments
# RETAIL
– A new Whole Foods, apartment complex near opening on west side
– A new plant shop with a familiar name, owner has sprouted up in downtown Menasha: The Buzz
# SPORTS
– Milton siblings win big at national archery contest
# UTILITIES
– Crisscrossing utilities delay repairs of downtown Milwaukee water main
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
