MadREP Report | August 6, 2020
Hopefully you are all finding ways to safely enjoy summer and get outside! Before you dive into this week’s eNews, we’ve got a few things to tell you.
  • The August observation of our statewide COVID-19 Business Impact Survey is now open. If you have not participated in previous months, please start the process today!
  • Due to a scheduling conflict, the Madison Region Economic Development & Diversity Summit will now be held October 22-23, 2020. We hope to see you there, virtually, of course.
  • In other news, the Madison Region added its latest accolade, Business Facilities Magazine ranked Madison #3 on their list of Best Business Climate in Mid-Sized Cities.

The Paycheck Protection Program is set to expire on August 8, if you haven't already, be sure to talk to your financial institution and see if your business is eligible. For the latest reopening and recovery resources, be sure to check the MadREP website often.
Data Spotlight: Educational Attainment
Regional competitiveness depends significantly on educational attainment, as a talented and skilled workforce is desired by growing companies and stimulates positive economic activity via increased earnings and local spending. Check out MadREP's Data Dashboard for more.
Sector Highlight: Advanced Manufacturing
When considering employment trends in advanced manufacturing, it is important to account for the long term trajectory of jobs in the overall manufacturing sector. Nationally, total employment in the manufacturing sector (i.e. all manufacturing jobs, not just advanced manufacturing), currently remains 33% below its employment level in 1970 (Figure 1.11). Wisconsin and the Madison Region have fared better than the national trend as the state and Region posted strong employment gains between the early 1980s and the late 1990s.

Fourth Statewide COVID-19 Business Impact Survey Reveals Gains in Inventory, Income and Employment but a Significant Decline in Business and Personal Travel
Respondents to the fourth survey, administered July 6-20, represent more than 21,700 employees across the state. 
Madison, WI – Businesses responding to the fourth statewide COVID-19 Wisconsin Business Impact survey showed gains, rather than losses, on several key indicators but expressed extreme caution in their business and personal travel plans. The July survey responses also showed businesses operating in a fully open but constrained environment.

For the first time, respondents were asked to share their perspectives on business and personal travel during the pandemic, with 65 percent of respondents eliminating all non-essential travel for the remainder of this year, and more than one-third already deciding to do the same in 2021. Personal travel has also decreased for 70 percent of respondents, confirming the losses observed across the state’s tourism industry.

“We added the travel questions because we’ve been monitoring reports from our partners at Dane County Regional Airport (MSN) and the numbers are staggering,” said MadREP President Paul Jadin. “April and May showed declines in passenger travel of more than ninety percent. MSN is vitally important to the economy of the Madison Region as we continue to navigate reopening. The availability of direct flights to and from our airport is a consideration for every national and international business that considers locating here.”

MadREP in the News
New Survey Results Show Fragile Economic Recovery Taking ...

Businesses in Wisconsin reported improvement on a series of key metrics, according to new survey results the University of Wisconsin-Oshkosh released Tuesday. But those that compiled the survey said the results also show the fragility of the...

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www.wpr.org
State survey shows gains and declines

Businesses responding to the fourth statewide COVID-19 Wisconsin Business Impact survey showed gains, rather than losses, on several key indicators but expressed extreme caution in their business and personal travel plans. The July survey...

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www.hngnews.com
Four Things You Need to Know This Week
Madison Ranks #3 for Best Business Climate (Mid-Sized)

Business Facilities' 2020 Metro Rankings Report takes a look at hot topics in economic development on the city and global level, including logistics, startup ecosystems, job growth, cost of living, and more.

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businessfacilities.com
UW-Whitewater chancellor details financial losses, costs ...

UW-Whitewater, which was dealing with substantial budget cuts before the coronavirus pandemic hit the area, lost more than $10.6 million in revenue after giving refunds from university housing, dining and elsewhere last semester, the chancellor...

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www.gazettextra.com
End of Paycheck Protection Program looms, but concerns...

The Paycheck Protection Program, the initiative that gave forgivable loans to businesses in return for not laying off workers during the pandemic, appears on track to expire at week's end. And, so far, no one on Capitol Hill seems terribly concerned.

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www.marketwatch.com
After Plummeting, the Virus Soars Back in the Midwest

States like Missouri, Illinois and Wisconsin are riding a frustrating seesaw during the pandemic, with new coronavirus cases rising again after apparent progress. First, the Pacific Northwest and the Northeast were hit hardest as the...

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www.nytimes.com
Reopening & Recovery Resources
WEDC Reopening Guidelines

The future will require the gradual adoption of new business practices that reflect the evolving reality of the COVID-19...

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wedc.org
Return to Work

Businesses must show they are prepared to keep employees, customers and other guests safe.

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www.youtube.com
Greater Madison Chamber Slido

Join the Conversation! Please ask questions related to COVID-19 and business here.

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app.sli.do
MadREP Partner Spotlight
Support from partners like these make our work possible. Want to get involved? Email jmoore@madisonregion.org