Determining the Economic Ramifications of Baby Boomer Retirements for Wisconsin's Economy

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Determining the Economic Ramifications of Baby Boomer Retirements for Wisconsin's Economy

Project Lead

Dennis Winters
Chief, Office of Economic Advisors
Department of Workforce Development, State of Wisconsin

Overview

Wisconsin's demographics will change dramatically over the next two decades, as will the skills state's employers will require to compete in the global economy. As baby boomers retire, employers will find it increasingly difficult to find qualified replacements.

Slow workforce growth demands that worker productivity increases sufficiently to sustain economic growth. Increased productivity will require enhanced worker skills, which are acquired through postsecondary education and apprenticeships. Entry-level jobs with family-supporting wages now demand the same skill levels as entering college freshman.

This project will quantifies the economic ramifications of Wisconsin's slow-growing workforce, adding to the existing body of work on likely workforce growth paths for the state. Findings will inform the future implementation of statewide changes and innovations in postsecondary education and workforce preparation aimed at keeping Wisconsin competitive in a high-tech economy.

In support of this study, WISCAPE funded a part-time research specialist to work under the management of Dennis Winters, chief economist in the Wisconsin Department of Workforce Development, and in collaboration with WISCAPE Director Noel Radomski.

Background Articles

Baby Boomers Key to Wisconsin Rebound, but then What?
wisbusiness.
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