A new fuel for a stagnant economy?
A new fuel for a stagnant economy?
With domestic markets at a standstill, some Wisconsin companies are looking beyond our country's borders for business opportunities
By John Hill
D
CRWMAG.COM
omestic consumption that has fueled the economy of Wisconsin and the rest of the country for decades may be an engine that is running out of horsepower. That's where exports may come in. "Exporting companies can position themselves to compensate for downturns in the domestic market," says Tony Hozeny, a spokesman for the Wisconsin Department of Commerce. "They usually grow faster and move ahead by the expanded markets." Consider that two-thirds of the world's buying power is found
outside the U.S., and even before the recession international trade accounted for more than $20 billion in sales for Wisconsin firms. A total of 6,467 companies exported from Wisconsin in 2007, the latest year for which data are available, according to Commerce. More than 80 percent of these companies were small- and medium-size firms with fewer than 500 employees. In addition, exports supported an estimated 8 percent of all private-sector employment and more than 20 percent of manufacturing jobs in the state.
MAY 2010 | CORPORATE REPORT WISCONSIN
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