Economy
Wisconsin state government and the University of Wisconsin–Madison remain the two largest Madison employers. However, Madison's economy today is evolving from a government-based economy to a consumer services and high-tech base, particularly in the health, biotech and advertising sectors. Beginning in the early 1990s, the city experienced a steady economic boom and has been less affected by recession than other areas of the state. Much of the expansion has occurred on the city's south and west sides, but it has also affected the east side near the Interstate 39-90-94 interchange and along the northern shore of Lake Mendota. Underpinning the boom is the development of high-tech companies, many fostered by UW–Madison working with local businesses and entrepreneurs to transfer the results of academic research into real-world applications, especially bio-tech applications.
Many businesses are attracted to Madison's skill base, taking advantage of the area's high level of education. 48.2% of Madison's population over the age of 25 holds at least a bachelor's degree. Forbes magazine reported in 2004 that Madison has the highest percentage of individuals holding Ph.D.s in the United States. In 2006, the same magazine listed Madison as number 31 in the top 200 metro areas for "Best Places for Business and Careers." Madison has also been named in Forbes ten Best Cities several times within the past decade. In 2009, in the midst of the late-2000s recession, Madison had an unemployment rate of 3.5% and was ranked number one in a list of "ten cities for job growth".
Read more about this topic: Madison, Wisconsin
Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)