Employment
With a strong and diverse economy, Madison has experienced steady job growth since 1990. The unemployment rate in the 1990s fluctuated around 2.4 percent in the first half of the decade, and then dipped below 2 percent in the latter half. Recent estimates indicate the rate of unemployment has increased slightly in the early-2000s, though the city continues to create new job opportunities each year.
Because the State Capitol and the University of Wisconsin are located in Madison, the strongest economic sector in terms of jobs is the education, health and social services sector. Roughly 30% of Madison’s workforce is employed by the Capitol or the university. A June, 2003 study indicated that the university’s activities, including more than $370 million spent annually on research, impact the local economy by an estimated $4.3 billion. Other strong employing sectors include retail trade, professional services and technology. These sectors have grown in recent years, creating 3% annual growth in the non-agricultural employment category during the 1990s.
More than 78% of Madison’s workforce lives and works in the city, and an additional 54,000 people commute to Madison daily. The average commute time for Madison residents is about 18 minutes.