Modest growth is expected for small businesses in Green Bay, Wisconsin, in 2025—discover the trends that could change everything for your venture.
In 2025, small business growth in Green Bay, Wisconsin, is expected to be modest, with personal income projected to rise by 4.6%, leading to a 2.5% real growth. The leisure and hospitality sector may experience a 5.25% increase, creating over 15,000 jobs, while the overall employment growth rate for the state is forecasted to decline to 0.2%. Additionally, local initiatives, including various funding sources and mentorship programs, aim to support small businesses as they navigate new regulatory challenges and opportunities. You can explore more about the specific trends and resources that may impact your business's success.
In 2025, Green Bay is set to experience modest economic growth, reflecting broader trends across Wisconsin. The state's economy is projected to expand at a rate of 1.6% with respect to GDP, which indicates a slowdown compared to previous years. However, personal income is expected to rise by 4.6% nominally, translating to a real growth of 2.5%. Such economic trends suggest a steady yet cautious outlook for local businesses and residents.
A significant contributing factor to this growth is the anticipated influx of visitors during the 2025 NFL Draft, which is expected to attract approximately 240,000 people to Green Bay. The event could generate an estimated economic impact of $20 million for the city and over $90 million for the state, presenting substantial opportunities for local enterprises. Additionally, the leisure and hospitality sector is anticipated to grow by 5.25%, creating over 15,000 jobs, further bolstering the local economy. This event could also draw attention to the historic significance of the Packers, further enhancing the city's reputation as a sports hub.
On the housing front, forecasts indicate a moderate increase of 1.9% in home prices by September 2025, driven by steady population growth projected at 7.2% over the next two decades. This stability in the housing market, combined with low unemployment rates currently at 2.50%, reflects a robust economic environment. Overall, Green Bay's growth factors, including sector-specific expansions in education, health services, and transportation, position the city well for sustainable economic development in 2025 and beyond.
Amidst the evolving economic landscape, Green Bay's labor market is poised for mixed trends as we approach 2025. While Wisconsin's overall employment is expected to grow by 0.8% in 2024 and further slow to 0.2% in 2025, the state will create approximately 82,867 new jobs over this period, equating to a growth rate of 2.47% across all sectors. However, this growth follows a notable decline from a 2.8% increase in 2022 to 1.4% in 2023.
Current labor force dynamics indicate a steady unemployment rate of 3.0% in Wisconsin during the second quarter of 2024, which remains below the national average. Green Bay's unemployment rate is even lower at 2.50%, showcasing a strong labor market relative to historical averages. Despite these favorable conditions, challenges loom on the horizon. Employment fluctuations are anticipated, particularly within manufacturing, trade, and utility sectors, which may face job losses, while sectors like leisure and hospitality project a robust growth rate of 5.25%. Additionally, the region's strong traded industry clusters contribute to its resilience in job creation.
Looking ahead, the labor market in Wisconsin is expected to stabilize, with flat growth projected from 2025 to 2027. Factors such as policy changes and economic shifts could further influence labor force dynamics, prompting both businesses and workers to prepare for potential disruptions. As the state navigates these mixed trends, understanding the implications of employment fluctuations becomes increasingly important for stakeholders in Green Bay's economy.
Numerous industry-specific opportunities are emerging in Green Bay, particularly within the food and beverage sector. The city is witnessing a surge in diverse food vendors, with 20 to 24 distinct food-based businesses offering ready-to-go meals, Colombian, Caribbean, and various other international cuisines. This food diversity not only caters to local tastes but also attracts visitors keen to explore unique culinary experiences. High-quality meats, seafood, fruits, and vegetables are available, alongside local cheese artisans and brewery samplings, which enhance the region's gastronomic appeal.
Vendor collaboration plays a vital role in this burgeoning industry. Partnerships among local businesses foster a supportive environment that encourages innovation and shared resources. For instance, indoor and outdoor seating areas, demonstration kitchens, and children's play spaces are designed to create a community-centric atmosphere, drawing in an expected six million annual visitors. With events and programming scheduled over 300 days a year, these collaborative efforts considerably contribute to the local economy. Additionally, the market aims to attract both locals and visitors to downtown Green Bay by serving as a vibrant community space.
Moreover, the economic impact mirrors successful models like the Milwaukee Public Market, potentially generating $27 million in vendor sales annually and creating approximately 200 jobs. Support from organizations such as On Broadway Inc., Discover Green Bay, and the Wisconsin Economic Development Corporation provides essential resources for startups and existing businesses alike. By leveraging these industry-specific opportunities and fostering vendor collaboration, Green Bay is poised to enhance its reputation as a vibrant destination for food enthusiasts and entrepreneurs.
Regulatory changes are poised to impact small businesses in Green Bay as we head into 2025. New employment laws, including adjustments to minimum wage and overtime rules, will introduce compliance challenges that require your immediate attention. Staying updated on these regulatory updates is vital to avoid costly penalties that could arise from non-compliance. As fair treatment of employees becomes a central focus of these changes, you must understand the implications for your business operations.
In addition to employment laws, Manitowoc County's new 0.5% sales and use tax, effective January 1, 2025, will also affect your financial planning. This sales tax applies to taxable sales within the county, regardless of where your business is located. You'll need to make sure your accounting practices are adjusted to accommodate this tax, as it impacts both your pricing strategies and cash flow.
Moreover, the Small Business Regulatory Review Board is working to streamline regulations, aiming to reduce red tape and compliance burdens. This initiative encourages collaboration between small businesses and state agencies to develop more manageable rules. By actively participating in public comment opportunities, you can voice your concerns and contribute to the regulatory review process.
As you navigate these regulatory updates, being proactive and informed will be essential for maintaining compliance and guaranteeing your business thrives amidst the evolving landscape. By understanding these changes, you can better prepare for the challenges and opportunities that lie ahead.
Small businesses in Green Bay have access to a wealth of support resources that can help them thrive as they navigate the challenges ahead. Various funding sources are available, including U.S. Small Business Administration (SBA) loans such as the 7(a) and 504 loans, as well as Microloans and Disaster loans tailored to specific needs. Community Development Financial Institutions (CDFIs) and Small Business Investment Companies (SBICs) also provide essential financial assistance, particularly for underserved markets. The State Small Business Credit Initiative (SSBCI) further enhances access to loans by supporting CDFIs and community banks.
In addition to funding, mentorship programs play an important role in fostering small business growth. The Green Bay Chapter of SCORE offers free, confidential business counseling, connecting entrepreneurs with experienced mentors in various fields, including finance and marketing. The Green Bay Packers Mentor-Protégé Program pairs emerging businesses with established companies, providing invaluable guidance and resources. The Women's Business Centers and the Wisconsin Women's Business Initiative Corporation (WWBIC) also offer tailored technical assistance and networking opportunities to help women entrepreneurs succeed.
Educational resources, such as the Small Business Development Center, provide workshops and seminars to enhance business acumen. With support from the Greater Green Bay Chamber and public events sponsored by local organizations, small businesses can engage in networking opportunities that foster collaboration and knowledge sharing. By leveraging these support systems, small businesses in Green Bay can position themselves for sustainable growth and success in the coming years.
In conclusion, as you navigate the landscape of small business growth in Green Bay, Wisconsin, it's clear that opportunities are abundant, albeit with their own set of challenges. While the regulatory environment may feel like a bureaucratic maze, the emerging industries and labor market trends promise potential rewards for the savvy entrepreneur. So, whether you're daydreaming of launching a startup or merely contemplating your next big idea, remember: in 2025, fortune favors the prepared mind.
