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MAKING MADISON WORK

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TUE., JUL 18, 2006 - 8:59 AM
City killing business? Where's the corpse?
Despite complaints from business operators, Madison's economy is percolating, a State Journal review of government data and other research shows.

Madison added 12,364 residents since 2000 - more than any other Wisconsin city.

Giant cranes have become part of the city skyline, and the value of new construction keeps increasing - a 15.3 percent jump to $669 million in 2005. After three strong years, residential construction slowed in 2003, rose, and now shows some signs of stress. Commercial construction, which decreased in 2001 through 2003, has rebounded.

The Downtown is in a renaissance of elegant condos, restaurants and nightlife - anchored by Monona Terrace, Kohl Center and Overture Center.

The city has 341 active liquor licenses, nine more than a year ago when the smoking ban was enacted.

The 2005 unemployment rate of 3.1 percent was the lowest in the state and among the lowest in the nation.

Visitors are pouring room tax revenue into city coffers, up from $339,000 in 1970 to a record $6.7 million in 2005, growing nearly four times faster than the rate of inflation. But those tax collections aren't increasing as fast as in the past.

Homes keep growing in value - a 7.4 percent increase to $239,000 for the average home for 2006.

The value of city real estate rose 9.9 percent to $20.3 billion last year.

Homes and commercial buildings are pushing to the east and west. Both major malls have been renovated recently. Another, Hilldale, is expanding. And tens of millions in private and public dollars promise to revitalize sections of the East and South sides.


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