Wisconsin Feasibility Studies

The Wisconsin Thesis

A statewide Wisconsin number is indefensible.

Wisconsin rewards feasibility work and punishes shortcuts. Its core asset classes are moving in opposite directions across five distinct economies, and the decisive fact for underwriting is that the same asset class is simultaneously oversupplied in one metro and tightening in another. Multifamily is the clearest proof: Madison vacancy rose to about 6.1 percent in Q4 2025, a seven-year high, against 5,837 units under construction, while Milwaukee is forecast to tighten to about 3.6 percent in 2026 as new supply plummets (CoStar via the Greater Madison Chamber, January 2026; Marcus & Millichap, January 2026).³⁵ A single Wisconsin capture rate applied across a 250-basis-point vacancy gap misprices both markets.

The state is also unevenly settled and slow-growing. Wisconsin reached roughly 5.96 million residents and added only 78,464 people from 2020 to 2025, almost entirely from migration; Dane County added 28,868 while Milwaukee County lost 15,280 over the same window (U.S. Census Bureau, May 2026).¹ Booming, supply-constrained Madison, the diversifying Milwaukee metro, the affordable Fox Valley and Green Bay manufacturing corridor, the rural dairy remainder — "America's Dairyland," where agriculture contributes $116.3 billion a year — and the Wisconsin Dells tourism economy each carry their own demand curve.² A study built on a statewide average misprices nearly every deal, so we underwrite Wisconsin metro-by-metro, against the current pipeline, the regional funding channel, and the Wisconsin-specific factors most studies miss.

What follows is organized as a working desk: a live oversupply monitor, a funding-routing map, the review failures that sink Wisconsin studies, the regulatory edges that decide outcomes — the nursing-home bed cap, data-center power constraints, and the Foxconn megaproject-timing lesson — and a per-metro demand fingerprint. Every figure is dated and attributed in the sources below.

The Oversupply & Pipeline Monitor

Where Wisconsin markets stand, metro by metro.

A supply-pressure read for each metro and asset class, refreshed each quarter from named primary sources. A dash means we hold no current tracked reading, not that the market is balanced. Data current to Q2 2026.

Supply pressure: Oversupplied Balanced Tight / undersupplied Digesting / no read
Metro / Region	Multifamily	Self-Storage	Industrial	Office	Hotel / Tourism
Milwaukee metro	Tightening3.6% forecast vac.	Undersupplied3.8 sf/capita	Digesting7.8% vac. (SE WI)	Bifurcated19.4% downtown; Class A tight	BalancedConvention & sports demand
Madison / Dane Co.	Digesting6.1% vac., 7-yr high; 5,837 UC	No read	No read	BalancedGov't, UW, Epic-anchored	No read
Fox Valley / Green Bay	BalancedAffordable; data-limited	No read	BalancedDairy processing $1.13B pipeline	No read	BalancedPackers & NFL-event driven
Kenosha / Racine (I-94)	BalancedChicago-orbit demand	No read	Oversupplied11%+ vac.; 11M+ sf big-box	No read	No read
Eau Claire / La Crosse	No readEau Claire +1.9%; data-limited	No read	No read	No read	No read
Wisconsin Dells / tourism	Specialized	No read	No read	No read	Strong, seasonal5M+ visitors; new resort supply

Readings compiled from sources 1–18 below. Vendor vacancy estimates for the same metro can differ; each figure is attributed at its point of use.

Multifamily: Madison and Milwaukee move in opposite directions

Wisconsin's multifamily story is a study in divergence. Madison, historically one of the tightest markets in the country at 1.9 percent vacancy in 2022, is now digesting the heaviest delivery wave in its history: CoStar clocked overall metro vacancy at about 6.1 percent in Q4 2025, a seven-year high and more than double the 2.9 percent all-time low three years earlier, with 5,837 units under construction and rent growth reverting to a 1-to-2-percent annual pace (CoStar via the Greater Madison Chamber, January 2026).³ The demand engine — Epic Systems in Verona, UW–Madison, Exact Sciences, and state government — remains intact, and stabilized vacancy held near 4.8 percent (City of Madison Housing Snapshot, February 2026),⁴ but 2021-era rent-growth underwriting is now indefensible. Milwaukee runs the opposite way: Marcus & Millichap's 2026 forecast expects vacancy to tighten to about 3.6 percent on plummeting new supply, with effective rent up 2.2 percent to $1,692, even as Class A product in the CBD shows concessions and the Waukesha–Washington suburbs absorb a record 2025 delivery wave (Marcus & Millichap via WisPolitics, January 2026).⁵

Self-storage: undersupplied on a per-capita basis

Metro Milwaukee holds about 3.8 square feet of self-storage per capita across 48 facilities, well below the roughly 7.0 national benchmark, with only about 60,325 square feet — 1.9 percent of inventory — delivered in 2025 (StorageCafe / Yardi Matrix, 2026).⁸ Milwaukee's inventory nonetheless grew 68 percent from 2010 to 2020, the largest expansion among the 100 largest U.S. metros, and Madison grew more than 50 percent, so submarket saturation must be tested even where the metro-level per-capita read supports selective new development.⁸

Industrial: the signature asset class, and it diverges too

Industrial is Wisconsin's signature asset class. Southeastern Wisconsin overall ran about 7.8 percent vacancy in Q3 2025 with roughly 1.5 million square feet of net absorption, digesting more than 3 million square feet of big-box delivered largely at peak conditions; lease rates that were $5-to-$6 a few years ago now run $7-to-$8-plus (Colliers, Q3 2025; The Barry Company, May 2025).⁶⁷ The Kenosha–Racine I-94 corridor to the Illinois line is the oversupply case: Chicago-adjacency made it Wisconsin's premier bulk-distribution hub (Amazon, Uline in Pleasant Prairie), but speculative bulk deliveries outpaced absorption and the submarkets now carry more than 11 million square feet vacant at above 11 percent vacancy (The Barry Company, 2025).⁷ In the Fox Valley the paper corridor faces secular decline while dairy and food processing boom — Wisconsin processors have committed $1.13 billion across 15 new capacity projects coming online 2025 through 2028 (IDFA via WisFarmer, October 2025).¹⁵

Data centers: the fast-growing, power-constrained wild card

The Foxconn-to-Microsoft saga is the canonical Wisconsin megaproject-timing story. Foxconn's 2017 promise of a $10 billion plant and 13,000 jobs drew billions in incentives, but by 2023 the company employed about 1,000 people statewide and the village of Mount Pleasant owed more than $250 million (CNBC, January 26, 2026).⁹ Microsoft has repurposed the site: its Fairwater data center opened in June 2026, and a January 2026 proposal for 15 more buildings on 1,300-plus acres would push total planned investment past $20 billion (Racine County Eye, 2026).¹⁰ Beyond Mount Pleasant, Vantage Data Centers won approval for an $8 billion Port Washington campus needing 1.3 gigawatts rising to 3.9 gigawatts long-run, plus a Meta facility in Beaver Dam (WPR, WisPolitics, and Data Center Dynamics, August 2025).¹¹ The class is real but power-constrained and politically contested, and it creates far more construction jobs than permanent ones — a distinction any workforce-housing or retail study must respect.

Office, hotels, and senior housing

Milwaukee's downtown office market is bifurcating rather than collapsing. Total downtown vacancy sat at 19.4 percent in Q1 2026, but Class A trophy assets perform well while commodity-grade towers struggle, and flight-to-quality plus suburban-to-downtown corporate moves — Milwaukee Tool, Fiserv, and Northwestern Mutual's $500 million office building relocating more than 2,000 employees from Franklin — support the core (BizTimes, 2026).¹⁴ On tourism, Wisconsin Dells, "the Waterpark Capital of the World," drew more than 5 million visitors and a $2.05 billion total economic impact in 2024 and is now testing its first purpose-built resort supply in two decades (Wisconsin Dells VCB / Tourism Economics, June 10, 2025),¹⁶ while Milwaukee is a convention-and-sports market and Green Bay hospitality is Packers-and-event-driven. National full-year 2025 hotel performance posted the first year-over-year decline in both occupancy and RevPAR since 2020, occupancy 62.3 percent on RevPAR of $100.02, so event-distorted weeks such as the 2024 RNC must never anchor a stabilized pro forma (CoStar, January 2026).¹⁷ In senior housing, national occupancy reached 89.5 percent in Q1 2026, its nineteenth consecutive quarterly gain, and Milwaukee ranked a top-ten U.S. senior-housing investment metro through the first three quarters of 2025 — but Wisconsin's nursing-bed cap makes skilled nursing supply-constrained while assisted living stays market-driven (NIC MAP, December 2025 and April 2026).¹⁸

The Funding-Routing Map

How a Wisconsin deal actually gets funded.

Feasibility work exists to satisfy a specific reviewer. Knowing which channel funds your asset in your region is half the battle. This is the routing most feasibility pages never publish.

SBA and USDA offices in Wisconsin

One SBA district office and one USDA state office serve all 72 counties.²¹
Office	Region covered
SBA Wisconsin District Office (Milwaukee)	All 72 counties statewide
USDA Rural Development state office (Stevens Point)	Statewide; six area offices
USDA area offices	Dodgeville, Shawano, Fond du Lac, Menomonie, Stevens Point, Spooner

On the 504 side, Wisconsin Business Development (WBD) is the dominant statewide Certified Development Company, with a portfolio exceeding $1 billion and consistent ranking among the ten most active of the nearly 250 CDCs nationally; the Milwaukee Economic Development Corporation and Racine County Economic Development are also active, and competing "largest" claims are self-reported and unresolved without the SBA data file.²² On the 7(a) side, Wisconsin-heavy lenders include Nicolet National Bank and Associated Bank in Green Bay, First Business Bank in Madison, Johnson Bank in Racine, and Summit Credit Union, alongside national leader Live Oak Bank; Wisconsin delivered about $658.6 million across 1,233 SBA-backed loans in fiscal 2023, of which the 7(a) program approved 964 loans for $482.1 million (SBA Wisconsin, fiscal 2023).²³ For rural credits — most of the state by land area — USDA Business and Industry guaranteed loans route through the USDA Rural Development state office in Stevens Point, which oversees six area offices and has invested more than $2.7 billion in Wisconsin since 2021, including a record $579 million New ERA award to Dairyland Power Cooperative (USDA Rural Development, 2026).²⁴ The decisive new tool is the July 4, 2026 decoupling of the 7(a) and 504 caps to $10 million combined, the highest in agency history (SBA Policy Notice 5000-879058).²⁵

Owner-occupied real estate or a manufacturing or food-processing facility, anywhere in WisconsinSBA 504 through Wisconsin Business Development paired with a local bank first mortgage.
A rural dairy, agricultural-processing, or energy projectUSDA Business & Industry or REAP through the Stevens Point state office.
A Green Bay or Fox Valley dealNicolet National Bank or Associated Bank, paired with WBD on the 504.
A Milwaukee industrial or urban-core dealMilwaukee Economic Development Corporation with Associated, BMO, or U.S. Bank.
A Madison technology or health dealFirst Business Bank paired with WBD.
A business acquisition plus real estate on one dealAfter July 4, 2026, stack a 7(a) up to $5M with a 504 up to $5M for $10M combined.

Common Review Failures

How Wisconsin feasibility studies fail review.

Each failure below is tied to a real Wisconsin number. These are the recurring reasons a Wisconsin study loses credibility with a lender or agency, engineered out of our deliverables before they ship.

Statewide-average error

Blending a "Wisconsin" rent-growth or absorption assumption across booming Madison at 6.1 percent vacancy with 5,837 units under construction, tightening Milwaukee at a 3.6 percent forecast, the affordable Fox Valley, and declining rural counties produces a number defensible in none of them.³⁵
Oversupply blindness

Madison vacancy more than tripled from 1.9 percent in 2022 to 6.1 percent in Q4 2025 as its pipeline swelled, and the Kenosha–Racine I-94 corridor holds more than 11 million square feet vacant at above 11 percent. Underwriting 2021-era double-digit rent growth against these pipelines is the classic failure.³⁷
Megaproject-timing error — the Foxconn lesson

Foxconn's 2017 promise of $10 billion and 13,000 jobs had become about 1,000 statewide jobs by 2023, with the village owing more than $250 million. Sizing workforce housing, retail, or supplier absorption to peak projected megaproject employment before it materializes is the signature Wisconsin error, and the Microsoft data-center pivot carries the same timing risk.⁹¹⁰
Data-center load and sentiment mispricing

Data centers create massive construction jobs but few permanent ones, and they are power-constrained and politically contested: 70 percent of Wisconsin registered voters said their costs outweigh the benefits in a February 2026 Marquette Law School Poll, and the Legislative Fiscal Bureau projected $1.5 billion in forgone construction sales-tax revenue plus $369 million annually.¹³¹²
Manufacturing and industrial cyclicality

Wisconsin is among the most manufacturing-intensive state economies; the paper industry faces secular decline while machinery and food-and-dairy processing carry trade and tariff exposure. Any deal tied to a single manufacturing employer must be stress-tested for concentration and cyclicality.¹⁵
Slow-growth and aging-demographic misread

Wisconsin gained just 15,619 residents in a year and 78,464 over 2020–2025, almost entirely from migration, and growth is highly localized: Dane County added 28,868 while Milwaukee County lost 15,280 and Northwoods counties shrank. An aging population supports senior housing but constrains workforce-housing demand outside growth nodes.¹
Milwaukee urban and fiscal mispricing

Milwaukee's 2023 Act 12 fiscal deal added a 2 percent city sales tax, effective January 1, 2024, bringing the city rate to 7.9 percent, with nearly all revenue directed to pensions and public safety even as the city faced a further budget gap. Urban-core cost and demand assumptions must reflect the post-Act 12 tax structure.²⁶

Regulatory Edges

The Wisconsin rules that decide feasibility outcomes.

Four regulatory realities separate a Wisconsin study that survives review from one that does not. The first is the one competitors most often state wrong — in both directions.

No general Certificate of Need, but a statewide nursing-home bed cap

Wisconsin repealed its general Certificate of Need program and does not require CON for hospitals, hospital beds, ambulatory surgery centers, or imaging, so those categories face market-driven supply and elevated oversupply risk — the reason some observers call the state a "quasi-CON" jurisdiction (Institute for Justice; National Conference of State Legislatures).¹⁹ But the state is not fully deregulated. Under Wisconsin Statutes Chapter 150, Wis. Stat. 150.31 sets a statewide bed limit — a statutory maximum of 51,795 licensed nursing-home beds — administered by the Department of Health Services, which "shall consider cost containment as its first priority" under Wis. Stat. 150.39, with new beds allowed only within a 60-day window after DHS publishes availability and an approval process of up to 135 days under Wis. Stat. 150.35(3); a statutory hospital-bed cap of 22,516 under Wis. Stat. 150.93 remains unmet and non-binding.²⁰ The feasibility consequence is precise: skilled nursing is supply-capped and lower-risk, while assisted living, CBRF, and RCAC are market-driven. A senior-housing study that treats Wisconsin as fully open-entry, or as fully CON-gated, is wrong.

Data-center power, incentives, and the "very large customer" tariff

Wisconsin's data-center wave is gated by electricity, not zoning. Vantage's Port Washington campus alone needs 1.3 gigawatts rising to 3.9 gigawatts long-run, and Vantage, Cloverleaf Infrastructure, and WEC Energy Group have asked the Public Service Commission to relax collateral requirements that could otherwise require billions in letters of credit.¹¹ The projects are enabled by the 2023 Act 19 data-center sales-and-use tax exemption (Wis. Stat. 77.54(70) and 238.40), administered by WEDC and requiring a $50 million to $150 million minimum investment by county population.²⁷ The nonpartisan Legislative Fiscal Bureau estimated the exemption will cost $1.5 billion in forgone construction sales-tax revenue plus $369 million annually once the facilities are built, and public sentiment has soured: 70 percent of registered voters said the costs outweigh the benefits in a February 2026 Marquette Law School Poll.¹²¹³ Interconnection timing, load approval, and utility-cost allocation are first-order variables for any power-intensive Wisconsin project.

Milwaukee's post-Act 12 tax structure

2023 Wisconsin Act 12 reset Milwaukee's fiscal base. It authorized a 2 percent city sales tax and a 0.4 percent county increase, effective January 1, 2024, bringing the city rate to 7.9 percent, with nearly all new revenue dedicated to pension obligations and public safety.²⁶ The same act nearly eliminated the state's personal property tax as of January 1, 2024, a genuine cost reduction for equipment-heavy operators.²⁸ A Milwaukee pro forma that ignores the post-Act 12 sales-tax rate on the cost side, or the personal-property-tax repeal on the benefit side, is out of date.

Tailwinds in the sponsor's favor

Several recent changes cut the other way. The 2025–27 state budget cut income taxes by about $1.5 billion, mainly by expanding the 4.4 percent second bracket and exempting up to $24,000 (single) or $48,000 (joint) of retirement income for filers 67 and older, against 2025 brackets of 3.5 to 7.65 percent and a 7.9 percent corporate rate;²⁸ the Act 12 personal-property-tax repeal and the Act 19 data-center exemption both lower project cost;²⁷ and the SBA doubled its combined 7(a)-plus-504 ceiling to $10 million effective July 4, 2026, materially enlarging bankable deal size.²⁵

Metro Divergence

Wisconsin markets, distinct demand fingerprints.

Each metro carries its own economic base and its own supply position. These are the units of analysis for a Wisconsin study, and each anchors a dedicated market page.

Finance, insurance & machinery

Milwaukee metro

Finance and insurance (Northwestern Mutual), healthcare, machinery, and water technology across a metro near 1.57 million, with a deep urban-versus-WOW-county split. Milwaukee County lost 15,280 residents while the affluent suburbs stayed tight; multifamily is forecast to tighten and downtown office is bifurcating.¹⁵

Government, university & tech

Madison / Dane County

State government, UW–Madison, Epic Systems, Exact Sciences, and biotech drive the fastest-growing metro in the state, up 28,868 residents since 2020. The demand engine is intact, but a 5,837-unit pipeline pushed vacancy to a seven-year high, so capture-rate discipline is decisive.¹³

Manufacturing & dairy processing

Green Bay / Fox Valley

Paper, food and dairy processing, insurance, and manufacturing anchor Appleton, Oshkosh, Neenah, and Green Bay. The paper corridor is in secular decline while dairy processing books a $1.13 billion capacity pipeline; hospitality is Packers-and-event-driven and multifamily reads affordable and steady.¹⁵

Logistics & data centers

Kenosha / Racine

The Chicago-orbit I-94 corridor is Wisconsin's premier bulk-distribution hub and the home of the Foxconn-to-Microsoft data-center pivot. Big-box industrial is oversupplied above 11 percent vacancy, while multifamily demand tracks the industrial and data-center employment base.⁷¹⁰

Healthcare & western Wisconsin

Eau Claire / La Crosse

Healthcare (Mayo Clinic Health System, Gundersen), education, retail, and logistics anchor the western tier, with Kwik Trip expanding distribution. Eau Claire County was among the fastest-growing in the state, but institutional supply data is thinner; we build these studies with primary local research.¹

Waterpark tourism

Wisconsin Dells / Baraboo

"The Waterpark Capital of the World" drew more than 5 million visitors and a $2.05 billion economic impact in 2024. Demand is strong, seasonal, and capital-intensive, and new purpose-built resort supply — the first in two decades — is now being tested against it.¹⁶

Agriculture & USDA territory

Wausau / Central & Northwoods

Central Wisconsin manufacturing, the dairy and cranberry belt, and the Northwoods tourism economy make up the state's heavily USDA-eligible rural remainder. Agriculture contributes $116.3 billion a year, and rural energy and food-processing deals route to USDA Rural Development.²

By Asset Class

Wisconsin feasibility studies by asset class.

Each asset class carries its own Wisconsin demand drivers, from dairy and food processing to waterpark tourism to the machinery and logistics base. Explore the analytical approach by property type.

Wisconsin Questions

Wisconsin feasibility study questions.

Does Wisconsin require a feasibility study for an SBA loan?

Under SBA SOP 50 10 8, a feasibility study is discretionary rather than universally mandated, and lenders commonly require one for special-purpose properties and startup or ground-up projects that lack operating history. Wisconsin carries heavy concentrations of manufacturing, food and dairy processing, hospitality, and senior-housing collateral, so feasibility analysis is frequently expected on Wisconsin SBA credits.

Does Wisconsin have a Certificate of Need law?

Wisconsin is a non-CON state for hospitals, hospital beds, ambulatory surgery centers, and imaging, so those categories face market-driven supply and elevated oversupply risk. It is not fully deregulated, however: Wisconsin retains a statewide nursing-home bed cap under Wis. Stat. 150.31, a statutory maximum of 51,795 licensed beds administered by the Department of Health Services with cost containment as its first priority, which makes skilled nursing supply-capped while assisted living, CBRF, and RCAC remain market-driven. Claims that Wisconsin has full CON, or no health-facility regulation at all, are both wrong.

Which Wisconsin real estate markets are oversupplied right now?

As of Q2 2026, Madison multifamily is digesting a record delivery wave, with vacancy at about 6.1 percent in Q4 2025, a seven-year high, against 5,837 units under construction, while Milwaukee is forecast to tighten to about 3.6 percent as new supply plummets. Industrial is oversupplied in the Kenosha–Racine I-94 big-box corridor, which carries more than 11 million square feet vacant at above 11 percent vacancy, while southeastern Wisconsin overall is digesting near 7.8 percent. Self-storage runs undersupplied in Milwaukee at about 3.8 square feet per capita.

Who funds SBA and USDA loans in Wisconsin?

A single SBA Wisconsin District Office in Milwaukee administers SBA programs across all 72 counties. On the 504 side, Wisconsin Business Development is the dominant statewide Certified Development Company, with the Milwaukee Economic Development Corporation and others active; on the 7(a) side, Wisconsin-heavy lenders include Nicolet National Bank, Associated Bank, and First Business Bank alongside national leader Live Oak Bank. USDA Business and Industry guaranteed loans route through the USDA Rural Development state office in Stevens Point, which oversees six area offices covering the rural dairy, agricultural, and Northwoods regions that make up most of the state.

How do data centers affect Wisconsin feasibility?

Wisconsin is in a power-constrained data-center wave, from Microsoft's Fairwater campus in Mount Pleasant, a repurposing of the failed Foxconn site, to Vantage's $8 billion Port Washington project and a Meta facility in Beaver Dam. These projects create large construction workforces but few permanent jobs, so sizing permanent-worker housing to construction-phase peaks repeats the Foxconn error. They also carry public-sentiment and fiscal risk: 70 percent of Wisconsin registered voters said data-center costs outweigh benefits in a February 2026 Marquette Law School Poll, and the Legislative Fiscal Bureau estimated $1.5 billion in forgone sales-tax revenue during construction plus $369 million annually once built.

How is a Wisconsin feasibility study different from a national one?

Wisconsin is too internally divergent for statewide assumptions. Booming, supply-constrained Madison, the diversifying Milwaukee metro with its urban-versus-suburban split, the affordable Fox Valley and Green Bay manufacturing corridor, the rural dairy remainder, and the Wisconsin Dells tourism economy have distinct demand curves, and the same asset class moves in opposite directions across them. A defensible Wisconsin study is built metro-by-metro against the current supply pipeline, the regional funding channel, and Wisconsin-specific factors most studies miss, including the nursing-home bed cap, data-center power constraints, and the Foxconn megaproject-timing lesson.

Sources

Data sources and dates.

Every figure on this page traces to a named authority. Real-estate readings are point-in-time and vendor-dependent; where vendors disagree, the range is shown and each is attributed at its point of use.

U.S. Census Bureau, Vintage 2024/2025 Population Estimates (Wisconsin population about 5.96 million; +78,464 residents 2020–2025 and +15,619 July 2024–July 2025; Dane County +28,868 and Milwaukee County −15,280 over 2020–2025), via Spectrum News (May 2026).
University of Wisconsin–Madison Department of Agricultural & Applied Economics and Wisconsin DATCP, "The Contribution of Agriculture to the Wisconsin Economy: An Update for 2022" (released November 18, 2024).
CoStar, Madison multifamily, via Greater Madison Chamber of Commerce Metro Metrics (January 2026).
City of Madison, 2025 Housing Snapshot (February 2026).
Marcus & Millichap, 2026 Multifamily Forecast, Milwaukee, via WisPolitics (January 2026); MMG Real Estate Advisors, Milwaukee outlook (2025).
Colliers, Southeastern Wisconsin industrial market report (Q3 2025); REBusinessOnline, Milwaukee industrial year-end review (early 2026).
The Barry Company, Southeastern Wisconsin industrial market commentary (May 2025 and 2025).
StorageCafe / Yardi Matrix, Milwaukee self-storage report (2026); RentCafe / Yardi Matrix, 2010–2020 inventory-growth analysis.
CNBC, Foxconn retrospective (January 26, 2026).
Racine County Eye, Microsoft Mount Pleasant "Fairwater" data-center coverage (2025–2026).
Wisconsin Public Radio, WisPolitics, BizTimes, and Data Center Dynamics, Vantage "Lighthouse" Port Washington campus (August 2025).
Wisconsin Watch (Tom Kertscher), Legislative Fiscal Bureau data-center revenue estimate (April 27, 2026).
Marquette Law School Poll, conducted February 11–19, 2026 (818 registered voters, margin of error ±4.3; Charles Franklin, director).
BizTimes, downtown Milwaukee office market and Northwestern Mutual tower coverage (2026).
IDFA via WisFarmer, Wisconsin dairy-processing capacity investment (October 2025); Wisconsin DATCP production data (2025).
Wisconsin Dells Visitor & Convention Bureau / Tourism Economics (June 10, 2025); HVS, Baird Center expansion; Visit Milwaukee (September 2024).
CoStar, U.S. hotel full-year 2025 performance (January 2026).
NIC MAP Vision, senior housing occupancy (December 2025 and April 2026 releases).
Institute for Justice, "Conning the Competition: A Nationwide Survey of Certificate of Need Laws"; National Conference of State Legislatures, Certificate of Need state laws (2025).
Wisconsin Statutes Chapter 150, §§150.31, 150.35(3), 150.39, and 150.93; Wisconsin Department of Health Services.
U.S. Small Business Administration, Wisconsin District Office directory (Milwaukee; serving all 72 counties) (2026).
Wisconsin Business Development (WBD) public disclosures; SBA 504 CDC data via data.sba.gov.
U.S. Small Business Administration, Wisconsin fiscal 2023 lending summary ($658.6M across 1,233 loans; 7(a) 964 loans/$482.1M; 504 183 loans/$174M).
USDA Rural Development, Wisconsin State Office, Stevens Point (2026); USDA New ERA award to Dairyland Power Cooperative (2024).
SBA Policy Notice 5000-879058 (dated May 18, 2026; effective July 4, 2026), combined 7(a)-plus-504 cap of $10 million.
2023 Wisconsin Act 12, Milwaukee city and county sales taxes (effective January 1, 2024; 7.9% city rate) and personal-property-tax repeal, via Wisconsin Public Radio (2024).
2023 Wisconsin Act 19, data-center sales-and-use tax exemption (Wis. Stat. §77.54(70) and §238.40), administered by WEDC; National Conference of State Legislatures.
Tax Foundation and NFIB, Wisconsin 2025–27 budget and income-tax summary (2025 brackets 3.5%–7.65%; 7.9% corporate rate).