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Highlights of the Stevens Point-Plover area
report are as follows. Total industrial sector employment fell by a
substantial 2.6 percent from last year. Retailers were fairly upbeat in their
assessment of current sales activity. Help wanted advertising took a rather
large dip in March. Moreover, public assistance surged in both new
applications and total caseload. Unemployment claims however, both new and
total fell from 2005 levels. Lastly, residential and nonresidential
construction is booming in the local area.
Portage County industrial sector employment
is estimated by the state to have contracted by 900 positions or 2.6 percent
from a year ago (Table 7). The sectors contracting the
most were education and health services and total government, by 300 and 600
jobs respectively. Manufacturing declined by 200 positions over the period.
The only bright spot in the industrial sector numbers comes from the leisure
and hospitality sector.
The CWERB surveys area merchants twice a year
to check on retail conditions in the local area (Table 8).
Our survey group tells us that store sales are noticeably higher than a year
ago and store traffic is modestly improved. We asked this group to forecast
future activity levels. They indicated that sales and traffic would grow
albeit at a modest pace. The overall level of optimism expressed by this
group was slightly higher than what they expressed in December 2005.
A good barometer of local labor conditions is
help wanted advertising (Table 9). Even though this
number captures only a small portion of the number of jobs available in the
area it is nonetheless a good indicator of labor market trends. The index
contracted by 22 points or by 26 percent over the past twelve months. This
suggests a weak labor market is shaping up for the area. Meanwhile, the U.S.
help wanted advertising index was about the same level as a year ago.
Public assistance figures are a measure of
local family financial distress
(Table 10). The county has experienced a surge in the
number of public assistance claims. The number of new applications rose on a
monthly basis from 238 to 270 or by 13.4 percent since 2005. Likewise, the
total caseload on a monthly basis has risen from 4,561 to 5,173 or by 13.4
percent for the county. Thus, a growing segment of our population is finding
it increasingly more difficult to find financial stability. Another measure
of local financial family distress is unemployment claims data.
Table 11 shows new claims on a weekly average basis
actually contracted from 258 to 229 or by 11.3 percent. Moreover, total
claims fell from 1,788 to 1,671 or by 6.5 percent over the year.
Residential construction turned in another good period
(Table 12).
The number of residential permits issued climbed from 17 to 33 and the
estimated value of the proposed construction rose from $3.1 million to $6.8
million. Also, the number of housing units jumped by 144 percent over the
period. Residential alteration permits stayed at around an impressive 90
permits issued and the estimated value of the activity expanded from $616
thousand to $776 thousand or by 26 percent.
Due to its volatility, nonresidential construction is given without percent
changes (Table 13).
The number of building permits was 5 and the estimated value was $2.6
million. A new M&I Bank at the Crossroads Commons development area was the
largest single project during first quarter. The number of business
alteration permits reached 44 and they had an estimated value of nearly $3.0
million.
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