The Portage County
economy is operating at a significantly higher level of activity than one
year ago. However, the rapid pace of growth exhibited throughout much of
1984 slowed appreciably during the first three months of 1985. Tables 7-13
reveal a cooling local economy. These tables provide information on labor,
construction and financial markets.
Employment in Portage County is up over last March in all major
categories (Table 7). However, nearly all of these
gains were recorded during 1984. Comparing employment levels with December,
there were virtually no seasonal job reductions, nor were there payroll
increases in Portage County's major sectors. Manufacturing and
construction gains have become considerably more modest in recent months
when compared with year earlier figures. The service and trade sectors have
been marginally more active, but here also, job creation was essentially
nonexistent during the first quarter.
Other measures of the local labor market confirm the conclusion that the
rate of job generation declined during the first three months of 1985. Help
wanted advertising is up modestly over the March 1984 volume (Table
8). However, this figure is little changed from the seasonally adjusted
December reading of 78.9.
Public assistance claims and unemployment claims have exhibited erratic
behavior over the last several quarters (Table 9 and
Table 10). Public assistance claims at the Stevens Point office
posted a sizeable 16.0% drop during the first quarter when compared with the
year earlier figure. This decline, certainly a positive sign, is not as
encouraging as it first appears. The actual number of public assistance
claimants is identical to the fourth quarter figure (63) which was slightly
above the previous year total. Unemployment claims have also failed to
demonstrate a clear pattern over the last nine months. Initial claims are up
modestly compared to the first quarter of 1984, but this reading stands
significantly below the seasonally unadjusted fourth quarter total.
Residential construction in the Stevens Point-Plover area recorded a
lackluster first quarter (Table 11). Sizeable
declines were posted in nearly all categories. New permits dropped 23.3% and
the estimated value of new construction was down 18.0% when compared with
the first quarter of 1984. These figures indicate that declines in interest
rates have yet to have a measurable impact on the local housing market.
Nonresidential construction also just completed a relatively quiet first
quarter (Table 12). Commercial and industrial
construction settled into winter inactivity after a furious fourth quarter
pace triggered by the Centerpoint Mall project. However, the local economy
will be boosted by the expansion project being conducted by Warehouse
Specialists in Plover. This permit is classified as a nonresidential
alteration, causing the estimated value of alterations to register an
unusually large total.
Further evidence of a slowing local growth rate can be found in the
statistics of Portage County's
major commercial banks (Table 13). Bank deposits and
loans show moderate increases over the year earlier level. However, bank
deposits dropped 1.8% during the first quarter of 1985. Declining consumer
liquidity usually means weaker consumer spending.
