First Quarter 1995 was very good in terms of the area's economic performance. The unemployment rate dropped from a year ago and total employment increased by 3.3 percent. Additionally, one should consider that industrial sector employment is estimated to have grown by 8 percent over the same time period. Help wanted advertising advanced significantly signaling a strengthening in the local job market and unemployment claim data were much lower than last year. Nonresidential construction was generally stronger than twelve months ago and the area's financial statistics showed surprising vigor, especially in the lending category. 

     As usual, however, not all indicators turned up roses. Residential construction in the local area was down from last year because of higher interest rates. Moreover, the total caseload for public assistance, in the category of general assistance, was up from a year ago. 

     Industrial sector employment increased in Portage county from 28.9 to 31.2 thousand since First Quarter 1994, or by a very healthy 8 percent (Table 7). All sectors of the economy participated in the growth. Services, trade, and manufacturing operations expanded by 12.9, 10.1 and 5.7 percent respectively to lead this quarter's results. Construction and government activity grew, albeit at a much more modest pace of 1.5 and 1.7 percent. 

     Merchants in the Stevens Point area tell us in Table 8 that sales and store traffic are just slightly higher than a year ago. Further, their level of confidence is somewhat down from December's levels. When their attention was directed toward the future, the panel forecasted that store traffic and sales would be only moderately better than last year. The evidence suggests that this group feels the economy will be advancing but at a slower rate in 1995 especially for their particular business. 

     Table 9 presents help wanted advertising for the local area. Advertising has progressed from 175 to 278 or 59 percent from last March. Local and state wide economic vitality is helping to drive this index upwards. The U.S. index moved forward from 122 to 134, or 10 percent in a year over comparison basis. To understand both indexes realize that a figure such as 278 indicates there are 2.8 jobs being advertised for each one in 1980. 

     Public assistance claims in Portage county are given in Table 10. New applications fell sharply from 151 to 116 on a monthly average basis, a decline of 23 percent. State provided total caseload figures include only general assistance claims. Income maintenance figures for total caseload will hopefully become available at a later date. Thus, the total caseload figures appear to be lower than the new applications figures which include the income maintenance figures. With this fad in mind, total caseload climbed from 49 to 67, or 37 percent from last year. 

     Unemployment claim data in Table 11 provides good news to the local area. New claims data on a weekly average basis contracted from 81 to 53, or nearly 35 percent from a year ago. Further, total claims declined as well. On a weekly average basis total claims contracted from 177 to 150 or by about 15 percent. 

     Residential construction was well off the activity pace of last year (Table 12). Higher interest rates undoubtedly depressed the number of residential permits issued, their estimated value, and the number of housing units by 21, 19 and 24 percent respectively. However, residential alteration permits issued and their estimated value expanded by 4 and 21 percent respectively. ft appears that local residents rather than buying a new house are thinking more in terms of modifying their current residence. 

     Better news in the construction arena is presented in Table 13 where nonresidential activity was generally higher than in First Quarter 1994. Number of permits issued reached 6 with an associated estimated value of $4.1 million. The number of alteration permits was 25 with an estimated value of $931.5 thousand. As usual, no percentage changes are given due to the volatile nature of business investment. 

     Table 14 presents the area's financial statistics and once again good news can be reported this quarter. Bank deposits increased by $17.5 million or 5.4 percent from last year rising from $323.2 to $340.7 million. Equally impressive was the activity in bank lending. Lending in our sample rose from $284.4 to $314.9 million, a gain of 10.7 percent. Lending of course eventually equates to purchases of goods and services by the borrowers.