Led by stepped up construction activity and payroll expansion in the food
processing industry, the Stevens Point area economy picked up speed during
the third quarter. Tables 7-13 provide details on the performance of the
local economy. These tables are based on information reflecting the
Stevens Point area's labor, construction and
financial markets.
Employment conditions varied widely across
Portage
County's major sectors (Table
7). The manufacturing sector added 1200 jobs during the second quarter,
pulling the local economy out of the doldrums. This expansion translated
into an impressive 21.6% gain on a year-to-year basis. The food processing
industry was the driving force behind the sector's strong performance.
However, gains were also posted in the furniture, fabricated metals,
non-electrical machinery and printing industries. Among manufacturers only
the lumber and wood products industry showed a sizeable decline.
The performance of Portage County's other major sectors was not
nearly as strong. Delay in the opening of the CenterPoint Mall kept trade
employment 8% below the September 1984 level. Payroll expansion in the
service sector was prevented by layoffs in the transportation services
industry, while construction employment dropped below the mall construction
induced level prevailing a year ago. Joining the Manufacturing sector as a
job generator in the local economy, government employment rose a solid 7.7%
over last year. However, the vast bulk of these jobs was-provided by the University of Wisconsin
and represent part-time student employment.
Help wanted advertising in the Stevens Point Journal was slightly below the
year earlier volume (Table 8). This mild drop
reflects slow overall growth in employment. The September 1985 volume of
advertising was almost identical to the September 1980 level.
In the most negative development contained in the third quarter report, both
public assistance claims and unemployment claims rose significantly (Table
9 and Table 10). Although the year-to-year
increase in public assistance claims is cause for concern because it reveals
increased financial stress for some local families, the number of claims is
below the second quarter level. A similar pattern can be found in the
unemployment claim data. The number of claims filed during the third quarter
of 1985 is well above the year earlier figure but down from the second
quarter 1985 level.
Spurred by falling mortgage rates and strength in the local economy,
residential construction activity continued the faster pace established in
the previous quarter (Table 11). New construction is
well above the 1984 level with new starts rising 10.8%. As a result of
increased apartment building activity, the estimated value of residential
construction surged 62.3%. Increased multi-family construction activity
demonstrates builders confidence in the area's ability to continue
attracting new residents.
The Woodward Governor project triggered a large jump in the value of new
nonresidential construction activity (Table 12).
Nonresidential construction permits issued during the third quarter are
estimated at over $12 million. This new activity will generate multiplier
effects throughout the local and regional economy.
Financial statistics for Portage County also reflect a strong economy (Table
13). Deposits at the county's four largest commercial banks have climbed
10.5% over the past year. Loans are up a more modest but still solid 5.4%.
