The local economy, like that of the state and nation, continues to expand at a modest rate. Total employment is estimated to have increased by 2.5 percent and likewise nonfarm payrolls are estimated to have expanded by 2.6 percent. The unemployment rate on a seasonally unadjusted basis for Third Quarter stands at an incredibly low 2.5 percent. With this reported expansion in activity we can expect and do see that other measures of economic success are improved from last year's marks. 

     Portage county nonfarm employment expanded by a healthy 2.6 percent from last year or about 800 positions (Table 7). Manufacturing, services, and government added 200, 300, and 400 jobs from September 1995. Construction payrolls were unchanged and trade is estimated to have contracted by 100 persons. Over the past five years nonfarm employment has grown at a relatively steady pace. While the growth per year over this period may seem modest, over time this rate of change can make a significant difference to the local community. 

     For each quarterly report the CWERB contacts Stevens Point area merchants to help ascertain the state of the local economy (Table 8). This group believes that total sales were markedly better than last year with a modest improvement in store traffic. The group, however, is very optimistic with respect to the future. The index numbers for expected sales and expected store traffic were quite high. Since First Quarter 1996, area merchants have become more upbeat in their assessment of the local retail situation. 

     Another useful barometer of the local economy is help wanted advertising (Table 9). For the Stevens Point area the index rose from 290 to 314 or 8.3 percent from last year. The mark of 314 means there are 3.1 jobs being advertised locally for every one position in the base year. One should realize that with a strong state economy, there has been an increase in the amount of advertising on the part of firms outside the area. Low employment throughout the state is creating an ever tighter job market for Wisconsin employers. 

     Public assistance in Portage county tumbled downward in Third Quarter 1996 (Table 10). To an undetermined degree, the shift to the W2 program has affected this outcome. New applications fell from 104 to 78, or by 25.0 percent in the year over comparison. Although not as dramatic, the total caseload fell from 2,109 to 1,957 or 7.2 percent over the same period. Thus, people appear to be moving off of public assistance in the local area. 

     Unemployment claims data is another measure of local economic conditions (Table 11). Here we see that new claims on a weekly average basis rose from 39 to 47 over the course of the year. Similarly, total claims increased from 121 to 143 on a weekly average basis. Since about mid‑1995 there has been a slow but noticeable upward trend in both series. This along with rising employment suggests that a mild restructuring of sorts is taking place among a number of area firms. 

     Residential construction in the greater Stevens Point area was generally off the pace of one year ago (Table 12). Higher interest rates and a large amount of building activity over the past ten years has helped to suppress recent activity. The number of permits issued was down by 14.0 percent and the associated value of the activity contracted by 6.0 percent. The number of housing units declined by almost 14.0 percent. As in past quarters, alteration activity continues to be a popular choice among local residents. The number of alteration permits increased by 46.1 percent and the estimated value rose by 14.0 percent.
 

     Nonresidential construction activity was a bright spot for the local economy (Table 13). Even though the number of new construction projects and their estimated values were lower than last year, there were a number of large projects taking place localy. For examples, a major paper manufacturer, car dealership, supermarket, and brewery are all adding to their local operations.
 

     Financial statistics for Portage county are given in Table 14. A good sign for the local economy is when deposits and loans are rising. Bank deposits increased by $9.2 million or 2.6 percent, and bank deposits in our sample expanded by almost $27.0 million, or 8.0 percent from 1995. Increasing deposit and loan amounts are usually associated with rising employment and income, and an overall improvement in the economic climate of an area.