Portage
County and the Stevens Point
area economy continued to outperform the rest of the
Central Wisconsin
region during the fourth quarter of 1984. Tables 7-13 show a local economy
operating at a markedly higher level of activity than a year ago. However,
there are some local indicators which declined from the year earlier level.
Information on Stevens Point
area labor markets, government assistance to individuals, construction
activity and financial institutions can be found in this section of the
report.
Manufacturing and construction continue to post the largest percentage gains
among the major sectors of the
Portage
County economy (Table
7). Although construction recorded a sharp seasonal drop in December,
the Downtown Mall Project continues to boost employment well above the 1983
level. The largest proportional gains in the manufacturing sector have
occurred in the lumber and wood products, furniture and fixtures, and
nonelectrical machinery industries.
The strength of the Portage County economy is further revealed by job
creation in the less volatile service and trade sectors. Six hundred
employees have been added to service and trade sector payrolls in the past
year. Government has also joined the expansion, posting an 11.8% employment
gain over December of 1983.
Similar to the national economy during the fourth quarter, local indicators
began to send mixed signals. Help wanted advertising showed a slight decline
from the year earlier level (Table 8). This indicates
that job creation is likely to slow in the months ahead. Public assistance
claims processed at the Stevens Point office also signaled a slow down
by rising for the first time in over a year (Table 9).
However, local unemployment claims were 8.9% less than a year ago (Table
10).
Mixed signals are also apparent in the local residential construction market
(Table 11). The number of new permits issued is down
slightly. However, the estimated value of new construction is up
substantially. The reason for this discrepancy can be found in the number of
housing units figure. This measure shows a sizeable increase despite the
fewer number of permits issued. The large increase in estimated value is
therefore attributable to apartment construction. Residential alteration
permits show a similar pattern, with the number of permits constant and
estimated value well above the year earlier figure.
Nonresidential construction has become the driving force behind the local
expansion (Table 12). New construction permits,
paced by the Downtown Mall Project, estimated at over $10 million were
issued in the Stevens Point-Plover area during the last three months of
1984. This activity is now showing up as increases in construction jobs.
During 1985, retail and service employment will expand as the project is
completed and multiplier effects filter through the economy.
Financial statistics gathered from
Portage
County's major commercial
banks indicate that the liquidity position of local consumers and businesses
continued to improve (Table 13). Bank deposits are
5.9% above the fourth quarter 1983 level, while bank loans stand 8.0%
higher. The growth in bank loans slowed markedly, however. Total loans
increased only .1% during the final three months of 1984.
