The regional economy of Portage, Marathon, and Wood Counties experienced a significant amount of economic expansion during the year. Unemployment rates in the region were significantly lower than in the previous year. Moreover, total employment grew by a brisk 3.7 percent and, as a result, there were nearly 135,000 people employed in the three county area by the end of first quarter 1993. Moreover, every major industrial sector category was above last year's totals. The trade end service sectors were the largest gainers in our area, each increasing by 1100 positions over first quarter 1992. Further, key sector total employment expanded from 27,400 to 28,000, a nice increase of 2.2 percent. Thus, the data for first quarter 1993 is consistent in suggesting that the regional economy did not stumble, but expanded in the early part of 1993.
 

     Seasonally unadjusted unemployment rates in Central Wisconsin declined from last year's marks. For first quarter 1993 the seasonally unadjusted county unemployment rates were 5.7 for Portage, 5.8 for Marathon, and 5.3 for Wood. The labor force weighted unemployment rate for Central Wisconsin was down from 6.2 percent in 1992 to 5.6 percent in 1993. Wisconsin continues to have a lower unemployment rate than the nation and currently stands at just 5.0 percent on a seasonally unadjusted basis (Table 2).
 

     Besides the improvement in the unemployment rate, employment growth is also evident in the region. Portage County employment expanded by 1400, Marathon County by 2100, end Wood County by 1300 positions. These numbers represent employment increases of 4.3, 3.4, and 3.6 percent respectively. The state did even better than Central Wisconsin with employment expanding by 4.2 percent compared to a 3.7 weighted average for the region. However, employment growth at the national level continues to be weak with only a 1.1 percent increase in the number of employed workers (Table 3).

     Table 4 gives a detailed accounting of industrial sector employment change since first quarter 1992. Every major category expanded over the course of the past twelve months. Manufacturing, services, trade, construction, and government employment expanded by 1.0, 2.7, 4.0, 2.7, end 0.6 percent respectively. Overall, these major categories expended from 120,800 to 123,500, an increase of approximately 2.2 percent.

     Employment figures for key industries in Central Wisconsin are given in Table 5. Paper products industry employment was unchanged from a year ago at 9.7 thousand. Lumber and wood products payrolls rose to a seasonally unadjusted level of 5.3 thousand, a 10.4 percent increase. Food processing was lower by 300 positions and finance, insurance, and real estate employment increased 400 to reach 8.9 thousand or a gain of 4.7 percent. In sum, these key exporting industries increased from 27,400 to 28,000, which represents a 2.2 percent growth rate.

     Regional business leaders opinions on the area economy ere given in Table 6. Economic conditions at the local level are perceived to be marginally better than a year ago. However, at the time of this survey, national economic conditions were said to be noticeably better. The early euphoria over a new administration in Washington may have influenced these results. Next quarter's results should be quite interesting and perhaps contradictory in light of recent political events in Washington. When this panel was queried about the future, the level of optimism expressed regarding expected conditions nationally and locally was at approximately the same level as, if not somewhat lower than, the previous quarter. However these business leaders remained very upbeat about their own industries' prospects.